Welcome Finance into Administration?

alissa

Hi All,
I read many times that Welcome Finance are into administration.
1) Is it true
2) If they are liquidated then what will happen to our loans? Do we still need to repay?

Peelerfart

1) yes
2) they will be sold to another lender
2 and a half) dream on!

amersall

The above is correct,although if you have ppi on this and believe you were mis sold you can claim this back either through Welcome or the FSCS if the loan was post 14th jan 05.

amersall

2 and a half :rotfl::rotfl:

Apples2

Crikey! Someone with a welcome loan who hasn't stopped paying already?

Come on OP keep up!

ihateyes

Apples2 wrote: »

Crikey! Someone with a welcome loan who hasn't stopped paying already?

Come on OP keep up!

Yip too high interest, stop paying years ago, must be crawling towards statute barred.....

also did i not hear the PPI fund for welcome was empty???

glennc1981

Good riddance to them. I had trouble with them in the past. That was one of the debts I've finally paid off, and I'd never use them again if I needed to get a loan.

evenstar2009

is it too much to hope that whoever buys the loans will offer a reasonable rate that people can actually afford and can pay off?

this has made my day knowing that this greedy leeching company is in financial trouble!!

Anyone know which company/companies are likely to be buying the loans?

:beer:

CautiousPaul

I have a loan with them, what is the scenario here? They called me recently to cut the term of my loan by increasing the payments by £15 a month....was this just a ploy?

Could I feasibly stop paying them due to the administration or am I better to just keep plodding on (got 3 grand to go!)....

Kazipoo

I am also a customer of Welcome finance, I have always paid and never missed any payments and believe it or not, never had any problems with them. I was led to believe that the issue is with the PPI claims, Welcome cannot cope with the amount so the FSA (??) is dealing with them. Welcome Finance to my belief is still operating, but only collecting loans rather than offering them.

antrobus

alissa wrote: »

Hi All,
I read many times that Welcome Finance are into administration.
1) Is it true

No, I don't believe that they are in administration. They are in 'default' as far as the FSCS are concerned and have ceased taking on any new business, but otherwise it's business as usual.

alissa wrote: »

2) If they are liquidated then what will happen to our loans? Do we still need to repay?

Nothing will happen to your loans, and you will still need to repay them.