welcome finance

atwitsend_2

I have an outstanding loan with welcome finance (took it out in 2005/2006/2007), the repayment is set up to come out of my bank account every month, so therefore I havent defaulted.
Back in Febuary, they wrote to me to say there was arrears on the account, I couldnt work out why but paid them to shut them up.
Today, I get a call from 08455430304, welcome finance, who say I have arrears on the account of £10.54. When I ask why and I state that there is a direct debit so arrears are impossible, he says its for the letter they sent me in febuary and 54p interest :rolleyes:
Sounds right that they charge per letter sent, but surely there is a time frame they have to charge me this or something? I thought at the time when I got the letter stating the arrears that they included a ten pound charge, because I remember going mad at them because I havent defaulted. I dont think I have kept the letter

anyone any experience of welcome doing this?Also do I ring my local branch to get a settlement figure, and would I get any discount for paying it off early? because I want rid of this loan and now!

Morgan_Ree

I recently paid off at load I took out with Welcome Finance and it was nothing but hassle start to finish.
I called them to find out my outstanding balance and if they would accept a settlement figure. I was told if we agreed on a settlement figure it would be noted as a partial settlement on my credit report, they would in no way accept a settlement as full and final.
I accepted this and agreed to pay the full outstanding amount but was then told they wont give me the figure over the phone it would have to be sent to me in a letter and charge me £10 for the pleasure. This really !!!!ed me off but i thought its best to have it in writing rather than over the phone, knowing how much of a dodgy company welscum can be

Anyway all in all to took just over 2 months to get this debt sorted, not to mention numerous letters each of which i was charged for

My advice for you would be save your money until you're able to settle the debt in full that way you wouldn't have to worry about them trying to chase you for money further down the line

Regshoe

atwitsend wrote: »

I have an outstanding loan with welcome finance (took it out in 2005/2006/2007), the repayment is set up to come out of my bank account every month, so therefore I havent defaulted.
Back in Febuary, they wrote to me to say there was arrears on the account, I couldnt work out why but paid them to shut them up.
Today, I get a call from 08455430304, welcome finance, who say I have arrears on the account of £10.54. When I ask why and I state that there is a direct debit so arrears are impossible, he says its for the letter they sent me in febuary and 54p interest :rolleyes:
Sounds right that they charge per letter sent, but surely there is a time frame they have to charge me this or something? I thought at the time when I got the letter stating the arrears that they included a ten pound charge, because I remember going mad at them because I havent defaulted. I dont think I have kept the letter

anyone any experience of welcome doing this?Also do I ring my local branch to get a settlement figure, and would I get any discount for paying it off early? because I want rid of this loan and now!

This sounds slightly odd. It always used to be that the £10 letter charges and £25 (iirc) field call charges would be applied to the total to be repaid (i.e. paid at the end of the loan. So this amount should not show up as arreas. However they are obliged to give you an opportunity to pay off this amount early. IIRC again this should be before any interest is applied to it. This doesn't mean you have to pay it at this point I believe - simply that you could.

However - and here is the stupid bit - there isn't any point in paying the fees off early - this is because under part of the Consumer Credit Act (or some amendment to it) only simple interest and not compound interest can be added to the fees (don't worry if you don't understand the terms - basically simple means less to pay back).

So personally I wouldn't pay it now - I'd tell them to tack it on to the end. Though actually if it were me I would have challenged the arrears in the first place and put them through the wringer to prove it!

As for the settlement figure - I would expect (assuming you aren't in arrears as you say and therefore aren't going for a short settlement) that any early settlement would mean paying back more than the current balance but less than the amount you would pay if you just let it run.

atwitsend_2

Super, thank you for the advice. So if I dont pay the £10 charge now will it keep acumilating interest?
I dont have any problem with keep paying it, its only for £40 a month and I don't even notice it going out. I'm just fed up of welcome finance keep telling me I owe arrears when they fancy it. I am definatly going to keep an eye on things alot more carefully in future and keep every single letter!

GINA_2

atwitsend wrote: »

I have an outstanding loan with welcome finance (took it out in 2005/2006/2007), the repayment is set up to come out of my bank account every month, so therefore I havent defaulted.
Back in Febuary, they wrote to me to say there was arrears on the account, I couldnt work out why but paid them to shut them up.
Today, I get a call from 08455430304, welcome finance, who say I have arrears on the account of £10.54. When I ask why and I state that there is a direct debit so arrears are impossible, he says its for the letter they sent me in febuary and 54p interest :rolleyes:
Sounds right that they charge per letter sent, but surely there is a time frame they have to charge me this or something? I thought at the time when I got the letter stating the arrears that they included a ten pound charge, because I remember going mad at them because I havent defaulted. I dont think I have kept the letter

anyone any experience of welcome doing this?Also do I ring my local branch to get a settlement figure, and would I get any discount for paying it off early? because I want rid of this loan and now!

Hi, I am looking for a good solicitor who has taken on WFS and won, know of any pls?
I too have secured loan and unable to meet repayments. Had lots of trouble with them and wrote to FOS, they have not been that helpful and seem to either not want to know or can't be really bothered to read orinvestigate problems I have had.
Got sent back some of what could loosely be regarded as WFS paperwork and I have noted that the signatures are not like mine! I cannot write like that! I have tried many times in the last 24 hours since receiving the letter from FOS (Xmas Eve!)
Some of the statements that WFS have made are to me fabricated and untrue and I have written proof on a couple of letters from various people to show this.
Please can you give me a few pointers or maybe you know someone who knows someone.
Like you I stupidly took out a sec loan, I thought I was a woman who had a few brain cells too.

bigbulldog

I wish people would read and understand what they are signing up for then when theres a problem its all the loan companies fault.

I dont mean to be harsh,but when its to do with a financial or any long term commitment you need to take your time to understand what you are getting yourself into.

As for short settling a Welcome account offer them 50% of the settlement and if they dont accept that haggle as there now running there loan book down....and the worst thing they can say to your offer is NO.