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2 Questions regarding Welcome Finance
eightiesneo
Posts: 14 Forumite
in Loans
Good day all, I was hoping to get a little advice regarding 2 queries I have with welcome finance?
I am in a position to pay off the remaining £1100 of an unsecured loan I took out with welcome finance years ago when I was young and stupid. I honestly can't remember when I even took out the loan I destroyed all the paper work almost straight away so my parents wouldn't find it.... I guess I could call them and find that out.
I cancelled the PPI as soon as the cash was in my bank and after a while I got into financial trouble and went onto a DMP whereby welcome accepted a monthly payment of £60 and agreed to not sell the debt on. They froze all the interest and every penny of the £60 has been coming off the balance. I am no longer on the DMP but I never told welcome that.
My question was do I simply call them tomorrow (when I get paid) and make a debit card payment over the phone? The chap I spoke to at welcome said I have his word that if I pay the full balance over the phone, then they would consider the account to be settled and no interest or other charges would suddenly be added to the account.
I think I believe him, but I would be horrified if I paid off the balance only for them to send me a letter or something saying I now owe all the interest they froze over the years.
Should I ask them to send me a letter or something saying if I pay the balance over the phone the account will be settled with no further charges? I guess I'm answering my own question here and that I should do that, but knowing I could pay tomorrow morning when I wake up and it would all be over tomorrow is really tempting.
2nd question, the last couple of months I've noticed on noddle that my welcome finance account appears to of disappeared completely. I did a bit of googling and I read that welcome finance have made a decision to stop reporting to CRA's. Is this true? If so what does that mean for me? Is it a good thing?
Many thanks for any replies.
Neo
I am in a position to pay off the remaining £1100 of an unsecured loan I took out with welcome finance years ago when I was young and stupid. I honestly can't remember when I even took out the loan I destroyed all the paper work almost straight away so my parents wouldn't find it.... I guess I could call them and find that out.
I cancelled the PPI as soon as the cash was in my bank and after a while I got into financial trouble and went onto a DMP whereby welcome accepted a monthly payment of £60 and agreed to not sell the debt on. They froze all the interest and every penny of the £60 has been coming off the balance. I am no longer on the DMP but I never told welcome that.
My question was do I simply call them tomorrow (when I get paid) and make a debit card payment over the phone? The chap I spoke to at welcome said I have his word that if I pay the full balance over the phone, then they would consider the account to be settled and no interest or other charges would suddenly be added to the account.
I think I believe him, but I would be horrified if I paid off the balance only for them to send me a letter or something saying I now owe all the interest they froze over the years.
Should I ask them to send me a letter or something saying if I pay the balance over the phone the account will be settled with no further charges? I guess I'm answering my own question here and that I should do that, but knowing I could pay tomorrow morning when I wake up and it would all be over tomorrow is really tempting.
2nd question, the last couple of months I've noticed on noddle that my welcome finance account appears to of disappeared completely. I did a bit of googling and I read that welcome finance have made a decision to stop reporting to CRA's. Is this true? If so what does that mean for me? Is it a good thing?
Many thanks for any replies.
Neo
0
Comments
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If it was me I would want written confirmation first - then pay them.0
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