Interest payments on old loans

Purple_rhino

Hi I hope someone can offer some advice!

In 2008 we took out a loan with Welcome Finance. We paid off £2k of the loan and then due to circumstances changing (for the worse) could no longer afford the repayments. Communications broke down and other life situations become more pressing this was put on the back burner.

Recently we have been contacted by a company called Lowell, who tobe fair to them have been quite good, they eventually sent us a statement (which we did not pay for). Basically the statement transpires that we have never paid any of our debt off due to the fluctuating interest charges. We were charged interest before our first monthly payment was due??!!

Anyways what we want to know is....is there anyway we can get out of paying some of these interest payments? Is there anyone someone can recommend to give us further advice? (I am not saying we don't want to pay the debt!)

Hope some one can help!!

stephane_2

What does your agreement says....you need to refer to that....then they will have probably added fees of all sorts on top....

[Deleted User]

Purple_rhino wrote: »

We were charged interest before our first monthly payment was due??!!

Why the exclamation marks? This is what happens when you borrow money - they start charging you interest from the time you borrowed it.