Welcome finance

spongebobfancypants

Hi all!

Whats the story with welcome finance, i have been reading reports that they are in trouble? Is this true?????
Where does this leave the people who have loans with them?

Quite funny really since they take advantage of people how are in trouble and have no where else to go!

:t

brians_daughter

Its been going on quite a while...

Links to various info below

If you have a loan with them you are still liable to re-pay it, but it is being noted on various forums that anyone who can settle MAY be offered a reasonable settlement figure with negotiation.

To add my brother reached a good settlement with them not too long ago and was told by staff they are open to negotiation on settlement of what he owed.


http://www.dailymail.co.uk/money/article-1236367/Cattles-gives-restarting-Welcome-Finance-business.html

http://www.consumeractiongroup.co.uk/forum/welcome-finance/238503-welcome-now-officially-dead.html

spongebobfancypants

THANKS!! i have made them an offer thismorning, still waiting for a phone call back!!

brians_daughter

good luck! let us know what they say..could help other DFW MSE'ers

spongebobfancypants

i have just looked at those links!! they were great, thanks!
when they do ring back I am now armed with knowledge!!!! lol! when i made my offer of £2000 i had no idea of the company problems!!
I now feel more confident to be pushy with them and fight for my settlement!!
I will keep you informed!

KNOWLEDGE IS POWER!!!!!!! LOL

corsaqueen

i foolishly bought a car from welcome finance, it was originally over 5 years, but after a few payment problems they offered to lower my payments for a while until i got myself sorted, then i later found out they had made the repayment period 10 years, so i still have about 7 years to pay.
where do i stand on them going bust? will i lose my car when they finally close?

kalimai

Thank you for the information Brains. I thought something was up as they keep ringing me and asking if I'd like to settle my loan. Said again today that I couldn't afford to and they said they could offer 10% off. So they are sending a letter with the details. I currently owe them around £800 (not sure of exact figure as they don't like providing statements) but after reading some of the comments in the links I think there is a fair bit of negotiation to be had

misspixierocktastic

This is interesting for me too i have a £1,500 loan with welcome it has hardly moved since i first got it to due to shocking 50 percent apr on it- jeeesh
Since i've been with cccs i think they stopped all interest which is helpfull
I wonder how i would go about getting a settlement figure if my welcome loan is currently included in my cccs dmp plan

mbaz

This is a complete nightmare for me! 6 months ago we sent an acceptance back for a PPI reclaim via ombudsman and have never heard from them again!!! Unfortunately the loan is paid off and I reckon the total PPI was about £1200. Probably never see that again now :-(

mpotts123

Does anyone know if I would be able to negotiate on a secured loan with it being secured against my property? I currently have 8 years left of a 10 year loan and I read that all loans will be reclaimed over 2-3 years, what would happen after this period.

If I have a balance of approx £13,000 what would you recommend I try to negotiate to?

Looking forward to the feedbacl

mpotts123

Also does anyone have a contact number for Welcome customer services, it has seemed to disapear from the website.