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welcome finance
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owe welcome finance 1,500 on a secured loan if i dont pay it could they take the house off me
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No best answer has yet been selected by paddy20. Once a best answer has been selected, it will be shown here.
For more on marking an answer as the "Best Answer", please visit our FAQ.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.
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.
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.
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.
If you just stop paying, you can be sure that they will come after you - it's a legitimate debt.
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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.
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.
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