Welcome Finance Rip Off!!!

David301

Jon_B wrote: »

How is it a rip off if you have not read the terms and conditions correctly?

I believe at the time the terms and conditions were acceptable in the OP situation. Im sure there would have been information on payments, charges, interest, and the schedule. Probably some tiny printed words that no one has the time to read about them being regulated blah blah blah.

and then the signature box and a tick box to receive £13,000

7 years, and a whole lot of money wasted later, it has been realised that the original terms weren't really that acceptable especially because there is probably no trace of the £13,000

Gaz83

It's just a basic bit of arithmetic to show that £270 x 12 = payments of £3,240 per year, and over 10 years it's going to be £3,240 x 10 = £32,400.

I'm not sure why the OP would be surprised to find she still owes over £10k when she's only repaid £16k.

poppasmurf_bewdley

:mad:Welcome Finance Rip Off!!!

I agree. From what I have seen on this and other forums, clients have been ripping Welcome Finance off for years - so much so that they have stopped giving out money to people because they are fed up with not getting it back.

Foxy-Stoat_3

So your loan is due to finish in 3 years (36 more payments). If you had not of missed a single payment then by now you would of owed £9720.00, instead you owe £1057.77 more.

That may well equal 3 missed payments and charges for not meeting your contractural obligations.

Since you have increased your payments by £30 since end of 2011, you should of clawed back some underpayments. Are you sure Welcome Finance knows you have been overpaying? Left hand knows what the right hand is doing sort of thing.

mjm3346

Foxy-Stoat wrote: »

Since you have increased your payments by £30 since end of 2011, you should of clawed back some underpayments. Are you sure Welcome Finance knows you have been overpaying? Left hand knows what the right hand is doing sort of thing.

missed around 3 payments

Assuming only 3 missed payments that's £810 and with no repayments towards it for 2 years the interest alone makes it almost £1200 to recover plus ongoing interest.
At £30 a month that would take around 70 months to repay which takes it close to when the loan is due to finish, there will almost certainly have been additional charges for the missed payments so the overpayments could easily run for the all remaining term of the loan.

Foxy-Stoat_3

mjm3346 wrote: »

Assuming only 3 missed payments that's £810 and with no repayments towards it for 2 years the interest alone makes it almost £1200 to recover plus ongoing interest.
At £30 a month that would take around 70 months to repay which takes it close to when the loan is due to finish, there will almost certainly have been additional charges for the missed payments so the overpayments could easily run for the all remaining term of the loan.

Arrrrr yes, forgot about the 20+% interest on the additional £810 debt you had for 2 years.

Best you reinstate the direct debit chop chop and make overpayments.

Case closed !

KRB2725

Have you looked at your annual statements?

The interest will have been applied at the beginning and you essentially pay that off before you start making repayments against the initial amount you borrowed.

If you phoned them and asked for a settlement figure, the amount you still owe wouldn't be as high as there would be a rebate of some of the interest.

Depending on your financial position now, you could apply for a personal loan at a lower APR and pay this one off. (This bit seems like a good idea to me, but I am fairly new to this & somebody with more experience may think this is not the best thing to do).

CHR15

emmatthews wrote: »

The interest will have been applied at the beginning and you essentially pay that off before you start making repayments against the initial amount you borrowed.
.

No it didn't.