welcome finance

[paddy20]

owe welcome finance 1,500 on a secured loan if i dont pay it could they take the house off me

[themas]

Yes - but only if they get an order for sale from a Court.

[ummmm]

Which would be unlikely for such a small amount.

[paddy20]

thank-you themas just so fed up of paying them £ 50 a week for ever as every month they stick more interest on so its neverending!!

[sara3]

perhaps you could come to a new agreement with them?

can you sell whatever you bought?

[sara3]

you have 4 yrs of debt related questions. perhaps it's time to work out a budget and get yourself out of such situations?

[paddy20]

thank- you ummmm tried new agreement with them when i was out of work, this is it £ 50 a week they are a robbing load of bastards

[paddy20]

hi sara thanks for your answer ,what would i do without your brilliant answers!! and i did have a budgie sadly it died .

[factor-fiction]

Hi paddy- if you are have been paying for some time and are paying £50 a week won't you be finished with the loan soon or are the interest rates extremely high?
I think it's a bit harsh to call the lenders robin barstewards, though, since presumably you asked for the loan in the first place, and they expect to get their money back on the agreed basis.
Can I ask what the loan was for- was it to pay off other loans or to buy something like a car? Sometimes in my experiece it's better to take drastic action (like selling a car, selling your games/DVDs etc) to get rid of a debt before it takes over your life.
You can try to negotiate with Welcome Finance but it's a risk as they may decide enough is enough and seek repayment of the whole amount.

[sara3]

righto.. all the best with that!

[sandyRoe]

A budgie that cost £1500? Did it lay golden eggs?

[paddy20]

thank-you for your anser factor 30 Welcome finance has now closed its doors to lending because of its extortinate interest rates etc ppi and all that i didnt realise wen i took out the loan of £5000that it would take 4 years to pay off.Just wondered if i stop paying it what would happen and if anybody else had done the same ? dont need advice on debt they have had enough off me to buy a new office.

[boxtops]

Paddy, they may have high interest rates but surely you knew that when you took out the loan - the shorter the term, the more you pay each month. Didn't they give you a payment schedule when you signed up, which would show how much interest would be added? My bank loan told me how much I have to pay over how many months - is Welcome different?

If you just stop paying, you can be sure that they will come after you - it's a legitimate debt.

[ladybird49]

Did you take PPI out when you got the loan ?

[BAKERS DOZEN]

Try claiming your PPI back and use it to settle your loan. Welcome have stopped trading I believe but the FSCS have taken over the claims for PPI and you may be lucky enough to get back 90% of what you have paid in. Check it out on Martin Lewis's Moneysavingexpert site.

[boxtops]

..and it does work, I have reclaimed PPI on a loan and we got back a substantial amount of it. Doesn't matter if the loan has finished or still ongoing.

[themas]

paddy
The loan you took out was one governed by the Consumer Credit Act. This requires the lender to give you certain written information, including the length of time the loan is to be repaid over, & the amount of each repayment.

Welcome's business may not have been well managed, but I doubt very much that they would have given you the loan without complying with these mandatory requirements of the Act. If they did, then you should have read the document & seen how long the loan was for. If they didn't, you need advice because the loan might be unenforceable.