Welcome Finance

barongreenback

Hi,

we have been offered a £2000 loan from welcome at an APR of 72% over 3 years which is £117 a month. We realise the APR is horrendous but our credit rating is very low at the moment and we do need the cash! They are the only company to consider us without a big administration fee. Anyone any positive or negative experiences with them. We will be able to make the repayments but would like to settle early when our credit score rises.

freebiequeen84

Eek!! As much as you probably really do need the money, this is a company that takes great delight in exploiting the people who have little or no choice about whether they use this company or not.

I took out a £1000 loan 6 years ago, am still paying it back and it has shattered my credit rating because the company are so unreasonable and made ridiculous demands.

Haven't had any dealings with them in the last 12 months - they take my direct debit and don't contact me which suits me fine - so I don't know if they have sorted their act out, but from what I have seen on here it would appear that they haven't!

Check out what others have said about them on this site and have a look at other sites too.

Proceed with caution.

iolanthe07

Just read all the stuff on here about Welcome. Do you really need the hassle?

barongreenback

I get that it may be hassle but I am trying to weigh up that against the hassle of direct debits being refused or not paid (I have some credit agreements they will not negotiate). There are at least three that will go unpaid and coupled with me being in an unauthorised overdraft and over limit on credit card two grand would go a long way enabling me to pay of the credit card completely, keep my direct debit agreements and pay off the unauthorised overdraft.

Anyone tried to settle Welcome Loans early?

gstir_2

Hi there,

yes we had a personal loan a few years back with WF. We dealt with the branch rather than a call centre. So if we had any questions etc. one person would deal with us which was good.
Equally we paid back the loan after 6 months as we came into some money that we hadnt expected. The settlement was hassle free and again the one very helpful woman in the branch dealt with all this for us.
She even made a visit to our home at 7pm on a Friday evening to get us to sign papers before we went off on holiday.. there was nothing in it for her as we were settling the loan.

Yes we all know they have a ridiculous APR.. but when you really need the money, as long as you know from the start what youre getting into -- and read all the small print, then I think, given my experience, that WF were good.

hth xx

vanguard

I took a secured loan out with wf approx 5 yr ago they kept offering me new loans so stupidly i took offer and paid off old loan and got bigger in debt. Unfortunately 2 yrs ago had to finish work ill health and have buried my head in sand since and not paid they payments for quite some time. Two weeks ago a got a phone call offering lower payments they'd even knock £3000 off balance, they said I could make payments of £30 per week I jumped at this and sent letter to confirm. Today I receive a phone call stating they want £202 per month or repossessing my house. Then they rang again saying they could knock £9000 off my loan and payments would be £130 per month, this shocked me as my loan was only for £10000 in the first place. The LADY then told me aload of jumble I couldnt grasp like the full amount of interest is added onto the loan because I had defaulted but if I excepted this offer today and made a payment they could knock my balance down to £16000. I know this is all my fault but being on my own with child I dont want to loose my house, but can they really do this, I pay my mortgage interest only till I get back on my feet. How can I get rid of these vultures.