Loan Settlement Welcome Finance

Sigmanest

Hi,
I'm in a position to pay off my loan but i am also wondering if it is possible to bargain with Welcome Finance on the settlement figure. At present it will be about £7000 to settle my car loan, however can i make them offer? am i in the right to make them an offer? I was thinking offering maybe £5000 to settle the account but what happens if they don't accept or will not strike a deal on this. Plus has anyone managed to strike a deal with a finance company and been successful?

jonesMUFCforever

You have no chance - Bah humbug!
Pay what you owe - you know you want to!

petermb_2

sigmanest, let me see if i can beat them down first, please, it is christmas.

Sigmanest

Thanks for the reply but im sure that if stretch this out long enough surely the law will take my side? I'm gonna go for gold and if im successful i will let you know!! Wish me luck, time to get one back for the people!! ha ha

Sup3rArsenal

I would not have thought you will get very far unless there are arrears on the loan. They may cut there losses if this is the case. However if you pay them well and look as though you will continue to then they have no reason to give you a discount. After all you signed the credit agreement.

Sigmanest

Ok, i did sign the agreement, fair play, my account is in perfect order and i guess they don't want to loose my custom. Still no harm in asking i guess!!

tupperware

Finance regularly settle accounts that have fallen into arrears for reduced settlement figures. If you're not in arrears then I doubt you have much of a chance though. What is in it for them?

petermb_2

I think it soley depends on what ammo you have to hit them with. fortunately they have a habit of leaving the door open.

Sup3rArsenal

Look you took the loan, pay back the money.

Petermb or knight in shining armour, you say you have seen the light and now sepcialise in helping individuals to recover money when 'ripped off'.

From what we can see above there was no ripping off involved, apart from that Welcome Finance offer ridiculous rates.

I admire that you are thrying to help [people but you seem to be on a 1 man crusade against the financial institutions to try and stop everyone having to pay them...

petermb_2

LOL
You are mistaken. I am just one of the faces. There is a whole mechanism in place with many people involved.

You summed it up perfectly. If the borrower was not "ripped off" then the lender has nothing to fear from me, the borrower or the law.

However, If the borrowers were "ripped off", and I know that many have been, let the law decide.

yoshimi2306

As an ex cattles employee I can tell you that they are usually very willing to write off loans, especially if they are 30 days + in arrears. However you are more likely to achieve this if your account is held by a local branch rather then locally, as the local branch employees are given bonus on the amount of arrears in their area, therefore they will bend over backwards to write off your debt if it means clearing £7000 + off their delinquency figures. The only problem is that if it requires area manager approval they will not give it unless you are persistently late when I was there the branch manager had the authority to write off something like 25% of the loan value.

Essentially though there's no harm in asking. A short settlement isn't shirking your responsability, as it is a hire purchase agreement the interest is added on at the start of the loan, so in these cases a short settlement usually means that they are just writing off the interest they were charging you for the additional years you would have had the loan.