Advice- Welcome Finance

charlie_chalk

Hello all,

I just wanted some advice about the way I have been treated recently by Welcome Finance and what I can do about it really...I am disgusted with them and really want to esculate my complaint- but it is proving easier said than done...

I have a loan with them- I have had debt problems in the past and we needed a loan quite desperatley last year- they are the only company who seemed willing to take me on...I have paid it flawlessly for 9 months.

I have recently asked if I could top up my loan. Went through the application and was told I'd been accepted for way more than I asked for- for an additional £2k if I wanted. I told them what I wanted to borrow and they went through details that they told me were to 'finalise' the loan.

They asked my income and expenditure details. I work part time (as we have young children) and therefore don't pay our rent or bills out of my bank account, they are all paid for by my husband. All I pay for are my loan with welcome and my wages cover our general living costs. I give this information but was told it wasn't good enough...apperently under their new 'Procedure' applicants have to have enough income to cover their rent and bills- so basically a single income must be able to cover a joint expenditure. I couldn't quite believe what I was hearing...

When I questioned it I was put on the phone to a team leader- his manner was nothing less than appalling. He said 'well, you can't be to careful in this current climate- what if your husband left you?' I pointed out that if my husband left me then my circusmtances would be completely different and therefore I wouldn't live in our home any longer...and doesn't it seem a bit strange to base lending decisions on what 'might happen'?

What I think is really bad is they are basing a decision on something that may never happen but turning down hard fact...I mean, I can prove I don't pay the rent, I can prove I have enough spare income to pay the loan- I pay my loan without issue every month!!! It's ridiculous!!!

This team leader also went on to say that they would want a letter from my landlord..I told them not to bother.

Their procedures and they way the spoke to me really bothered me. I logged a complaint and recieved a letter back which didn't resolve it at all. I rang again but can't get through, I have spoken to Head Office and been promised another call back- that was 2 days ago. I feel I want some kind of explaination...

Any advice or people been in a similar situation?

Thanks

Robert_Sterling_3

From what I have read on MSE about them you are perhaps lucky that they did not take you on.
I recommend that you just let the matter drop.

CLAPTON

Sadly, I have to say, that if you have had debt problems in the past and were desperate for a loan last year and you now need a further loan, then you are likely to be in serious debt problems.
I would suggest the last thing you need is further debt.

How much do you owe them: how much is the APR?

Best to go over to the debt free wannabe board, post up your debt problems and financial situation and see whether people there can help with managing the debt without adding even more.

~Brock~

Welcome are in serious difficulties themselves, and AFAIK are not lending at all, even to existing customers.

bogeyes

i wouldnt touch Wlcome Finance if they we the last company left in the world to borrow money from. It will be less traumatic to sell your soul to the devil. I understand people struggle to borrow money but 69%apr takes the proverbial michael. Oh and by the way if you don't pay wait and see how charming the Debt Collection agencies that they employ are!

TerryandGaby

Welcome laid off a fair proportion of staff at the start of this year, and it's fairly well known that Shopacheck are currently keeping the group afloat.

honest7

As someone who had a bad experience involving Welcome Finance. I would say that they did you a big favour in not accepting you, and you should count your lucky stars that you didn't end up taking a loan out with them.

You've just had grieve with the way they treated you on the phone. Believe me once you ended up taking a loan with them your life wouldn't be the same again. You would be finding every possible way to get away from them. So as I said count your lucky stars.

CHR15

This is the first post about Welcome where they have actually gone UP in my estimations.

Ensuring you can repay the loan even if your circumstances change sounds like a move in the right direction.

As for the treatment and the way they spoke, well, they are Welcome after all. Not many have good words to say.

DeeDee07

Not bigging Welcome up but we have had a car and a loan from Welcome,both are now paid off and we had no troubles at all.When we took out the loan they tried adding extras on which would have added another 2 grand but we took the loan with no extras and knew thats what we could afford and it got paid.

epsilondraconis

I guess if more lenders asked the 'what if' question when lending money in the previous few years, perhaps we wouldn't quite be in the same economic climate we are now.

OP, what are you hoping to achieve by complaining? Are you simply looking for an apology because of the way you were spoken to, or are you looking for them to change their mind and give you the loan?

lrh2008

Having problems with the pirates myself! I have to agree that they probaby did do you a favour not accepting the application, they are more trouble than they are worth! I don't think they understand the principle of customer service and they seem to think that the people that may have to turn to Welcome Finance, are the lowest of the low and therefore shouldn't be treated as decent human beings, let alone an ounce of respect. Have you tried your local credit union - their rates are often lower than Welcome's and guess what - you get to deal with real people who do treat you with respect and are helpful!! What's more is that you will be putting money back into your local area so to speak (APRs) - their website will tell you more.

Hope that helps.