Welcome Finance

ScottM07

Though from their behavior I knew they are total rip off but I had no option than to accept their T&Cs and go for loan at exorbitant rate + PPI.

What makes me sick is that every now and then they do credit search and every time I've to waste my time to get it removed not to mention that they totally FU my chances to get any more credit.

I've fed up with them. What are my options to screw them up?

Charges
Violation of Data Protection by misusing it to spoil my credit history and driving me to the verge of bankruptcy etc.

I'm serious with them. I'm already veteran of few battles HSBC, Natwest, even sharks like Yes Loan (Forced them to pay me Admin charges + Court Fee) and so on...

jonesMUFCforever

Why should Welcome finance doing a routine search on you make any difference to your credit score?
I would think you taking them off would do more harm.

As you say you were forced to use Welcome so presumably no normal bank would lend to you - I wonder why?

jamesd

What type of search does your credit report say they are doing?

ScottM07

They have completely screwed up in searches. One recent search shows Personal Loan even when I haven't even inquired with them. second one was 6+ months back and again shows personal loan in file. The last one is unrecorded enquiry.

jamesd

Unrecorded enquiry is progress, at least. If they have to do them, that's the type it seems should be done, so it doesn't mean that it's for new lending.

k1mmie

I had a car loan with welcom and it included PPI. We had to get a loan and they were the only people who would entertain us at the time. They paid off the balance of the car finance (which was earlier than original loan)and I am now wondering what happened with the PPI? Should we have got a discount or refund? Not sure here what to do. The new loan also contains PPI and as mentioned before not only is the loan extortionate, I pressume the PPi has bumped it up as we borrowed £24000 and the credit file shows £28000, I have been told. Does this seem normal?

kurjam

k1mmie was this loan you took out with welcome finance ??
if it was what were they like to deal with ??

di_di_2

HI

Hope I am in the right place. I would be grateful for any advice anyone can give me.

I currently have a car through YES car credit (no comment) and thinking of terminating my contract with them and there finance company says for £500 get out fee i can terminate the contract and return the vehicle to them. I am happy to do that as the car is causing my nothing but grief and I want/need a new car.

I want to get one on HP through a car supermarket and want to know if going through YES would have affected me getting car finance. I don't think I will be able to get a loan through a high street bank because of my credit history, which to my knowledge is now sorted. With the same monthly payment what I was paying to Direct Auto Services (£200) I can get a newer car with a warranty.

What do you think I should do and where can I go to get a new car with a not so great credit history.

The sooner I give them the car back the happier I will be.

Any help will be really appreciated.

Many Thanks

anniecave

A car supermarket will be using a finance company to provide a loan anyway

What do you mean by "not so great credit history" and "my credit history .. which to my knowledge is now sorted"

Have you got a copy of your credit report from experian and equifax? What is listed on there? missed payments? defaults? ccj's ? and how recent are any of these?

Have you also tried based on what you find on your credit report

http://www.moneysupermarket.com/loans/ and the smart search option

it will give you an idea of what sort of options you may have

I don't think using Yes will have damaged your credit per se but if you have missed payments for example they will probably have reported this to the reference agencies like any other company would

My rule of thumb - the less money you borrow the less you'll have to pay back...

ayorks

ScottM07,write to Welcome Finance, Compliance Dept in Nottingham. You will find the full address details on your credit file as I note you already have access to your file and you have obtained credit from them.
They will send you a final response to your complaint. Be advised that if you use several companies to apply for loans they will continue to distribute your details to loan providers including Welcome Finance.

Too many searches do affect your credit score.You could put a 'notice of correction' on your credit file(s) while awaiting the removal of the unauthorised searches.

k1mmie

kurjam wrote: »

k1mmie was this loan you took out with welcome finance ??
if it was what were they like to deal with ??

They were fine to deal with - but obviously very very expensive. I know we do not always have choices, but I would say use them as a last resort.