payments to welcome finance

sammie22_2 · 16 December 2009 at 3:48PM

just wondering if any other welcome customers are still paying there monthly payments?
i am asking this as i set up a new DD in october, i never got a letter as ya do stating that it had been set up. but last month they never took nov payment and i have not recieved a letter or a phone call to say that iam late with my payments!!!

thanx

MissGolightly · 16 December 2009 at 3:52PM

yep, i changed my dd date a few months ago, got a letter to confirm and dd has been taken as arranged every month since.

i'd give em a call if i was you, welcome finance won't say anything if you miss payments, then inform you at the end of your loan term you are in arrears and ridiculous excess amounts of interest have been added (on top of their 54% apr), happened to my oh

sammie22_2 · 16 December 2009 at 3:56PM

they have always been straight on the case when i have been late with a payment.
if they dont take dec payment then i think i will call them, wanna b shot off them asap.

gordonsuk · 16 December 2009 at 4:03PM

sammie22 wrote: »

wanna b shot off them asap.

I don't think you'll be waiting too long for them to disappear.
Quoted from: credittoday

Cattles to collect out Welcome - 16/12/2009

Troubled lender Cattles is to focus on collecting out existing loans from its main business Welcome Financial Services after a business plan for Welcome's future failed to satisfy creditors.

The lender confirmed this morning that the board was unable to recommend a business plan to its creditors which would allow Welcome to lend to existing or new customers.

The board has now recommended a plan which will focus on collecting Welcome’s book of customer loans. It is envisaged that this collection of the Welcome loan book could take two to three years and, during this period, the group’s cost base will contract to reflect the reducing size of the book.

A statement from Cattles said the group’s smaller businesses, home credit provider Shopacheck and debt collection agency The Lewis Group, will continue to trade as normal.

The statement added that the board is still "exploring the scope to develop these businesses further."

The news comes against a backdrop of huge losses for the Cattles group; last month it revealed a £555m loss for the year ending December 31 2008.

At a general meeting called today to consider the company's serious loss of capital and the actions taken by the board, the executive chairman of Cattles Margaret Young issued the statement.

She explained that the board of Cattles announced on 25 November that it had agreed a Standstill and Equalisation Agreement (SEA) with its key financial creditors, and that this should improve the likelihood of Cattles achieving its restructuring objectives.

Since the SEA announcement, Cattles met financial creditors to update them on its recent financial performance and to review with them a range of strategic options.

These meetings followed strategic, operational and financial analysis of the group’s businesses.

:beer::j

sammie22_2 · 16 December 2009 at 4:08PM

so what happens if welcome goes bust??

Dabooka · 16 December 2009 at 4:49PM

Their book would be sold on to some other company who'll take over control of your account. You'd pay them instead.

gordonsuk · 16 December 2009 at 5:12PM

I think it will follow the same as Yes Car Credit. They close all local branches and then collect from head office for the next 2 years or so. Once they've clawed enough back. They'll sell them onto debt collector's who will attempt to make some money from it.

BigBro_1980 · 16 December 2009 at 5:51PM

This is interesting news to me as my father has a loan with welcome finance. He has paid nearly £20k in over 5 years... and still owes... £22k (for a £17k loan).

Have been trying to find out what the initial loan was for and get the original credit agreement, but with little joy (ie. they haven't sent even though I have now asked twice).

So with this news... what does it mean? Is it worth me making an offer to settle the loan? Is there any company/person that can be recommended to help with this?

Thanks

gordonsuk · 16 December 2009 at 6:51PM

I would sit tight and wait. When Yes Car went belly up, they started calling people from head office to collect outstanding loans. Better to wait for them to approach, the local branches will likely be phased out as they'll need to save as much cash as possible by making them all redundant.

Anihilator · 16 December 2009 at 7:02PM

What happens is the book is sold on. Because the book is full of bottom feeders who don't want to repay it will go to the worst of the worst when it comes to lending and you will be no better off.

OP its your responsibility to ensure payment. Call them and ask as you are liable for costs etc for non payment.

ricky9 · 16 December 2009 at 9:00PM

Cattles shareholders vote for company to wind up

1 hour 6 mins ago

Shareholders of the troubled consumer lender Cattles voted on Wednesday for the company to seek a winding up, the company said, despite the opposition of directors.
"We do not believe that the pursuit of any such petition to wind up the company would be in the interests of any of our stakeholders," the company said, quoting Margaret Young, executive chairman, at a meeting of shareholders held on Wednesday.
"Having taken advice, it is the directors' view that such a petition would be highly unlikely to succeed," Cattles said.
The resolution proposed by a shareholder, and passed on a show of hands, asks the financial creditors to grant up to 500,000 pounds to fund the petition to wind up the company, Cattle said. It said last month that it had agreed a standstill agreement with its creditors which could stabilise its position and allow for a restructuring.
The doorstep lender is saddled with 700 million pounds of bad debt after being hit by the credit crisis, its reliance on expensive wholesale funding and poor impairment provisioning which led to the sacking of its finance director and senior executives.

payments to welcome finance

Comments

Categories

Get our FREE Weekly email full of deals & guides - and it’s spam-free