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"Responding to Dean"

A review of Welcome Finance by John - Tuesday 15th of May 2007

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Dean, the sums you've been quoted do not match up. If this is not simply a typo, I would go back and ask them to explain their working out.

You say you have applied for a loan for 4495 @ 44.8% APR over 36 months, total payment of £7604.

This does not equate to £208 pm. Take the following :

£208 * 36 months = £7488 (You're paying £116 too much, already!)

Lets do this another way :

Your total amount to pay back is quoted as £7604, so lets break this up into 36 monthly payments, which is : £211 pm. This is quite different from the £208 pm they've quoted you!

But hold on, this is *still* not right. Any loan calculator that you can find on the internet says that you should actually be paying £229 pm over the next 36 months

I'd question their sums if I were you, and I hope I haven't scared you off!

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