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Help Needed with Welcome Finance
jus2001
Posts: 2 Newbie
Hi I am new to this and have no idea what to do!!
3 years ago i took out a secured loan with welcome finance, i missed 3 repayments in the first year of the loan totalling £1350 the loan has now ended and i made an extra payment so in total i have now made 34 of the 36 repayments. I have missed 2 repayments which is roughly £900 but they are telling me if i pay normal monthly payment £450 it will take me a further 6 months to clear the balance!!!
How can £900 arrears turn into £2700 is there anything i can do about this? The staff at welcome are really unhelpful with me when i've called and say i have to pay it.
I would appreicate anybodys help with this.
3 years ago i took out a secured loan with welcome finance, i missed 3 repayments in the first year of the loan totalling £1350 the loan has now ended and i made an extra payment so in total i have now made 34 of the 36 repayments. I have missed 2 repayments which is roughly £900 but they are telling me if i pay normal monthly payment £450 it will take me a further 6 months to clear the balance!!!
How can £900 arrears turn into £2700 is there anything i can do about this? The staff at welcome are really unhelpful with me when i've called and say i have to pay it.
I would appreicate anybodys help with this.
0
Comments
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The payments you failed to make in the first year will have been gathering interest since that time. There will probably also be fees that were incurred when you did not stick to the contract.0
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Thanks for that Blueberrypie, i had realised that i would owe additional interest, but feel that to triple the missed payments is extremely high rate of interest!!0
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Might also be worth popping over to the loans board as well. The boys of welscum finance are well known over there!Space available for rent0
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