Help get Welcome out of my life!!!!

[dogtired]

Re: Help get Welcome out of my life!!!!

That's a long time, even by the lamentable standards of the Fundamentally Ornamental Service.

Tell me about it!

[jules64]

Re: Help get Welcome out of my life!!!!

Received all my paperwork from welcome, most of is is their own records of times & dates when they tried to contact me. They have said my up to date statement is to follow but have also increased by settlements figure to over £3k - this is madness as it was £2100 4 weeks ago and £1800 prior to that considering my original missed payments on the account were around £800. Please help!!!! what's my next step?

[seduraed]

Re: Help get Welcome out of my life!!!!

Remeber that Welcome accounts are written in such a way thot once you have missed two payments the charges and interest mount up and you can never repapy the debt at the normal rate . I know clever clogs says that Welcome have no power to demand an iand e sheet but they are usually more amenble to a rewrite or interest freeze if the have something that looks like a plausible hardhship claim. We all know that will be as much a work of fiction as their treating the customer fairly policy. Approach them in writing see if you can an interest rate freeze and a statement of account . It used to be policy that they would allow a re-write on terms that meant they would receive the same amount as if you had not missed payments. So try to get a rewrite . It used to be that the theamount repaid across the the life of a loan was to be 160% of the original amount borrowed.
I can tell you why the insurancewas sold for three years not five . It was an affordability issue. There is a table of affordability based on theoriginal income and expenditure sheet and the cost of a five year front loaded policy would have put the repament costs up too high . Also check to see if hey have added the cost of the insuance nto the loan so that you pa interest on the insuance premiums.