Borrowing more from Welcome Finance...

Blushbaby

I took a loan out with them a couple of mths ago. All's going well, repayments go out by D/D and I don't even notice them to be honest. I've even making overpayments on my loan so that's cool.

Quick question. I need to borrow some more and the agent I spoke to at my local office said to give them a call next month and "they'd see what they could do for me" - I just wanna know if anyone's borrowed more money successfully from them?

I don't want warnings of the high interest rates or what a rip-off they are. I KNOW all that, and have read numerous threads on here but due to my own stupidity in the past I have no option but to take a loan with them. For the record I've had NO trouble with them to date and every represetative I've spoken to has been polite, informative and a pleasure to deal with.

Anyway moving on from all that I'd appreciate if anyone with experience of additional borrowing with Welcome could share their experiences.

Ta muchly!

CarliJ

Back when I was a silly billy I took a loan out with Welcome. Then a few months later I needed to borrow more. They did it no problem, but what they didnt tell me was the loan was for another 3 years. So if you want to get more, make sure you dont get roped into it for longer thats all I can say!!:rolleyes:

Carli J

Blushbaby

Thanks CarliJ for the helpful reply. Will make sure I get all the questions I want answered.

Thanks again!

stokegal

Hi Blushbaby

I took a loan out with Welcom in December 2005, I was paying £103/month for 3 years. 12 months later they offered me another loan for an additional £1200. They calculated how much it cost to pay off the old loan and borrow an additional £1200 (no early settlement was offered) It then worked out that I would be paying £148/month for 3 years. So in total insetead of paying £103 x 24 = £2472 I would be paying £148 x 36 = £5328. Meaning that it cost me an additional £1656 in interest - it's my biggest regret of all of all of my debts and I wished I had never done it, it's stupid what desperation does to you..

tealady

I'm sure they will welcome you with open arms, after all you are paying what they ask so they are making money from you and you are paying for those who default (same as with any lender really - except family and friends of course) :laugh:

Blushbaby

Cheers Stokegal. I just try not to think about the interest - my own fault for being so wreckless with my spending in the past.

Yeah Tealady I hear what you're saying but hey, what choice do I have. You can only borrow so much from family and I'd rather not let money get in the way of f'ships either, should anything go tits up.

Thanks ladies :-)

Blushbaby

Without meaning to be rude, it's none of your business what I need the money for. You don't KNOW my situation and I don't need to reveal all either.

I've explored all other options and Welcome is my only option at the mo.

I can afford the repayments, they're not the issue right now! I'm already making overpayments on my current loan. I'm not digging myself in deeper.

Thank you to those who've answered my question. I've got the info I was looking for.