Advice- Welcome Finance

Comyface

When I first read your post Charlie, I was going to suggest that if they insist on taking the rent into account, could you make an application in joint names with your husband so that his income is taken into account as well.

But I've had second thoughts after reading the other posts on the subject. Steer clear is my new advice.:)

compliant

Welcome is entitled to have what it wants regarding it's lending criteria. They are the ones you are asking for money. If your disposable income cannot cope with your rent payments AND the loan then you are clearly unsuitable to be a single applicant. It seems that being a couple suits you as far as paying the rent is concerned so perhaps in that case you should amke a joint application.

Sol00

As others have said; it's a blessing that you didn't get the loan, try other avenues if you can.

Any

Welcome are not the only ones who changed their lender criteria. Other banks did as well.

In the old times you wouldn't get wife's income taken into account when taking out a mortgage. Because wife was going to have a babies and be out of picture one day for repayments. Good banks are going back to their old practices.

What if your husband lost his job? Or his pay was cut in order to keep his job? The banks have to think about such a possibilities.

And as for Welcome finance themselves - stay clear!

the_lone_ranger_3

hi there i was wondering if anyone could help i have a car finance with welcome and i have finally gotten a loan that is seriously better interest. i have had the car for 20months into a 48 moth deal. when i took the car i was told that i could give it back after 2 yrs. well i have rang them telling them that i want to finish the loan and i have a settlement figure of 5k eventhough the origional loan was for 5800(go figure, typical welcome). but i have looked at my paper work and i cam hand the car back in at 2 years or i must have paid at least £5204 which ive paid 4900.

i rang today and was told that i can pay in advance to the 5204 and they may take the car with a full RAC inspection, but i will be liable to pay the difference( which i dont understand)

i have the cash to pay the settlement but im getting a new car anyway but they say that if i hand the car back it will seriously impact my credit rating and will show that i couldnt afford the payments?????

please help anyone no if this is correct or should they be like any HP and the car should go back and finance finished???

Sol00

I don't know much about WF's HP. What does it say on your agreement? Do you have an up to date statement of account?

petticoat

Just to let you guys know, Welcome charge for every call they make to you I think it is £20 and a visit to your door £25.00. If you request a SUbject Access Request from them with a £10.00 postal order you will see all these charges listed out. Also they do like to be big boys as I experienced myself and acted accordingly and threatned them back and also reported them to the police for harrassment. You can also find various letters to tell them to back off which I can downloan if need be. I have not paid them a penny since January although I have made an offer which they have not responded to so all they get is £1 a month which I will start this month. I also had another visit from one of their joeys offering me a deal which was my £5300 loan would be reduced to £2300 if I settled I obviously smiled and shut the door on him. These people are in deep s--t, only a matter of time before they sink totally.

Good job - cnnot comer quick enough

nomoneytoday

the_lone_ranger wrote: »

i rang today and was told that i can pay in advance to the 5204 and they may take the car with a full RAC inspection, but i will be liable to pay the difference( which i dont understand)

i have the cash to pay the settlement but im getting a new car anyway but they say that if i hand the car back it will seriously impact my credit rating and will show that i couldnt afford the payments?????

please help anyone no if this is correct or should they be like any HP and the car should go back and finance finished???

As long as you have paid 50% you can do a VT

A VT does not impact your credit score - no matter what the lender states, it is a right under the consumer credit act. It may make it harder to get HP again though as the VT will show up, but that is at the discretion of the new lender.

Assuming it is in negative equity and you can afford it, I would wait until your monthly payments have totalled £5204, then VT the car, pay for any damage if there is any, then walk away and get your new vehicle