Welcome Finance Loan - Still Waiting...

Jade34

Hi everyone, I wonder if anyone out there knows what's going on with Welcome Finance? I applied for a small top up on a secured loan I have with them (I know, I know, don't judge me, it's a long story). That was back in March and despite numerous phone calls to them to ask why I haven't received any money yet, they just fob me off with excuses. I'll be phoning them yet again tomorrow to ask whether I'm actually going to receive any money from them but I'm wondering whether I'm still in a position to cancel the top up and just forget the whole thing and keep paying my usual payments. Does anyone know what's happening with them? Thanks for any info...

Sol00

Jade, Welcome Finance are in quite a bit of financial difficulty at the moment (although they won't admit to that, hence the excuses you're getting).

If you're in desperate need of cash Zopa or Provident might be another option.

thriftymomma

I think they have stopped lending at the mo, only from other posts on here though so may not be 100%.

Jade34

Thanks for the replies. I've just called Welcome and was told they're applying lending restrictions at the moment and can't tell me when, or even if, they'll be paying out the loan. I asked if I can still cancel and they said yes so I might just do that. I'm a bit miffed as I've never missed a payment to them so I don't see that I'd be high risk. I'll continue my hunt for an extra job so I can pay the scumbags back and get rid for good... Cheers all. x

LinasPilibaitisisbatman

You need to borrow from welcome thus you are high risk.

Only the unemployed, and bankrupt would touch them

~Brock~

LinasPilibaitisisbatman wrote: »

You need to borrow from welcome thus you are high risk.

Only the unemployed, and bankrupt would touch them

I think that last line is a bit harsh TBH. As far as I am aware Welcome, if they were actually lending at the moment, would not lend to unemployed people and certainly not to bankrupts (it is illegal for bankrupts to even apply for credit).

The reality is, unfortunately, that many people who were perfectly credit worthy only a few years ago now have no alternative but to go to places like Welcome - in fact Welcome itself is a product of the last major recession at the end of the 80's, due to the opportunity spotted in the market by its founding Directors.

I know many people are rubbing their hands with glee at the thought of their demise, but at least they prevented a lot of people from turning to the illegal and significantly more shady characters that inhabit this land.

frixos

Jade34 wrote: »

Thanks for the replies. I've just called Welcome and was told they're applying lending restrictions at the moment and can't tell me when, or even if, they'll be paying out the loan. I asked if I can still cancel and they said yes so I might just do that. I'm a bit miffed as I've never missed a payment to them so I don't see that I'd be high risk. I'll continue my hunt for an extra job so I can pay the scumbags back and get rid for good... Cheers all. x

Hiya Jade I have been informed that Welcome Finance are in Receivership this has come from someone from the industry. I am sure they will not admit to this.
I have had many issues with welcome myself and am in the process of reclaiming back the PPI that was missold.

Jade34

Cheers for that Brock and yes Linas I have had problems in the past, hence being a Welcome customer but at least I've never missed a payment and have no other debts but this, having learned my lesson from past experiences. The reason I'm with Welcome is because once you've had a Trust Deed, which is what I had, you're scarred for life and no one will touch you, contrary to what your'e told before you sign the TD. I was released from my TD in Nov 2005, and thought, or was told, I'd have a clean credit history 3 years after that and just my luck, along comes the credit crunch!!! Happy days - not!! Thanks for that info Frixos. The situation now is it's left me with a bit of a headache as to what to do but I've been through worse so I'll work something out. Appreciate all the helpful comments, keep up the good work (er, that doesn't include you Linass).

Smurfee_2

Hi

I am an existing customer of WFH - on time etc....nothing icky. But I have just checked them out with Companies House - their company accounts are well over due, and this never bodes well......They are going to have to make an announcement soon or face being struck off for not filing the accounts.

So really watch this space.....:eek:

Bob_Jones_2

I dont think its fair they basically told you "wait and see". They are not lending at the moment to anyone. They are collecting their existing loans in.

Interestingly Shopacheck (also part of Cattles) have just obtained their own credit license so make of that what you will....

CHR15

What is it with new joiners dragging up old posts??

I'm starting think MSE is geting targetted by these idiots.