Is it really possible to get money back from a company called welcome Finance?
I took out a £10,000 secured loan with Welcome fiance about 4 years ago but ran into difficulties paying the loan and my mortgage. The house was eventually repossessed and sold. I found out recently that the solicitors are unable to release any surplus until they have paid Welcome Finance their settlement figure which, according to Welcome Finance, is £19,000. yes you are reading it properly! They want £19,000 back for a £10,000 loan even though I have paid about £11,000 to date. Their excuse is that I have not always paid and the arrears stands at £3,600. The monthly repayment is £284.50 but when I don't pay it they charge £300 every month on the account! I knew i would owe probably owe the some money but I thought it would be somewhere in the region of £5,000.
I would appreciate it if someone could let me know if I can get any of this money back.
I am at my wits end and devastated by what they are doing to me.
this happened to some one in my family and what he did was file for bankruptcy
Good Lord! That's awful. Read your original contract and see what it says. I would file for bankruptcy too. Your credit is already screwed, file bankruptcy. I don't always suggest that but your credit is not good right now since you have a repo anyway.
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