Welcome Finance. Settlement figure

t.b_2

Hi

I took a loan (£1000) for 36months from welcome finance, stupid i know now, but i needed the money at the time, anyway i've been paying it back for 35 months now at £61.85, i called today to check that my last payment was due to come out next month and loan would be finished and they told me the balance was £198 to which i contested and they told me of 4 charges for missed payments, so went through my banking and found that i had never missed a payment, upon looking into this they found i had infact called up to make the payment because of a change of bank and they refunded 3 of the charges, so the remaning charge altered my loan period and interest, they have told me i have 2 payments left and a settlement payment, to which they could not give me a figure for, what i dont understand is the settlemet payment, does every loan have one? I thought it was just if you wanted to pay the loan off early?

Anyway, very sorry about the long drawn out story here, just couldn't seem to find anything of any relevence on the web. Welcome finance seem to like confusing customers, the lady i spoke to was even confusing herself.

chanz4

get them to put it into writting, as the are muppets

topjack

Read the agreement if it does not say settlement figuer then when you have completed payments not a lot they can do about it.

CHR15

they told me of 4 charges for missed payments, so went through my banking and found that i had never missed a payment, upon looking into this they found i had infact called up to make the payment because of a change of bank and they refunded 3 of the charges

I don't follow this bit, did you make the payments on time or not?

If you did, I can't see where an extra charge came from (they had their payment on time iaw the agreement)

If you missed the payment but paid over the phone shortly after, it would explain the extras, it would be a bonus to you that they refunded the additional charge at the time.