Welcome finance!!!

Gregstac

Hi All

The other forum CAG is quoting that Welcome Finance have all but stopped trading and that its foolish to carryon paying your loans with them.

Has anyone else heard this??? I would think it very unwise to stop paying any loan to them as surely the loan wont just disappear.

If it is true I suppose thats my PPI claim gone.

di3004

Gregstac wrote: »

Hi All

The other forum CAG is quoting that Welcome Finance have all but stopped trading and that its foolish to carryon paying your loans with them.

Has anyone else heard this??? I would think it very unwise to stop paying any loan to them as surely the loan wont just disappear.

If it is true I suppose thats my PPI claim gone.

Hi there

I am not sure on this to be honest, although I think I have read posts about this somewhere.
I thought they were under something else...Castles or something like that?

If any finance business have gone down, depending what year you taken out the loan, it may be a case of having to go through the Financial Compensation scheme (FSCS), myself and others on here have been successful with the FSCS recently, in regards of other companies that have stopped trading/or gone down under.

For more info on the FSCS here:
http://www.fscs.org.uk/consumer/

May I ask you though, was it Welcome Finance that actually arranged and sold you the loan, or a broker?

marshallka

Gregstac wrote: »

Hi All

The other forum CAG is quoting that Welcome Finance have all but stopped trading and that its foolish to carryon paying your loans with them.

Has anyone else heard this??? I would think it very unwise to stop paying any loan to them as surely the loan wont just disappear.

If it is true I suppose thats my PPI claim gone.

I would certainly continue payments to them until you learn otherwise. There are two threads here may be of interest

http://forums.moneysavingexpert.com/showthread.html?t=1646953&highlight=welcome+finance

http://forums.moneysavingexpert.com/showthread.html?t=1931605&highlight=welcome+finance

continualdiamond

Surely you'll just get charges after charges if you suddenly stop.

I cancelled my hire purchase payment when i voluntarily ended my agreement. Few days later i got a letter with a charge for £25, nice try i thought by them. But i just rang them up the person who was dealing with my VT and she took the charge off.

nsabournemouth

There website just advises they are not taking any applications for new loans. Gave them a call and they said they are just dealing with collections.