welcome finance

willow70_2

hi i have a secured loan with welcome finance i have just heard that they have stoped lending money. What does this mean are they in trouble and what does that mean for my exsisting loan??????

CHR15

It means they are no longer lending money as the company is in dire straights.

It also means you have to repay your loan.

If you are already in arrears (as most Welcome customers seem to be, hence the company going to the wall), you may be able to offer them a once in a lifetime offer for Full & Final Settlement (about 40% of the amount outstanding.

It is no secret they are keen to recoup money as fast as possible, lots of people are having low offers accepted.

Of course this means you will need to find a lump sum to repay them with but most Welcome borrowers are in no position to borrow money from anyone else.

andyg99

Does anyone have any actual experience of Welcome accepting a full and final settlement if the account is not in arrears?

Rosie111

andyg99 wrote: »

Does anyone have any actual experience of Welcome accepting a full and final settlement if the account is not in arrears?

No!!

I had 6 months remaining on my loan at the beginning of the year. I had never missed a payment. I contacted them for a Full and Final Settlement figure, it was higher than if I continued paying monthly until the end of the loan term!!!

So, I carried on paying monthly, until the loan finished!!!

CHR15

There is no reason at all for them to accept a lesser figure if you are not in default.

It's the guys paying them £1 a Month making no difference to their cashflow who are likely to get a low settlement figure.
40% in one go is better than waiting a couple of centuries for the repayment.

friendtoall

Hi
Just a bit of info regarding welcome, I have a secured loan with them and asked them for a copy of my contract as I wanted to compare it with my own, I was looking at a ppi claim against them as I had never really looked at my contract and noticed a few things on it,

They replied to my letter telling me that they had lost my contract and could not give the info I required so I filed my claim anyway, Some five months had passed I stopped paying them until they could provide the info I requested as the loan becomes unenforceable after a certain amount of time and then they are unable to enforce any action until the info requested is provided,

To cut a long story short they gave the debt to Incasso who sent me a letter I owed £3000+ I told them all above and offered them £250 in F&F settlement to which I today received a letter from the above accepting my offer and wiping the debt clear, Hope that helps.

Thanks

geordieracer

No wonder they are going to the wall if thats all they are accepting.

Hax

friendtoall wrote: »

They replied to my letter telling me that they had lost my contract and could not give the info I required so I filed my claim anyway, Some five months had passed I stopped paying them until they could provide the info I requested as the loan becomes unenforceable after a certain amount of time and then they are unable to enforce any action until the info requested is provided,

Did your credit report sustain any damage due to you not paying them?

KingElvis

LOL, many many years ago I applied for credit with a local PC firm, this was back when a 486dx66 cost around £1400.

Anyway, the people who offered finance to the shop were Welcome Finacial....when I looked at the loan it was about 79% interest and over three years would've cost something crazy like £4700 :rotfl:

I think I went with "The Associates" in the end, no kidding they were actually called The Associates.

Hax

KingElvis wrote: »

I think I went with "The Associates" in the end, no kidding they were actually called The Associates.

I had a credit card with them many years ago, before they got taken over by CitiCard - who are now handing my account on to Opus... Not that I use it any more

KingElvis

Hax wrote: »

I had a credit card with them many years ago, before they got taken over by CitiCard - who are now handing my account on to Opus... Not that I use it any more

OT I know but I always thought their name was excellent :rotfl: