help needed with welcome finance

[mickjo]

Hi all please can anyone give me some advice before i contact them.
I got a new boiler from b/g in 2007 and they financed it with w/f i was paying £68 pm but now i pay £80 pm.
I have been paying every month but now my hours have been cut at work and i cannot afford the monthly payments and i was going to get in contact with w/f to see if i could reduce my payments to £20 pm but i have read all the horror stories from people who try to deal with them.
my question is can i reduce my payments and ask for the interest to be frozen and can w/f add other cost on to my loan like missed payment fees and fees for sending a letter.



any help will be most appreciated
kind regards
michael

[dogtired]

Re: help needed with welcome finance

Subscribe

[mickjo]

Re: help needed with welcome finance

hi dogtired im new to all this can you tell me what to do to subscribe

[mickjo]

help needed with welcome finance

Hi all please can anyone give me some advice before i contact them.
I got a new boiler from b/g in 2007 and they financed it with w/f i was paying £68 pm but now i pay £80 pm.
I have been paying every month but now my hours have been cut at work and i cannot afford the monthly payments and i was going to get in contact with w/f to see if i could reduce my payments to £20 pm but i have read all the horror stories from people who try to deal with them.
my question is can i reduce my payments and ask for the interest to be frozen and can w/f add other cost on to my loan like missed payment fees and fees for sending a letter.



any help will be most appreciated
kind regards
michael

[mickjo]

Re: help needed with welcome finance

thanks once again dogtired i have manage to work it out

[dogtired]

Re: help needed with welcome finance

Hi have you two threads on this issue? Please try to keep to one, know its hard when you want answers.
Intrested because it involves Welcome who are no longer trading.

[mickjo]

Re: help needed with welcome finance

sorry for posting two threads i thought my first post was in the wrong place.

I got a statement from from them in November and it had default sum interest on it. i did miss one payment about four years ago but i increased my payment and it is well payed off so i dont understand why i am still paying default interest. i did phone them up and they said i will still be getting interest on the loan as i defaulted on it.my monthly payment was £69 pm i have been paying them £88 pm for the last three years i keep getting phone calls from them asking me to increase my payments so i dont think they will accept a reduce payments even if i cannot afford to pay them the full amount. one more thing when i took out the loan they said my last payment will be on november 2017 now they say it will be march 2018.

[Amethyst]

Re: help needed with welcome finance

merged xx

[Amethyst]

Re: help needed with welcome finance

SO you took out a restricted use loan with Welcome Finance to pay for a boiler in 2007.

The loan was for how much overall ? Guessing boiler MAX should be £4k.
What period was the finance over ?

You were making payments of £68 a month.

You missed one payment in 2000 ? and increased your monthly payment by £20 a month to cover it.

So....estimated you paid £68 a month for three years = £2448
then £88 a month for four years = £4224

Payments of approx £6672 to date ?


I think you need to seek out a copy of your original credit agreement and terms to see if this can be renegotiated. Increasing payments for such a long period due to a one month missed payment is insane and that you are still charged default interest on that single £68 payment is crazy stakes.

''i keep getting phone calls from them asking me to increase my payments''

That is also mad, unless there is some term that missing a single payment cancels the loan or adds £5k in charges....definitely need the agreement and terms else it seems you'll be paying this off for as long as they can get away with it.

[mickjo]

Re: help needed with welcome finance

Thanks for you insight Amethyst.i have got loads of letters from them over the years with £10 added to my account for them sending me a letter of default notice.

[dogtired]

Re: help needed with welcome finance

Welcome are little devils for sdding charges.
If you cannot find agreement could you do a CCA?

[mickjo]

Re: help needed with welcome finance

SO you took out a restricted use loan with Welcome Finance to pay for a boiler in 2007.

The loan was for how much overall ? Guessing boiler MAX should be £4k.
What period was the finance over ?

You were making payments of £68 a month.

You missed one payment in 2000 ? and increased your monthly payment by £20 a month to cover it.

So....estimated you paid £68 a month for three years = £2448
then £88 a month for four years = £4224

Payments of approx £6672 to date ?


I think you need to seek out a copy of your original credit agreement and terms to see if this can be renegotiated. Increasing payments for such a long period due to a one month missed payment is insane and that you are still charged default interest on that single £68 payment is crazy stakes.

''i keep getting phone calls from them asking me to increase my payments''

That is also mad, unless there is some term that missing a single payment cancels the loan or adds £5k in charges....definitely need the agreement and terms else it seems you'll be paying this off for as long as they can get away with it.

Sorry Amethyst i have found an old bank statement and i was paying £78 pm.
When i missed my payment i phoned w/ to explain that i was off work and had no money to pay that months payment and the man i spoke to said that would be ok just carry on paying next month. Then i got loads of letters saying that my account has defaulted and i am getting charge £10 for every letter they sent me.when i took out the loan the sales rep told me it was over 5 years it wasnt till a few months of paying it i found out it was over 10 years when i phoned them they told me that i should of read the agreement. the loan should be paid off in November 2017 but i was told that i will finish in march 2018.

[dogtired]

Re: help needed with welcome finance

Try not to phone them from now on.
Look up the templates here for stop phoning me and CCA templates.
I learnt the hard way with this lot but with the help of LB learnt how to deal with them.

[seduraed]

Re: help needed with welcome finance

If you went into arrears then the way is structured it the will stay in arrears until you make a double payment in one month . If you have missed two then the charging structure is such that if you miss two payment you cna never catch up without a double pAYMENT .

[Amethyst]

Re: help needed with welcome finance

Ten years would be £9360 -five would be £4680

How much was your boiler system originally
do you have a copy of your credit agreement and terms of the loan

Really need to check those out first ... if you don't have them you can apply for a copy