Welcome Finance Ripp off

CHR15

Spirit666 wrote: »

I tried to take them to court they sweated it and gave me a pay off. So thats all there is to that.

You should have used the pay off you received to pay off your loan.

No doubt you have learned your valuable lesson.

Good luck :beer:

Tiddlywinks

CHR15 wrote: »

You should have used the pay off you received to pay off your loan.

No doubt you have learned your valuable lesson.

Good luck :beer:

Just what I was thinking too.

Spirit - You took out the loan, you then agreed to a refinancing of the loan. Then... you got a pay out.... oh, and then you just stopped paying your loan.....

Why do you think they shouldn't ask for the money you borrowed plus interest???

And before you have another hissy fit - this is an open forum so I'm allowed to have an opinion and voice it.

You owe the money - take some responsibility for your own actions.

LilacPixie

You need to take responsibility for the amount owed and get it paid and rid of.

Write to whoever phoned you and ask for a detailed statement of how they came to a figure of £2900 and once you have received that make a payment arrangement to clear the loan as soon as you possibly can.

Plus maybe you should review some dates. In your first post the loan was taken out 8 years ago 130 pm over 36 months = £4680. you paid roughly 18 payments of £130 according to your OP so lets call that £2340 that then left you with approximately £2340 to be rewritten into the new lower £60pm agreement. You don't say how long the new term was but lets presume it was for 5 years as welcome seem to be wither 36 months or 60 months that means you would be paying £3600. So even if you paid every single payment on time your £1500 loan would cost you roughly 6k before you account for any charges for late or missed payments or any legal fees if they too any court action against you or any PPI on the rewritten loan.

The correct route to take if in financial difficulties is to contact the creditor, explain the situation and make payments you can afford until circumstances change, it is not to just stop paying full stop and ignore.

In your post yesterday you say the loan was 10 years ago but in your OP written only 6 ish months ago the loan was only 8 years ago. Maybe such a lax approach to details is why you are still paying this loan many years later.

silverback_100

hi

You need to speak to the ombudsman service.

I had a similar problem where a £3000 debt had escalated to over £80,000.

This was reduced to £5000 by the ombudsman and was legally binding on BOTH parties.

The only rider is you must declare EVERYTHING in relation to the debt and bear in mind it is IMPARTIAL so the answer whilst always being fair is not always what you want.

Just type Financial Ombudsman services into your browser
Give it a try it may just do the trick

CHR15

Any reason you dragged up a two year old post to say that?

Culex

minimike2 wrote: »

I like the way you accuse them of being robbers, yet you are the one who stopped repaying the money you borrowed. Doesn't this make you the robber?

No, as there seems to be little/no evidence that violence was threatened as an inducement to his/her being accepted for the loan.

anthony7336

Spirit666 wrote: »

Ok this is my first time so please be gentle lol.

I am looking for some advice when it comes to the subject of Welcome Finance.

I took a loan out with them about 8 years ago. The loan was for £1500 and I was to pay it over a period of 3 years. Half way through the loan I fell pregnant and I lost my job and the PP didn't cover this because I was pregnant, so I had to have the loan re-written to £60 a month instead of £130.
The point I am making is that I stopped paying this loan about 3/4 years ago and I heard nothing from them, then last week I got a phone call from them saying that I still owe them money and the total that I owe is ........wait for it ......£2900!!!!! How is this possible?
Can anyone help me to either give me advice on how to pay it or how to get rid of them.

My advice is to everyone do not get a loan with them they are robbers and I wish I had never took the loan but being young and stupid always gets in the way.

Thanks for your help

I have the same problem with them but the good news is that the FCSC are now handling welcome finance and they are currently in default and in order to make a claim against them you must lodge a complaint with the FCSC, if they are found to have forged documents over the PPI scandal then they will be ordered to compensate but don't rush into it , you need to get some legal help on the no win no fee basis

anthony7336

Spirit666 wrote: »

Ok this is my first time so please be gentle lol.

I am looking for some advice when it comes to the subject of Welcome Finance.

I took a loan out with them about 8 years ago. The loan was for £1500 and I was to pay it over a period of 3 years. Half way through the loan I fell pregnant and I lost my job and the PP didn't cover this because I was pregnant, so I had to have the loan re-written to £60 a month instead of £130.
The point I am making is that I stopped paying this loan about 3/4 years ago and I heard nothing from them, then last week I got a phone call from them saying that I still owe them money and the total that I owe is ........wait for it ......£2900!!!!! How is this possible?
Can anyone help me to either give me advice on how to pay it or how to get rid of them.

My advice is to everyone do not get a loan with them they are robbers and I wish I had never took the loan but being young and stupid always gets in the way.

Thanks for your help

I have the same problem with them but the good news is that the FCSC are now handling welcome finance and currently in default and in order to make a claim against them you must lodge a complaint with the FCSC, if they are found to have forged documents over the PPI scandal then they will be ordered to compensate but don't rush into, you need to get some legal help on the no win no fee basis

Apples2

anthony7336 wrote: »

I have the same problem with them but the good news is that the FCSC are now handling welcome finance and currently in default and in order to make a claim against them you must lodge a complaint with the FCSC, if they are found to have forged documents over the PPI scandal then they will be ordered to compensate but don't rush into, you need to get some legal help on the no win no fee basis

And you think Spirit666 has been sitting patiently on her PC since 15 September 2008, over two and a half YEARS waiting for that pearl of wisdom?

casaken

Hello im new to this forum, can anyone tell me if the welcome finance you'll are talking about is the same as the website i found. Im looking for a loan and want to make sure its not. Their site is www-welcomefinance-net