What is Welcome Financial's Financial Situation!

shouldbeshot

I've been reading bits and bobs here and there about them not having any budget for debt recovery etc but I was just wondering if anyone has any knowledge as to what is going on
I have a defaulted loan which they aren't pursuing, the DCA haven't replied to any letters since March (neither have WFS directly either)

because I am due my first child soon I want to have a full grasp of my own situation in order to continue paying off debt and its hard to do that when WFS don't reply! Its not even marked as defaulted on my credit file and it really should be!

Edit: I technically defaulted in 2009, it just says 6 payments late on my file

bottleofred

I'm not sure what is going on with them, but I would think that even if welcome do stop trading, there will be someone else (debt collection agency) who pursue the debt somewhere down the road. I think you should put aside money in the meantime in the event of being pursued for the outstanding balance.

kentboy7510

I was due to pay them off two months ago due to my wife receiving some money she invested years ago to help us out of our hole , but santander have screwed up and we are to wait a while longer , have heard nothing from them either , admittedly (due to csa payments) i cannot afford to pay them so just worried why they are not contacting me , YES i know i should speak to them but finances are hard right now :-(

shouldbeshot

kentboy7510 wrote: »

I was due to pay them off two months ago due to my wife receiving some money she invested years ago to help us out of our hole , but santander have screwed up and we are to wait a while longer , have heard nothing from them either , admittedly (due to csa payments) i cannot afford to pay them so just worried why they are not contacting me , YES i know i should speak to them but finances are hard right now :-(

Well I've written to them, emailed them, written to the debt collector I though was handling it and I've literally heard nothing.

I then saw they were in difficulty and wondered if that was anything to do with it. I then saw that someone had said they didn't have a budget for debt recovery.

I had a reply from kirstytate@cattles.co.uk saying that my query had been passed to the local branch. My ex said he had a letter from Welcome for me (even though I left his house in 2008) even though I had written with a change of address.

I'll just have to concentrate on the people who want my money! I jsut want to be able to pay off my debt and there are a few who don't seem bothered at all

ihatedebtcollectors

This makes interesting reading:
http://www.bbc.co.uk/news/business-12624895

shouldbeshot

ihatedebtcollectors wrote: »

This makes interesting reading:
http://www.bbc.co.uk/news/business-12624895

What does this mean for me? I have a loan that should be defaulted as of two years ago however isn't defaulted on my credit file. I can't get anyone to reply to my request for a breakdown of charges or interest I am just being ignored. i didn't take PPI out I know that. I don't have the paperwork anymore just my account number

robthered

one thing I can say about WFS. they know not their !!!! from their elbow!

I had a debt with them included in my bankruptcy, when the BR became over 6yrs past I checked my credit file to check all records were clean, WFS still had my loan outstanding (and 2x the original amount) I called them, shall we say "vexxed" by this? They said they DID know about the BR and fully accepted the account was a part of it, but that they WONT be removing or changing their entry... but instead came up with this gem "well, have your circumstances changed? would you like to pay off the debt to have it removed?" yes! of course! I'll pay you £27k for a £16k debt I don't even owe you. I proceded to give my payment card details 4550 6756 FUC* OFF

fermi

http://www.credittoday.co.uk/news/news-item.cfm?news=2333

Cattles posts £246.9m loss - 12/07/2011

Embattled lender Cattles has posted pre-tax losses of £246.9m for 2010, just months after announcing a major restructuring of its finances.

The figure is down from the £685.4m pre-tax loss the firm recorded in 2009, as financial performance improved for the firm’s three main companies: Welcome Financial Services Limited (WFSL), Shopacheck and The Lewis Group.

WFSL, the firm’s biggest business, reduced its pre-tax losses to £189.7m from £639.5m in 2009 while its loan losses stood at £126m, down from £721.9m the previous year.

However, in a trading statement the Group said WFSL will continue incurring losses due to its ageing book and following the decision that the firm would stop lending and focus on collecting in December 2009.

Conversely, this decision would also reduce impairments as there was no new business to provide impairments against.

WFSL is also expected to incur further losses from claims against it over mis-sold Payment Protection Insurance.

In March this year the Financial Services Compensation Scheme (FSCS) declared WFSL in default and made an agreement to pay WFSL’s PPI claims arising on or after 14 January 2005, in return for payments from the firm totalling £90m, plus "top-up" payments if the firm exceeds its business plan.

The results announcement follows a major restructuring of Cattles, which saw the firm acquired by a specially-created company, Bovess, at the beginning of March after the High Court sanctioned the takeover.

This followed a standstill and equalisation agreement made in 2009 between Cattles and certain of its key creditors in order for it to restructure.

Short-term lender Shopacheck and debt collection agency The Lewis Group both returned to profitability, with the latter recording pre-tax profits and impairment of goodwill of £12.8m, up from a £1.8m loss the previous year.