Welcome Finance into Administration?

demondoctor

When I had a loan with Welcome, I was paying back to agreed sum pcm and the loan barely reduced month after month, I had to pay a lot extra to start clearing it and took me long past the intial agreed term of 24 months to pay off. So I can see why people have stopped paying when Welcome keep moving the goalposts.

Kazipoo

Over the years I have had several dealings with Welcome Finance and I can't say I have ever had a problem (maybe the odd hiccup). But then I have never missed a payment.

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demondoctor wrote: »

When I had a loan with Welcome, I was paying back to agreed sum pcm and the loan barely reduced month after month, I had to pay a lot extra to start clearing it and took me long past the intial agreed term of 24 months to pay off. So I can see why people have stopped paying when Welcome keep moving the goalposts.

the loan decreases minutely at first, it's the last 6 months or so when it drops dramatically. what goalposts were moved?

and by the way no I do not like welcome and will NEVER get a loan with them ever again. my last payment is this Friday and I cannot wait for the day to come. You can be !!!!ed off however for a company offering you money and you accepting it.

kirstycobie

alissa wrote: »

Tx all for the reply.

I remember PPI as I refused to pay that while completing form for which they refused to offer loan. So I was forced to take PPI. I'll have to get the things fixed.

I haven't paid them for over 2/3 yrs. Initially when my financial situation was good, I used to pay.

This is so disgusting to know that after paying so much I still owe them more than what I borrowed. They keep on adding some silly charges like Sending letter, calling, or god knows what.

They are vultures!! shame on them!

Enough cursing

Any suggestions on how to settle it down?

Is it good to not pay now and wait for someone (the new owner) to initiate a kind of affordable solution?

Thought this was about Welcome Finance not bank accounts!!
can anyone answer the above question that allisa asked in the first place??

Apples2

kirstycobie wrote: »

Thought this was about Welcome Finance not bank accounts!!
can anyone answer the above question that allisa asked in the first place??

Are you really pondering whether it is a good or bad idea to repay your loan or simply ignore it until someone knocks? Seriously?

Sounds like you are refusing to accept your loan has to be repaid.

RobertoMoir

kirstycobie wrote: »

Thought this was about Welcome Finance not bank accounts!!
can anyone answer the above question that allisa asked in the first place??

Considering that you might still get charges added if you stop paying, I'd suggest continuing to pay. As for hoping that the new owner makes the loans more 'affordable' well they may move the terms and conditions about a bit but, and with all due respect, companies like welcome make their money (or not, I suppose if they've just gone into administration) by selling high risk loans with an interest rate that matches that high risk. I'd imagine any new lender who purchases their books will consider the loans equally high risk and continue with a similar set of high interest and payment rates if not a completely identical one!

antrobus

Aside from the fact that I doubt whether Welcome Finance will ever see a 'new owner'. Since it's no longer trading there is no business to sell, just the historic loan book. It's in default with the FSCS - the FSCS is paying out on PPI claims, but has the right to recover those sums from Welcome. There's nothing much to do except run down the book and hand any surplus back to the FSCS in due course.

KingElvis

I think the "spirit" of Welscum Finance will live with us a while yet, they still seem to have plenty of "customers"

doshdawg

view wrote: »

They don't force people to take PPI. Myself and a few of my friends (3 in total) have had to go down the WF route and none of us were forced to take PPI. Sure they'll try their hardest to sell it to you but we all just kept repeating the word no. Not one of us was refused a loan and one of my friends his HUGELY in debit and has a massive amout of defaults. I was surprised actually that she received the loan, but her % is sky high.

Yes, I would consider it help. You needed the money, you were given the money.

WF actually sold the policies to customers without their permision. They actually ticked the PPI Policy box on my old dears loan agreement at their end AFTER she'd signed it. A legal team looked into this and found the box to have been ticked in different ink and without her knowledge she had been paying PPI cover for years. It had been built into her interest rate (which as all their customers know is already incredibly high) so never questioned it and it didnt appear as anything seperate on her statement. She just got back 3000 from welcome. I urge all customers to check old loans, you might just be suprised!

view

doshdawg wrote: »

WF actually sold the policies to customers without their permision. They actually ticked the PPI Policy box on my old dears loan agreement at their end AFTER she'd signed it.

That's completely different to forcing someone to take PPI by actually saying the words 'we will not give you this loan unless you take PPI'