Welcome finance hell

ILW

IAN1 wrote: »

amount borrowed. £15000.00, 120 payments of £314.69 over 10 years.
Total including interest= £37762.80

So you knew the deal right from the start, it appears only around £5k has been added due to late, missed payments etc.
What is your complaint?

fozmcfc

Have you tried reclaiming any PPI on the loan?

I know a few people who have with Welcome and one ended up getting a 5 figure sum off them and that cleared the outstanding debt he had with them.

Most of these loans come with large PPI and also you could try challenging the charges such as for letters/phone call they made to you. Also charges for falling behind or non payments.

These type of loans, generally come with high charges and since you took the loan out a lot has been made about charges must reflect try costs. Some companies in the past have been known to charge £10 just to ring you to ask why you have missed a payment, then added another £25 for writing a letter to tell you, you are behind.

If I was you, I would most definitely post on the PPI reclaim board and the debt free wanabee board for more advice from people who will no doubt have knowledge of these things.

Even if you can get something back, it won't clear the debt, but it could end up saving you thousands.

redpete

IAN1 wrote: »

amount borrowed. £15000.00, 120 payments of £314.69 over 10 years.
Total including interest= £37762.80

Maybe they didn't make the % interest rate clear (the 22.4% looks like the correct number) but they gave you something arguably more meaningful - the total amount you'd be paying back. Even if they didn't give you the £37.6k figure directly it's not difficult to work out 120 x 314.69..

flutterby_lil

WOW WOW WOW.....so you knew you would be paying almost £40k back and still went ahead?!?! My mind boggles..

poppasmurf_bewdley

IAN1 wrote: »

23k interest on a 15k is extortionate.

No it isn't, especially over 10 years. But you knew that figure before you signed, didn't you?