Re: Welcome Finance Genesis

[Genesis]

Hi i also had a loan of £2500 over 2 years with no PPI (would hav added another £1200 on the loan) and mine was supposed to end this month but with a few missed payments due to being out of work i had a statement of payments saying my arrears was just over £600 which is fine but i still owe over £2300!!! My loan was 48%. I am going to the citizens advice tomorrow and wil post any helpful advice i get from them. Its ridiculous!

[Amethyst]

Re: Welcome Finance Genesis

Were you paying £163 a month ?

at 48% your arrears is the £600 arrears was a year ago should have only added £167 to the final payment - plus £25 charge odd each time.

You really need to ask them for a full statement of your account from start to finish so you can see where and how its accumalated.

[Genesis]

Re: Welcome Finance Genesis

Hi, yes mine was £163 a month. I hav a statement of payments they sent me from sept 08 til 09 showing my balance was £3161 in sept 08 due to interest charges being built up when i was out of work and since then i have increased my payments to £200pm and paid £2140 in the last 12 months and they hav put on £1514 in interest "capitalisation" and charges. seeing as i only reduced it by about £600 in a year i dont see how i was supposed to pay it off over 24 months. I phoned them 2days ago and they said they would look into it as i said i should only owe the arrears plus abit of interest and they would phone me back yesterday after investigating. I phoned them as they hadnt replied and they said they had been busy with something and would investigate today and call me. It seems like its goin to be a long process.

I went to the citizens advice but they were closed. How much help could they give me? Any help would be very grateful as this is very stressing. Thanks :tinysmile_grin_t:

[Amethyst]

Re: Welcome Finance Genesis

re CAB not a lot tbh, they'd most likely say to make a monthly payment arrangement with them, but maybe am underestimating your local cab.

You need to write to them disputing the outstanding amount and asking for a full statement of your account from inception to now, I would also ask for an original copy of your credit agreement - you could add this to the request for a statement of account and enclose a £1 to ensure they provide that under the CCA 1974. Letter for that is on ~~~ Consumer Credit Agreements - A Guide ~~~~ inc. Letters - Legal Beagles thread and amend it to include the dispute and request for statement.

[Genesis]

Re: Welcome Finance Genesis

They charge £20 for a statement of payments and would probably charge for the agreement aswel. I will wait for a reply from them today or give them a ring soon to see what the holdup is and go from there. Thanks!