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Hi All,
I am having the same situation, I can't really understand my credit agreement. When I took out the loan I had to go to the welcome finance office and sit with an advisor, she told me that unless I took the PPI I couldn't get the loan. I thought it was something I had to do.
I have looked on my agreement and it does state how much PPI I will be paying over 36 months so not sure where I stand with that.
I have missed about 3 or 4 payments with welcome and was told over the phone each time I called that it was ok, they would just add the extra payments onto the end of the agreement. What they failed to tell me was that they were adding interest onto the missed payment amounts.
I borrowed £2600 and have so far made 32 payments of £208.89, so they have already had 6684 from me for a loan of 2600?! but have been told I still owe £2,300! I am confused and angry about what my rights are as what I was originally told when I had 4 late payments was that they would just be added onto the end of the agreement so instead of the agreement finishing in june this year it would be october.
Now if I continue to keep making my payments of 208.89 monthly, not only am I being charged interest for being over the period of loan as the loan should of finished at the end of this month (at what rate I do not know) It will take me another 11 months to pay off when I have only really got 4 more payments to make.
I fell as though I don't want to push this as if you get a black mark on your credit report from welcome finance you will never get credit again and I have actually been threatened with that over the phone by one of their representatives.
Please can someone help? I am so stressed out and need some advice on what my rights are and how we can all pull together to stop other people from getting into the same situation as the whole loan & PPI is misold in my opinion.
HELP!!!!!!!!!!!!!!!!
I am having the same situation, I can't really understand my credit agreement. When I took out the loan I had to go to the welcome finance office and sit with an advisor, she told me that unless I took the PPI I couldn't get the loan. I thought it was something I had to do.
I have looked on my agreement and it does state how much PPI I will be paying over 36 months so not sure where I stand with that.
I have missed about 3 or 4 payments with welcome and was told over the phone each time I called that it was ok, they would just add the extra payments onto the end of the agreement. What they failed to tell me was that they were adding interest onto the missed payment amounts.
I borrowed £2600 and have so far made 32 payments of £208.89, so they have already had 6684 from me for a loan of 2600?! but have been told I still owe £2,300! I am confused and angry about what my rights are as what I was originally told when I had 4 late payments was that they would just be added onto the end of the agreement so instead of the agreement finishing in june this year it would be october.
Now if I continue to keep making my payments of 208.89 monthly, not only am I being charged interest for being over the period of loan as the loan should of finished at the end of this month (at what rate I do not know) It will take me another 11 months to pay off when I have only really got 4 more payments to make.
I fell as though I don't want to push this as if you get a black mark on your credit report from welcome finance you will never get credit again and I have actually been threatened with that over the phone by one of their representatives.
Please can someone help? I am so stressed out and need some advice on what my rights are and how we can all pull together to stop other people from getting into the same situation as the whole loan & PPI is misold in my opinion.
HELP!!!!!!!!!!!!!!!!
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