Welcome Finance - any "good" experiences?

Blushbaby

I was offered a 2k loan with them 2 days ago. I'm fully aware of the high APR but I'm in a position where I don't have a choice but to go with them at the moment.

I've searched through some 75 pages or so of the Loans forum to find threads on them and whilst the majority of posts have been negative, there have been a few posters who've aaid they've taken loans out with them, repaid them and had no problems i.e have received none of these £25 charges I keep reading about.

Question? If you stick to your repayments, then they have no business calling you right?

i.e If I were on top of my payments and they tried to call me but were unable to get hold of them, then I wouldn't be charged £25 would I?

Would appreciate hearing from people who've dealt with Welcome and have not had any probs.

Thanks in advance.

TallGirl

Sorry can't help you have only heard bad news about them. Have to checked to see if you have a local Credit Union who might be able to help you with a loan or the Social Fund if you are on benefits?

Blushbaby

I'm working full time. Whats a Credit Union?

ETA: Have googled it and found one near me. Not liking the idea that I have to "save" with them and wait three months until I can apply for a loan which then takes a further 14 days for a decision to be reached and I have to pay a membership fee.

Thanks anyway.

lush_bucket

Word of advice, if you do go with them, and i sincerely hope you dont, do not take out there PPI. They told me that they couldnt offer a loan without it. The loan was £750, it was only sometime after being on this site I looked at the credit agreement, the PPI was £558! Have you absolutely exhausted all other possibilities? Sorry to pry but what do you need the loan for? perhaps we can help you get that cheaper? Ive never missed a payment with welcome but the APR is truly horrendous.

Blushbaby

I refused their PPI on the spot as I was going through the application on the phone. It's not worth the paper it''s written on.

I'd rather not say what it's for but ..trust me when I say Welcome are one of my only options.

I have one CCJ, a basic Abbey account after Natwest (scum) closed my a/c last Jan. I've managed my Basic account perfectly since, I can't upgrade it though due to my credit score - a guy on the phone said so so I can't approach my bank for help.

Advantage loans wrote to me saying i'd been "accepted" but I ripped that letter up as they wanted a £50 fee for searching.

TallGirl

Yes you might have to save with a Credit Union but it only cost £1 to be a member and next time you need credit you wont have to use companies that charge such high interest.

Blushbaby

I hear what you're saying but I don't have 3 months to wait in order to apply with a Credit Union.

It was my own stupid fault for messing up my credit history when I was younger and high APR's are just sumthin I guess I'll have to deal with.

The credit union near me requests a £5 joining fee btw.

AMILLIONDOLLARS

Blushbaby wrote:

I hear what you're saying but I don't have 3 months to wait in order to apply with a Credit Union.

It was my own stupid fault for messing up my credit history when I was younger and high APR's are just sumthin I guess I'll have to deal with.

The credit union near me requests a £5 joining fee btw.

I don't mean this in a mean way, but if you can't afford the £5 joining fee, or afford to wait and save a little bit, should you be taking out this loan now?

AMD

Blushbaby

I've just started a good job, but in between waiting to get paid next week and having a million and one thigs to pay off which can't be put off for much longer I need this extra money now! My wages are gonna be totally swallowed next week, waht with paying backrent (my landlord is impatient enough as it is) and having to pay the fab friends back who've seen me through the mths of Jan & Feb.

Chances are I'll be able to pay the loan off in full early anyway.

The credit agreement arrived this morning, as soon as I get my payslip I'm gonna send it off. I've been temping for the past 8 mths so can't exactly send an Adecco payslip. The advisor told me to just post the wageslip from my new job off when I get it next week.

Thanks for your concern but my mind is made up regarding taking the loan out. I just wanted to hear from those who've had a positive experience with Welcome (bar the high APR). I know those people ARE on these boards somewhere. I've even PM'ed a few but have only had one response as yet so maybe they, along with others will see this thread.

Thanks again.

2hapennys

hi
I have had two loans with Welcome, like you no one else would touch me with a barge pole, and I had no other alternatives. I found them helpful and sensitive, although I would not have there ppi, they did get a bit pushy,. but working in sales myself I just quoted the fsa regulations, and no more was said.

The interest rates are high, but thats the price you pay for not having a squeaky clean credit history.
Good luck

WellGirl

DO NOT I REPEAT DO NOT deal with Welcome Finance by any matter of means!!! please please dont. Through seeing the way my husband has been dealt with i quite frankly find their attitude and manner appauling. My husband handed back his car (which you can do if you have paid over half) had the RAC come out to check over the car and all that was wrong with it was that the car had the wrong hub caps on it, he in turn got charged 65 pounds for it!!!!! Now all of a sudden he owes then over 300 for "liability costs" whatever the hell they are. It quite clearly stated in the contract that they would not accept the car back unless you paid over half (which we had)