Welcome incentive??

Kazipoo

I got a phonecall from Welcome Finance yesterday, regarding the loan we took out in 2008. We have been paying it off weekly rather than monthly, and because of this, we are paying more than the required monthly payment, and obviously, slightly less interest than first anticipated.

The loan was over 4 years, and due to finish in August 2012, however, due to the overpayments and less interest, I have worked out that the loan should be finished in around January 2012 instead.

The branch manager told me about a new incentive Welcome are offering existing customers. Basically, if I pay an additional £15 a week, they will reduce my interest from the current 3.3% per month, to 1.65% per month, meaning that (according to my figures, not theirs) the account should be clear a full year early, by August 2011.

Apparently this will not mean having to sign a new credit agreement etc, they will just basically adjust the rate, meaning that the additional £60 a month will come off the loan, and initially we will be saving nearly £50 in interest too (obviously reducing as the loan reduces).

Obviously, this seems like a very good deal. I would also want it in writing before going ahead with it, but just wondering, given that we have never missed any payments and are actually ahead, do you think I should push for an even better rate just to be cheeky??

CHR15

I think you are in an ideal position to do just that.

It is no secret Welcome are in the brown stuff so are looking at any avenue to recover funds.

If you can, try an even more cheeky offer, say 40-50% of the balance as Full and Final Settlement even though you aren't defaulting.

Get EVERYTHING in writing first though.

AMILLIONDOLLARS

I'd second get it in writing.

AMD

PNPSUKNET

welcome branch managers lie, so as above in writting

Kazipoo

lol thanks for the replies.... I am not in a position at this moment to be able to settle early, however, we were hoping that we may be able to early next year, so could be a possibility in the near future when we have slightly more dispensable income.

I know Welcome branch managers are not the best, and in fact, he failed to call me back when he said he would, so I shall have to phone him to discuss this further. There is also an issue with our car finance with them which he said he wanted to look into, despite the fact that head office is apparently dealing with it and we have complained through the ombudsman, so perhaps that is why he didn't ring back?

I shall let you know how it goes.