Welcome Finance

Spikeyjaycee

Before I had my lightbulb moment a few days ago, I was trying to get a consolidation loan for £6000. Today I was contacted by Welcome Finance who said they could offer me the loan. I declined (pat on the back for me) but out of curiousity checked out their website and found that the loan they were offering had an APR of 59.3%! Working with that figure, I calculated that a loan of £6000 over 7 years would cost £20,737.00 meaning £14,737 was interest alone! Hells bells, thank goodness I came to my senses in time!

mrmajika

It should be illegal - but it isn't.

missc_3

dont get me started on welcome finance. i borrowed £2,500 over 3 years ago i have paid back £5216.00 (which is £146.16 x 36 payments as per loan)(which took 1 month longer than the 36 months due to having a 6 month period where i was on reduced payments - agreed with them) and after that i paid double payments.

they are saying i still owe them £425.00 - oh sorry £450.00 when they knocked at my door yesterday and posted a letter through.

I am refusing to speak to them and have done so for 3 months - they are now resorting to calling at my home - all the chargess are for £5 and £10 for calls they supposidly made to me, £20 charges for letters sent etc

if i am refusing contact with them - after 3 months of no contact WHY havent they just sent me to a debt collector?!?!? or court?!?!? i refuse to pay them back any more money - i will NOT deal with them direct.

CANT STRESS ENOUGH - STAY AWAY FROM THEM

lol - off me soap box now

Warriorsith

I applied for a £6k loan back in december and were given Welcome Finance contacted me, I managed to get a quote with out PPI and if I had taken it would have me repaying £200 per month and repaying £9.5k back in all bout 28% Apr, which is quite good for Welcome.

In regards to the charges is clearly states that they ring you its bout £25 and a letter sent is £10, my OH has a loan with them and at times gets the odd charge. She signed the agreement which has the charges listed. It might be better for you to repay the outstanding amount just to ensure your credit file doesn't get anymore affected.

tom188

It should be illegal - but it isn't.

Why should it be illegal? If these lines of credit were not available many desperate people would turn to loan sharks.

crazyfj

tom188 wrote:

Why should it be illegal? If these lines of credit were not available many desperate people would turn to loan sharks.

i would call them a loan shark!

mackers8923

Sadly, I made the mistake of going with Welcome Finance, we borrowed £8k over 5 years, the payments are £287.00 a month giving a total repayment of £17200.

I rang them the other week to cancel the PPI and save a few £ of which they only refunded me part of the initial £2150 charged, some how they took an additional £300 or there abouts for nothing!

I have written to them asking them that if the £300 was a charge then I want it reciepted as such and that they were stealing money from me for some thing I had decided that I no longer needed....Still waiting for a reply..

mackers8923

I just checked their T&C's 6.(f) makes good reading:

We will become entitled to server a Default Notice on you if you:

(f) die

mrmajika

tom188 wrote:

Why should it be illegal? If these lines of credit were not available many desperate people would turn to loan sharks.

I believe that there should be a set limit by the government as to how much interest can be charged on personal loans.

I understand that companies increase the APR's for higher risk customers to cover the losses incurred through 'bad debt', but companies such as Welcome Finance, I feel, charge far far too much and are cashing in on other people's desperation for money.

mackers8923

mrmajika wrote:

I believe that there should be a set limit by the government as to how much interest can be charged on personal loans.

I understand that companies increase the APR's for higher risk customers to cover the losses incurred through 'bad debt', but companies such as Welcome Finance, I feel, charge far far too much and are cashing in on other people's desperation for money.

You have nailed it in one go.

I was at the time recovering from a medical condition and due to past issues Welcome was the only company to say yes and they do get away with murder but I have found that a lot of these companies are cover names for the good old high street bank.

I may be wrong but I think Welcome belongs to Progressive

itsmeandonlyme

Hello Guys, sorry if its wrong thread to ask....

I am with WF now and have 4 payments left..How do you cuculate PPI,Intrest and healthcare to claim back as a misi-sold?


Thank you