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Thank anybody in advance for any advice or kind words of encouragement you may have for me :
To start off with My Wife and I took out a Loan from WF in 2007 for £19,000, all was well initially as a monthly payment of £300 PM was taken from my wife’s Bank Account and I supplemented her account with £150 PM to pay my half.
As months rolled away unbeknown to myself she fell into some financial hardship which she didn’t tell me about through embarrassment or some other crazy notion and decided to stop paying the WF Direct Debit. All the while taking my half of the money and also letting the arrears mount up on the WF loan.
Months later I was contacted by WF and the story was laid out, I was away overseas during this time as I am serving in the British Army and still am.
At this point I took the decision to change the bank account that it was taken from to my own and up the payments to £330 in order to drive some of the arrears that had built up down.
Time went by and I continued to pay the DD’s on time and in full before I was again contacted by WF stating that if I were to up the amount again the arrears would noticeably reduce.
I contacted them today as I am on leave and the issues has been at the forefront of my mind for some time and is starting to in my opinion effect my mental wellbeing as I am constantly worried, and quite depressed about the whole issue (may not be the best choice of words as this as it stands has a very good chance of financially ruining my family)
They stated that to date I have paid approx.:
£31,000.00 pounds back to them.
The balance still stands at £13,796.00.
If I continue to pay back the amount that I am doing which is more than the original agreement, I will of payed approx. £60,000.00.
Obviously the best thing for me to do would be to borrow from family or a very low interest bank but I’m afraid my family does not have any such resources and my credit rating thanks to my wife missing payments on the above and numerous other things (some of which I’m still discovering, but I am sorting them out ) means nobody will come within 100ft of me financially.
Declaring myself bankrupt is not an option either as my job states that I would be un able to perform at my level of which I have been doing for 14 years without security clearance, which involves vetting including financially.
I am aware that a rock and a hard place springs to mind and my options seem if any are not ideal or unworkable for the most part.
I suppose I’m just after some advice on whether there is another option available to me, which I am unaware of, or some advice on dealing with Welcome Finance.
Please help.
I will be posting under a different name for obvious reasons stated above but really appreciate it.
To start off with My Wife and I took out a Loan from WF in 2007 for £19,000, all was well initially as a monthly payment of £300 PM was taken from my wife’s Bank Account and I supplemented her account with £150 PM to pay my half.
As months rolled away unbeknown to myself she fell into some financial hardship which she didn’t tell me about through embarrassment or some other crazy notion and decided to stop paying the WF Direct Debit. All the while taking my half of the money and also letting the arrears mount up on the WF loan.
Months later I was contacted by WF and the story was laid out, I was away overseas during this time as I am serving in the British Army and still am.
At this point I took the decision to change the bank account that it was taken from to my own and up the payments to £330 in order to drive some of the arrears that had built up down.
Time went by and I continued to pay the DD’s on time and in full before I was again contacted by WF stating that if I were to up the amount again the arrears would noticeably reduce.
I contacted them today as I am on leave and the issues has been at the forefront of my mind for some time and is starting to in my opinion effect my mental wellbeing as I am constantly worried, and quite depressed about the whole issue (may not be the best choice of words as this as it stands has a very good chance of financially ruining my family)
They stated that to date I have paid approx.:
£31,000.00 pounds back to them.
The balance still stands at £13,796.00.
If I continue to pay back the amount that I am doing which is more than the original agreement, I will of payed approx. £60,000.00.
Obviously the best thing for me to do would be to borrow from family or a very low interest bank but I’m afraid my family does not have any such resources and my credit rating thanks to my wife missing payments on the above and numerous other things (some of which I’m still discovering, but I am sorting them out ) means nobody will come within 100ft of me financially.
Declaring myself bankrupt is not an option either as my job states that I would be un able to perform at my level of which I have been doing for 14 years without security clearance, which involves vetting including financially.
I am aware that a rock and a hard place springs to mind and my options seem if any are not ideal or unworkable for the most part.
I suppose I’m just after some advice on whether there is another option available to me, which I am unaware of, or some advice on dealing with Welcome Finance.
Please help.
I will be posting under a different name for obvious reasons stated above but really appreciate it.
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