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wilson99

Hope someone can help me figure this out.

I have a joint loan with welcome finance a Home Improvement loan over 120 months.

They have just phoned to ask if i can increase my payments as the loan wont be paid off till 2018. At the moment we pay 70 a month and have 60 coming back off in CAPITALISATION???

I asked about a final settlement aggrement that they seem reluctant about and called it by some other name, i was quoted £3600 it was less than this when i asked last year.

I am in a situation that i cant pay it off till the end of the year, i just needed the rough settlement figure.

Why are they so desperate to increase my payments, has anyone paid it off early and would i ever hear from them again if i did? Will it also affect both our credit ratings negativley.

Thanks

malkyh

I'm assuming you took out the loan in 2008? 120 months = 10 years = 2018. So what's the issue if it's not going to be paid off until 2018?

Apples2

Are you still paying the same monthly amount as per the agreement?

wilson99

never upped the payment, kept it the same. Seems as though they are trying to pressure me into paying more.
I dont have an issue with when it will be paid off just seems they have and are trying to claw it back even quicker.

Also do they still try and charge for phone calls, as ive heard they charge £10 for this, even if you phone them.

chanz4

If your in arrears with no plan setup they do, but if you are sticking to contracted terms no

want-it-all

wilson99 wrote: »

Why are they so desperate to increase my payments

Because they're insolvent.

If you're serious about settling earlier, try pushing for a much lower settlement figure than quoted.

My mum had a loan with them. She fell into difficulties, and I ended up managing her financial affairs. I wrote to them demanding frozen interest (on a 3.5k balance), and offering £20.00 per month indefinitely. The alternative was that they were to receive nothing at all. They ripped my arm off for it...