Another Welcome Finance Question.

kittiej

Does anyone know what's going on with WF?

I've just looked on my credit expert account and there was an alert saying that WF had significantly reduced the outstanding balance on my account, by about £2000 I suppose.

Has anyone else had this as well and if so why is this happening, did they get the sums wrong in the first place?

Confused, advice greatly appreciated.

Sol00

Hi Kittie there's a lot of discussion going on about this at the CAG, as they've been reducing the balance and transferring it to Progressive Finance. I'm not really sure what's going on.

kittiej

Thanks Sol00.

Think I'll shuffle over there for a nosey then.

fairmorn308

i just had a look and looks like this has happened to me aswell they reduced my loan about 2k

Sol00

This is strange. I can only think it's to do with their 'dodgy' accounting that has been widely reported. Most unusual.

kittiej

Just got BF to check his file and it's happened to him - he's got car finance with WF

fairmorn308

kittiej wrote: »

Just got BF to check his file and it's happened to him - he's got car finance with WF

#

exactly same as me

but they havent touched my normal loan with them as only have £2100 left

vickir_2

Abit new to this - but whats a credit report account - I have a loan with welcome and hope this has happened to me!
Thanks

kittiej

Vick you need to register with experian for credit expert.

I'm sure you can get a free 30 day trial.

Sol00

theartfullodger wrote: »

One logical explanation would be that WF are in financial difficulties and are "selling off" some of their assets (punters debts) - i.e. flogging off the debts people owe to WF - to other parties, such as Progressive Finance.

The advantage to WF would be that WF get ready cash.


If this explanation turns out to be true I cannot for the life of me think why whoever buys the debt would not chase the punter for the full amount, plus the usual fees etc...

Best wishes to all, including this who don't agree with me!

Lodger

The problem with that theory is that Progressive is one of Cattles' companies, so they're not selling it off, just transferring it to another company under their umbrella.

~Brock~

Progressive was a trading name of Welcome at a time when Cattles had the bright idea of merging all their lending business under one name.

I think that this idea is now history.

For the purposes of reading credit reports, regardless of the name it is the same company, and I very much doubt that any actual internal transfers have taken place.