Welcome Finance

hravey

Hi, I am looking for some advice on a loan I have had for welcome finance for 5 years. The facts are as follows : Credit provided £17235, Annual interest rate 16.20% monthly repayment £255.54, minimum duration of the loan is 180 months. You can do the maths I would pay £45997.20. Apart from the fact of how stupid I was in the first place I need to know if the way in which I was sold this is legally above board, now I know I will have signed for it etc but I don't have the original agreement and I reaaly need to know if there in anyway this could have been miss sold because I cant think why I would ever agree to pay back over 2.5 times as much as I borrowed. Is there anything at all I can do to prove this is just not right ? I have now got another loan to pay them off and be quids in. Is there any justice in this or have I just got to accept I was a plonker ? thank you in advance for any responce and help

Apples2

The plonker statement is the answer.

Peelerfart

After reading your post I would have to agree with Apples.

The only thing that you can complain about is the person who signed the agreement.

poppasmurf_bewdley

One of the things I have learned on this Forum above all others is that people, when they are signing up for loans, only think about what they are buying. It is only when the consequences of what they have signed up for dawn on them that they begin to question WHY ON EARTH they did such a stupid thing.

I'm afraid you have fallen into the same trap as many others, but you cannot get yourself out of the trap you find yourself in simply by complaining that you 'cannot think why you would have done it in the first place'.

Nobody forced you to sign on the dotted line. Only you convinced yourself that you were doing the right thing at the time.

KingElvis

Yep, you'll be well and truly pokered by the time you pay that little beauty off.

financebird

The fact is you signed the loan agreement and it is not in dispute that you received the loan proceeds. Suggest you pay it off with your new loan - but read the T's & C's on the new loan and make sure you are happy with it before you sign on the dotted line this time!

samtoby

I did something similar with a car through them....

I bought a car for 7k and paid back 18k!!!!!!!

I am no longer a PLONKER......

ineed

I see a lot of threads regarding Welcome Finance, people having problems etc. I don't really understand it. I used them years ago for a hire purchase, read the small print, paid off loan early, no problems. If you sign or agree to something surly you read the T&C first? The APR is normally displayed in large print anyway, so you'd at least see that. Think poppasmurf is right, people get blindsided by the money and forget the repayment terms. It's an expensive lesson.

KingElvis

Welcome loans were (are) more expensive due to the risky "clients" they attracted.....people may look back on them and weep but at the time, I really doubt any other lenders would have gone within 100 yrds of them.

I am stunned though by the deals some people signed up for to get a banger or a stereo etc

AMILLIONDOLLARS

The only thing that you might be able to claim for is PPI mis-selling, is this included in your agreement, you should write to them requesting a copy of the agreement, then visit the PPI thread for advice.

AMD

ineed

KingElvis wrote: »

Welcome loans were (are) more expensive due to the risky "clients" they attracted.....people may look back on them and weep but at the time, I really doubt any other lenders would have gone within 100 yrds of them.

I am stunned though by the deals some people signed up for to get a banger or a stereo etc

Maybe im confusing them with another company of the same name. I used them via Currys to get a new laptop, they were part of the HSBC banking group. Is this the same company everyone posts about? Linked to HSBC? I didn't think they (the HSBC group) took on many risks.