Welcome Finance Part Deux - advice needed

BBB

I've missed a few payments with them which has caused them to hound me day and day at work/mobile to ring them, explained that the card payment I made bounced and was waiting for it to hit the card before I could make the payment. This place gave me some briliant advice so I wrote 2 letters, one complaining of harrassment and one telling them they can no longer contact me by phone, seems to have worked as not had a call since.

original thread here - http://forums.moneysavingexpert.com/...6063&highlight=

Talked to a friend about it and he said that rather than be paying £155.82 to these scumbags with near enough £100 going on the interest to them, let the debt go to a DCA and then I'd be able to settle with them on a much better payment arrangement, so say £100 a month to them and no interest etc, my credit rating is already shafted so this wouldn't make much difference.

Is he right or is he being stupid by offering me this advice? The payments do seem to be just disappearing and for a loan of £3000 I've made £2800 worth of payments and due to missed payments/charges, I've still got nearly £3000 to pay. It's like the payments are just going into a black hole and at least with a DCA I can negotiate easier with them than unwelcome finance.

I'd put the £155.82 into a savings account with a good interest rate and when/if it was passed to the DCA I could make a large payment straight away.

Thoughts?

Cheers,

Mart

BBB

Anyone?

Sol00

I wouldn't recommend it. Welcome tend to let it go on for months and months and months before sending it to a DCA, and by that time your credit rating will be severely impacted.

I would recommend contacting them by letter and to their head office only; the branches are not the most helpful. Use this address -

Freepost RLUU - ERRT - XKLR
Welcome Finance
Compliance Services
Mere Way
Ruddington
Nottingham
NG11 6NZ

BBB

got a letter from them replying to my letter stating they want more info before they can do anything, got both a reply and a SAR ready to send, advised them I'll be reclaiming PPI as well!

I am writing with regards to the letter you sent to me last week in relation to the 2 letters I sent to you in regards to the harassment I feel I have received from your company.

I was unable to make the payment of £155.82 on the 15th November and so cancelled my direct debit, I received several calls to both my work and my mobile number on the 19th and as I had finished work late, I was going to ring the office and explain but on Thursday 19th November I received a visit to my home from a gentleman from Welcome Finance who made it perfectly clear that he wanted a payment from myself, I felt intimidated by him being there and he told me that you would just take the money directly from my wage and told me that “It would be embarrassing” for my work to know about my money issues. I felt I had no choice but to make a token payment of £40.00 which was all the money I had on me at that time and told him that I would ring on Thursday 26th November with the remaining payment, I called the automated payment line late on Wednesday 25th November after my housemate let me use his debit card to make the payment, the automated payment line said that the payment was declined, I rang yourselves and explained that until this payment bounced back onto my card I was unable to make a payment as I don’t get paid until the 15th of the month. Despite this I received a number of telephone calls both to my work number and mobile number, I even sent over a statement showing that the payment was pending on the card but I still received the telephone calls, this caused me to seek out my rights and I found that I could request Welcome to take both numbers off the database and only contact me by letter.

Since my loan agreement was taken out in May 2007 I have made £2865.84 in payments, the loan agreement was for a total of £3051.51 to be paid back over 37 monthly payments of £155.81, I do know that I have missed some payments so this will take slightly longer but I find it disturbing that upon receiving a letter with my current balance on that I have £2979.70 outstanding. I find it even more disturbing that of my current payment of £155.82 that nearly £100 is being paid just to the interest which isn’t clearing the balance anytime soon. I am fully prepared for the debt to be passed to a DCA where I would be able to negotiate a much lower payment with them.

I am fully aware that in order for you to take the money directly out of my wage that you would have to take me to court and I am fully prepared for this to happen. I also attach a SAR request and the request for the original signed Loan agreement, If you require payment for this then I shall send a postal order.

what do you think?

mozzyc

Hi

I've been in the same boat as you, but with lloyds tsb. Repaid £9500 of a £12000 loan, and the balance as of today, 5 years later is £10000. So i have asked them to pass on the debt to a debt collector where i stand more chance of getting the interest and charges stopped. And i've made a formal complaint to them about the matter.
Try phoning the national debtline, they might offer some advice too. But i think you asking them to pass on the debt, especially if its going to carry on like this, is a good option for you.

BOB_A_H

Welcome & Lloyds TSB eh, two of my very very favourite companies, NOT. Both of this MOB's have driven me to the darkest of places the f#*#*#s. Stress, depression and relationship difficulties. A big thanks guys!

BBB

cheers

Yeah I'll give them a ring when I get home from work. Amazing how much useful stuff you can get on this internet malarky!

lijojo

Hello everyone I am also having major problems with Welcome.

I tried to set up an informal payment arrangement with all of my creditors. All of them accepted my offer except Welcome. I had sent an income and expenditure schedule to them with copy of my payment proposal to all creditors. Instead of an acceptance all I have had back was continuous bullying telephone calls where I felt compelled to set up a payment arrangement £20 on top of normal payment to cover arrears. Not satisfied with that a different section is now telephoning me constantly saying I have to set up a 2nd payment arrangement to cover their so called "default sums" imposed as I had missed 2 payments. I am at my wits end. I have asked them to remove my work telephone number from the system as they have said that until I set up a 2nd payment arrangement the calls would continue automatically. I said I was not allowed personal calls at work and so far they have cased. However, mobile and home phone calls are continuous.

I am taking advice from the forums and am going to send a harassment letter and also go through CCCS to try and set up a DMP. Just so down at the minute as I thought I was taking control but this company has got me so stressed!

biggaz26

Ive just had a call from Welcome and alot of the problems people are having stem from the fact that they have stopped arranging new loans and have become solely a debt collection company.

Ive not missed any payments with them but they are apparently desperate to get back the money outstanding to them at the moment, according to a member of staff.

Ive been offered a settlement figure of £3106.88 on an outstanding balance of £3412.50. She did say however, if i got a valuation for my car and the part exchange value is well bellow that get it in writing and send it off to them an they may concider accepting that as the settlement figure.

Sounds to me like a company desperate to get rid of its outstanding loans and claw as much cash back as possible.

Hope thats usefull info.

G