Welcome Finance

laura237

Just short of 3 years ago i got a unsecured loan through welcome finance.
I have been paying 131 pounds back a month.
I missed a 5 months payments due to money problems.
I rang just before Christmas and asked to make extra payments so my loan would still finish in April.

They advised me to pay 300 pounds a month for the next 4 months and it would be not in arrears. So only having a few months left on my loan i thought i would ring up and pay it all off. My final settlement was quoted at 600 pounds which i queried as i have only 2 months left to pay. They said that this is due to interest on top of the payments i missed. I'm just wondering if they have me over a barrel or is there something i could do.

Any help or advice would be appreciated.

Apples2

Over a barrel unfortunately.

Miss a payment of £100 one Month would require £150 the next month (on top of your normal payment) to bring it back level (guessed figures). If all you do is pay another £100, it won't take into account the added interest and all manner of other nice things they will throw on top of your account.

At least you have some light at the end of the tunnel.

laura237

Thanks for your reply. I sort of knew that would be the case but sometime there is hope.

Cant wait for this loan to end. Like they don't get enough money anyway.