Really need some help!

prozacthegigglefairy

Hi all,

I have finally received our statement from Welcome Finance.
I have gone through it with a fine tooth comb, and this is how is breaks down.
Loan for £1500.00

Starting balance on the 15/08/06 £2155.75 (this must be higher due to PPI)
Payments from then until 31/03.08 £1292.79
Interest added up until 20/12/07 £1393.17
Charges added £280

Total outstanding balance as of 31/03/08 £2536.13

The statement doesn't show the rate of interest we are paying and my brain has gone numb.
Can anyone work out what interest we were paying until 20/12/07??

We have now reduced payments down to 12.50 per week, as we can not afford any more than that...it is going to take approx 51 months to pay off, and thats hoping they do not add interest, because for every £100 we paid off last year, we were paying over that in interest some months!!

I could cry, because how on earth can we owe so much!

prozacthegigglefairy

Shameless Bump

Jelly_Babies

What was your original monthly payment and over how long did you take it out for?

prozacthegigglefairy

Original monthly payment was £137.00....think it was over 2 years...but will need to clarify that with hubby.

Cleosmum

Have you requested a copy of your CCA? Might be worth it.

Have welcome defaulted you at all?

prozacthegigglefairy

Infact, sorry, was £137.79 per month...I can ring hubby at 12 when he is on his break to check length of loan....my head is hurting with it at moment....feel very very deflated.

prozacthegigglefairy

I have requested one, but as yet it hasn't arrived....on the last check of our credit file, they hadn't defaulted us.

Thanks so much for this

~Beanie~

So have you been paying £137.79 from Sept 06 right up until Mar 08? If you have, the amount of payments in your original post don't add up. Have you missed any payments or made reduced payments any month? Why have they added charges?

prozacthegigglefairy

We have missed payments, and have been paying a reduced payment.
At first we paid payments when we could..usually about 140.00 every so often, once made payment of £275.00

From sept last year we have been paying 25.00 per week, until end of Feb, we now pay £50 per month.

prozacthegigglefairy

Spoken to hubby and term of loan was 2 years....so gutted we could have had it paid this year.
It was due to me falling ill within a month of the loan coming through.
I lost my job and we couldnt meet the payments.
I could really cry...

Blackruby

Don't panic, you have support and full ranting priviledges here, maybe giving the national debt helpline a ring might help as it can give you good advice on where to go from here.