Welcome Finance help...

levirocks

Trying to clear all my debts guys.

Got rid of most of them and just have arrangements for a couple.

But I had one for Welcome Finance in April 2007. part of it was to pay off an old loan I had with them from 2005.

I think the original loan was about £2k and now stands at £5.5k! Even though I have paid £3k.

I stopped paying it early 09 and moved house. They havent contacted me since. Not sure what to do now.

I know I have to pay my debts but will this one ever end??!!!

Dont want them to start harassing me as I have two small children and dont want to be an embarassment to them.

KingElvis

Just try and get it paid as soon as possible, throw every penny you have at it and get shot....the Debt Free Wannabe section down the forum will offer practical advice on the whole shebang.

Welcome Finance loans are like trying to climb out of a deep pit made of fine shifting sand.....they also seem to be totally barking mad.

Good luck.

Tixy

If you stopped paying them it will be accuring massive interest like there is no tomorrow. I'm not at all surprised its grown to £5.5k, I wouldn't be surprised if it was even higher after 2+ years with no payments.

You say they haven't contacted you since you stopped paying? how do you know what the current balance is? have you been in touch with them to ask? If so then they certainly are likely to start chasing it now (or a debt collector on their behalf).

You need to work out what you can afford to repay a month and start making payments to it.

poppasmurf_bewdley

Sit tight and hope they don't find you for another four years and the debt will be statute barred.

It can happen with Welcome Finance - I know as it happened to me and my ex and we got away with not having to pay them £5k plus interest from the 1990's.