Welcome Financial services Loan

fairmorn308

this company has offered me a £5000 loan which i thought great and i knew i would have to pay a wee bit high APR due to my bad credit rating but when the argreement came thru it was 40.5%

So means over a 4 yr term its £13000 i would have to pay back which i think is completely mental.

mackers8923

fairmorn308 wrote:

this company has offered me a £5000 loan which i thought great and i knew i would have to pay a wee bit high APR due to my bad credit rating but when the argreement came thru it was 40.5%

So means over a 4 yr term its £13000 i would have to pay back which i think is completely mental.

This has been discussed in great length in other threads, Welcome do appear to throw out an APR according to the level of your Credit Rating I think yours is one of the highest I have read about.

itsmeandonlyme

Hello:))

No it wasn't..My intrest is 44.5%.....back in 2004....:))))
The highest i know....

Regards

ilovegreatdanes

we have dealt with welcome b4 and had to involve trading standards after a very lengthy dispute over certain early redemption charges.i would not reccommend this company to anyone,infact if i was drowning and they were the only ones to offer a lifebuoy...........may i rest in peace!!!!!!!enough said if you know what i mean.

mackers8923

ilovegreatdanes wrote:

we have dealt with welcome b4 and had to involve trading standards after a very lengthy dispute over certain early redemption charges.i would not reccommend this company to anyone,infact if i was drowning and they were the only ones to offer a lifebuoy...........may i rest in peace!!!!!!!enough said if you know what i mean.

I know exactly how you feel sadly they appeared to be my only option when I was down and out in need of cash. After 4 attempts at getting the credit agreement right the cheque finally arrived. The APR on my loan was 23% over 5 years.

I recently contacted them to remove the PPI Element of the loan in order to save a few £££ they did this and refunded approx 75% of the PPI after repaying me under "Rule 78".

Given a choice again, 1. I would never take out a loan for the reasons I did.
2. You could tie me up to a live electricty feed and I still would not go near them ever again.

Stay Clear there has to be better out there....

scarborosmoggy

What is "Rule 78" please.

mackers8923

scarborosmoggy wrote:

What is "Rule 78" please.

This thread does not explain what it is but it does explain how they make money out of it.

Rule 78

Rule of Repaying your loan early - Rule 78

FLA

Finance & Leasing Association

I have the booklet but sadly we are not allowed attachments, its bound to be available somewhere online for you to read...

scarborosmoggy

Thanks for that.