Against welcome finance thread

princessrachellucy

i thought i would set a thread up about welcome finance, im having my own problems with them and noticed that quite alot of you are also having problems with them so thuoght it would be better for every1 to list there own problems with WELCOME FINANCE in the same thread, and that way we might be able to help each other and give each other advice.
please list your problems and lets try and help eachother, personally i think the company should be closed down

~Brock~

princessrachellucy wrote: »

i thought i would set a thread up about welcome finance, im having my own problems with them and noticed that quite alot of you are also having problems with them so thuoght it would be better for every1 to list there own problems with WELCOME FINANCE in the same thread, and that way we might be able to help each other and give each other advice.
please list your problems and lets try and help eachother, personally i think the company should be closed down

No offence intended, but one big thread with everyone chipping in and out about their welcome problems would just turn into a big mess, and not really be much use to anyone.

There are plenty of knives out for Welcome over on CAG and their format is probably more suited to poeple who want to sound off about them.

As for wanting the company closed down - most customers who owe them money probably think the same way, although that is unlikely to mean the end of their loan liabilities.

They did provide a much needed service to many people and no one is going to fill the void they left so its a shame they have let things get as bad as they have, through mi- management (alledgedly), so as for them being closed down, I think they are doing a pretty good job of that by themselves.

ps - are you really a princess?

Anihilator

Let me guess

Your problems relate to you not paying a loan back and then getting upset at them trying to collect.

princessrachellucy

Brock - yes i understand were you are coming from, no offence taken.

anihiator - no you are wrong that is not my problem at all. i am paying my loan back no problem at all, i lent the money so i am paying the money back, my problem is the interest that they put on, to b fair they are in the wrong, they do nothing but lie.

wayne99

with all respect did you sign a loan agreement ? yes
did that agreement have the apr's stated ? yes

Were you forced to take out a high interest loan ? no

there is little point moaning about welcome, it wont change a thing.

what has inspired this post anyway ? what kind of issues are you having with them ? is it to do with late payments ? missed payments ?

the reason i ask is i had a welcome loan, and i knew what i was getting my self in for when i signed the loan agreement.

I paid back my loan and didn't miss a payment, funny enough i had NO problems with them what so ever, and the only people who seem to have issues with welcome are the people who have either : 1, missed payments, 2 not bothered paying it back, 3, cancelled direct debits and incurred charges, 4, had ppi on it but now they can see a way of claiming it back are trying to, etc the list goes on.

yes iam sure that if something happened i would of had issues like there 10.00 per phone call charge, a friend of mine had 5 a day added to his account so 50.00 per day for phone calls that didn't take place i do sympathise but my mate only had those issues as he didn't pay up when he was supposed to.

iam not sticking up for welcome, but from my own personal experience i had no issues with them.

so would you like to share your own issues ? and why they have come about ?

Tixy

Wayne - OPs other thread explaining the issues she is having - http://forums.moneysavingexpert.com/showthread.html?t=2271023
yes it relates to late payments

nikki2804

My OH has a loan with WF (consolidation loan). No problems what so ever. One DD was missed but it was WF fault and they admitted this. Refunded DD charge, end of.

halifax71

Sounds like the Welcome Finance people need to set up their own forum- like we did at www.firstpluscomplaints.co.uk

We have over 1000 registered members. Alot are primarily interested in PPI but most are coming round to the fact that interest rates are the big issue, especially as we now at the bottom of the rate cycle. On our loans the lender can double any FHBR variance, so if rates get back to their 5 year average of 5% them my rate can go to 18% as opposed to 8.4%.


Feel free to pop along and see if your issues are the same by the way.

There are alot of holier then thou bods on here who simply say you borrowed it, pay it back. The facts are though that the secured loan arena is basically unregulated meaning they can basically do what they want re: interest rates under the variable APR banner.

My latest increase said it was prudent and efficient of them to increase rates :mad:

This issue isn't going away. The terms of these loans may allow them to do as they wish but the terms are unfair and cleverly worded. So, the only option is to take civil action under the Unfair Terms in Consumer Contract Regulations and the Unfair Relationship test.

Stick with it, get organised, and go get em.

Sol00

I think the general issue most people have with Welcome Finance is the tactics they use to collect loans. It's common for lies to be told regarding having to take PPI for loan approval; money being taken before the due date, resulting in bank charges; unfriendly staff and using any possible way they can to stop people from actually clearing the debt.

It's easy for people to automatically throw accusations of non payment etc when they're not aware of the facts.

wayne99

as stated I had no issues with welcome what so ever, no ppi taken and I was not forced to take it, no missed payments no underhanded lies etc.

So it is of my opinion that there fine if you read what you are signing for, and adhere to there terms.

I know that is easier said then done in some cases, and as I said if I had any difficulties then no doubt I would of experienced the bad side of welcome, so I do sympathise with anyone who by no fault of there own have ended up with added interest and charges.

But for the people who just quite simply choose to pay late, not pay at all, move address and cancel direct debits with the hope the debt will go, etc and they get stung with charges I have little sympathy as it is self inflicted.

Jamesf81

I am glad you didnt have to experience the underhand tactics of Welcome Finance but beleive me you are in a minority.

Welcome finance are notorious for dodgy agreements. You state in your post 'did the agreement state the APR'. Well what about when they do not include the acceptance fee and PPI into the total charge for credit therefore throwing out the APR. Is the customer supposed to sit and calcualte this out at the time? I can assure you this is a common trick of theirs.

Also what about all the perscribed terms they miss of their agreements that should be included under the CCA.

Companies such as Welcome blatantly ignore their responsibilities and to be honest if they cannot be bothered to produce a legitimate loan agreement as per the the CCA then why should a customer be bothered to pay them?