Welcome Finance

[Erik68]

Hi,

I took out a loan with Welcome Finance for £2500 over 2 years. I then ran into financial problems (payday loans) and did the stupid "head - in - the - sand" act and missed around 10 payments. I have recently started paying off the loan again and agreed to pay a little bit extra for the missed payments.

However, I got a statement sent to me showing that over £2000 have been added to the original amount due to missed payments. I also discovered that out of my monthly payment of £250 around £210 is taken in interest, meaning that I'm only paying back £40 a month!

I spoke to one of the staff (Alan) who told me that they could with the area managers consent freeze the interest for a fixed period so that the balance could be lowered. I asked if I could get that in writing and was told that it wasn't company policy to do so. When I then phoned a week later the person I spoke to previously wasn't there anymore and the account manager (Nicola) told me that they had changed theire policy of freezing any interest and that Alan didn't know what he was talking about. She also informed me that the only way to reduce the interest payments was to up the monthly amount. I would love to, but I can't at the moment.

I just find it hard to deal with this company. I've asked them to send me a letter outlining the charges and how they calculated them to no avail. The standard answer is that it's not company policy.

Is there actually anything I can do about this, or is it just a case of suck it up?

Thanks

[Guest]

Re: Welcome Finance

You could serve them with a Subject Access Request under the Data Protection Act 1998 and include a list of items you would like to see included in that.

Something like this.

• All charges and fees that have been applied to the account
• All interest that has been applied to charges and fees
• Computer screen notes relating to the conduct of the account
• Computer screen notes relating to transactions on the account
• Internal messages or notes relating to the conduct of the account
• Internal messages or notes relating to transactions that have gone through the account
• Recordings of any telephone conversations, whether internal or external, relating to the account
• Copies of any e-mails, or other electronic communications, whether internal or external, relating the account
• Copies of all letters relating to the account
• Where automated decisions have been made on the account, those decisions be identified and the logic and criteria used to make these decisions be disclosed, as per section 7(1)(d) of the Data Protection Act 1998
• All information relating to litigation that has taken place on the account

You should also ask for a copy of their complaints procedure, this usually gets their attention.

I would also stop talking to them and ensure that all future communication is in writing.

[LuggerBugs]

Re: Welcome Finance

Were you sold PPI and perhaps told that you couldn't have the loan without it? They seem very good at that. I'd get shirty with them about that, if so. Might tip the balance in your favour, especially as you'll be paying a horrendous rate of interest on insurance.

Oh. I already am getting shirty with Welcome about mis-sold insurances. :tinysmile_twink_t2: