Nightmare with Welcome Finance!!

Hapless_2

harveybobbles wrote: »

Yeah - Provident - 177%. Nice...

Yes Car credit, Vanquish credit card and Welcome are owned by Provident.

dramaqueen1973

Hiya

I will never ever deal with welcome finance again

They need to be looked at by the finacial ombudsman and closed down

The Loan sharks name is too nice for them:mad:

Please dont borrow from them

honest7

Its been a while since I've looked at the thread and I have to say it comes as no surprise the grieve that Welcome Finance have caused others.

Just an update on the situation, and I have to say that Welcome Finance have come with some really underhanded tricks to make me part with the £400 that they were willing to accept as Full and Final settlement.

It was agreed from the past couple of weeks that a member of staff was to take the payment on the last day of the month(which was last friday) provided that the paperwork was to be sent in time clarifying all the information that I was to go over. Last Friday I get a phone call from member of staff that said that he was ready to take my payment there and then. I told him that I would not be doing so as I have yet to receive the paperwork that he guaranteed me beforehand.

I told him that unless he sends the paperwork then there would be no payment, he apologised and then says that he would send it out by first class post, which would get to me by Saturday or latest Monday. It is now Monday and there is still no paperwork.

I really feel that Welcome are trying to play games, as he even said that if I didn't make the full and final payment this month, that next month the interest would then increase. I also have a strong feeling that if I had given them a payment that friday, then they would have chased me for the remaining £800 which was made up of interest alone.

Has anyone been in a similar situation, and been mucked about when it came to settling an account with Welcome or any other loan companies?

honest7

Bump....!!!

BURGER_2

I took out a secured loan with welcome finance in 2001. The loan was for £10,000. Due to meeting my partner of 4 years we have decided to sell my property and move in together (Happy Days). UNTIL!!!!! I contacted welcome finance regarding the secured loan and the redemption figure to settle the loan. CHECK THIS OUT !!!! I had a loan for £10,000 and have made regular payments on time of £274 per month. To date i have paid back over £13,000. My settlement figure for the loan is still a whopping £14,376 !!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!. :eek: ARE THEY HAVING A LAUGH!!! can anyone help in this situation i have picked up some helpful hints of this forum and appreciate the help. Does anyone know if this is legal ??

However when i told them that there would only be £4000 equity in my property they have told me that they will not accept this to settle the account. HOW ABOUT THIS!! They want me to take out a personal loan to cover the interest costs which i would incurr futher interest on top of the interest!! and would work out to approx £45,000. ALL THIS FOR £10,000. Help please anyone

[EMAIL="Darrenjakeman@hotmail.com"]Darrenjakeman@hotmail.com[/EMAIL]

petermb_2

This sort of loan with Welcome is easy enough to deal with. You could walk away from this with the money you have paid to date returned to you.

BURGER_2

Thanks for your reply and thank you for taking the time to read my comment. If you could give me some further advice on the loan i have with Welcome Finance and how what i would need to do to rectify this ridiculus loan i would be very appreciative indeed.

Needless to say i was very shocked when i received the redemption figure, and has caused numerous nights of sleeplessness. This has happened just as i thought i could see a light at the end of the tunnel.

Many thanks petermb:beer:

Darren

petermb_2

No problem.
The loan is likely to be deemed unenforceable and you will get your money back.

petermb_2

honest7 wrote: »

Its been a while since I've looked at the thread and I have to say it comes as no surprise the grieve that Welcome Finance have caused others.

Just an update on the situation, and I have to say that Welcome Finance have come with some really underhanded tricks to make me part with the £400 that they were willing to accept as Full and Final settlement.

It was agreed from the past couple of weeks that a member of staff was to take the payment on the last day of the month(which was last friday) provided that the paperwork was to be sent in time clarifying all the information that I was to go over. Last Friday I get a phone call from member of staff that said that he was ready to take my payment there and then. I told him that I would not be doing so as I have yet to receive the paperwork that he guaranteed me beforehand.

I told him that unless he sends the paperwork then there would be no payment, he apologised and then says that he would send it out by first class post, which would get to me by Saturday or latest Monday. It is now Monday and there is still no paperwork.

I really feel that Welcome are trying to play games, as he even said that if I didn't make the full and final payment this month, that next month the interest would then increase. I also have a strong feeling that if I had given them a payment that friday, then they would have chased me for the remaining £800 which was made up of interest alone.

Has anyone been in a similar situation, and been mucked about when it came to settling an account with Welcome or any other loan companies?

These are nasty people. It sounds as though there is something wrong with this loan.

smilygirl

Hiya

I'ma very stressed out new subscriber and although I feel less stupid and alone after reading the forum I would appreciate any advice on my issues with Welcome finance.

Here's my story to date, it's a bit lengthy (apologies) but I'm so relieved to even have got it out there...

Not sure how to post a new thread or if anyone will see this and reply but here's hoping!

Welcome finance dispute


Original loan details

Date of loan 11/10/01
Personal loan amount 500
Healthcare 90.03
PPI 95
Acceptance fee 65
Total loan 750.03
Monthly payment 79.92
APR 92.20%
Rate of interest 4.00% per month
Repayment period 12 months
Total to repay 959.04 (presuming no change in interest rate)

I experienced trouble meeting the payments and I asked to reduce the payments, their solution was to rewrite the loan to include the standing debt, on the basis that the extra money would cover increased payments (stupid I know) I was told that it had to be a secured loan and the minimum I could take was £5000. I explained at the time that I had just purchased my flat and there was no equity but they proceeded with the loan.

2nd loan details

Date of loan 21/11/01
Secured loan amount 5000 (marked as cash advance)
No mention is made of paying off previous loan amount
Healthcare 245
Homecare 125
PPI 1682.87
Acceptance fee 215
Mortgage indemnity fee 550
Total loan 7817.87
Monthly payment 224.00
APR 33.00%
Rate of interest 2.00% per month
Repayment period 60 months
Total to repay 13440.00 (presuming no change in interest rate)

As the payments were higher after 1 year I got into serious problems, and quickly realised my mistake in taking a secured loan. Consequently they refused to reduce payments and again offered to rewrite the loan to include balance etc etc, at this point they were threatening court action and repossession. Knowing I had no equity on the flat I felt I had no option.

3rd loan details

Date of loan 11/10/02
Secured loan amount 7062.70
(marked as amount used to settle existing loan No…(not recorded)
Acceptance fee 235
Mortgage indemnity fee 776.90
Total loan 8074.60
Monthly payment 124.56
APR 1%
Rate of Interest 17% per month
Repayment period 105 months
Total to repay 13078.80


Oddly enough I couldn’t make these repayments and was very naïve and by this point very stressed, bullied and admittedly sticking my head in the sand as far as it could go. It was at this point I inevitably defaulted on the loan, this time there was no offer to rewrite but the did accept reduced payments, after I endured a lot of harassment at work, they contacted the witness signatory without my permission and beat me into submission to get payments.
The default was registered on 31/12/03 at a total of £8941 with and outstanding balance of £6436 and giving details of a monthly payment of £125 over 106 months.


I have other debts, I put my hands up to letting things spiral out of control and being proactive and firmly unstuck from the sand with a reasonably good income I am managing my finances just but trying to reduce my overall debts. My decision therefore was to sell my property to clear everything as much as possible and start fresh. I contacted all creditors to advise them of this and they have been great but Welcome is my biggest problem. In march this year I wrote asking for a settlement figure, no reply. Wrote again, got a letter stating they had a figure and it had to be paid by a certain date but they didn’t include the other page with the details, I wrote again and phoned to get answers and was told my account was no longer at the Glasgow office but with their secured recovery dept in England. I contacted them and when I advised them that I needed a figure before I could sell my property to make sure I could cover the debt they told me to call when I had sold! I then offered them a settlement figure of £2520 which I thought was reasonable after getting statements of my accounts (which are totally confusing and I think in code) and working out how much I had paid and the balance but got no reply. When I investigated how to resolve this since my flat is now on the market, but I can’t sell without their agreement I found the information on missold PPI and contractual discrepancies and basically got more informed on how these things work and how stupid I had actually been.

I wrote to the FOS for advice and they contacted welcome compliances to investigate PPI etc, lo and behold I got a settlement figure and apparently the are outwith the juristiction of FOS. The settlement figure is £13351.03!!! Apparently I have only paid £3164.68 which is incorrect, from what I can see from my statements and they are difficult to work out, I have paid £4400 approx, plus the balance of my statement on 22/4/08 was £6546.20.

This made me look closely at the CCA’s of which I have my copies and since then I have found more discrepancies.

- Initially I complained that on the initial personal loan and 1st loan the PPI added was transferred as part of the loans and should have been refunded therefore not incurring interest
- I was told very clearly that I could not get the loan without PPI as I had no personal insurance
- Welcome have provided copies of 2 secured loan forms and on the 1st form there are things written such as “a witness” my account no and a customer reference no which are not on my carbon copies
- On the 2nd loan form I was not given any cooling off period and told to sign the form that day, after checking my copies I have discovered that I still have both blue advance copies attached to the yellow signed copy, proving I was never given the time to consider and the pressure I was under and I don’t remember getting the witness signature which is the same previous witness but doesn’t look like the same writing? The agreement date is also the same date as signature. My mum was my initial witness and doesn’t remember signing twice?
- My credit file records the 1st loan cleared but it is marked mortgage and the 2nd loan defaulted also marked mortgage. I would never have taken the loan had it been explained it was a mortgage. Is there a difference between “secured loan” and “mortgage” or is it semantics?
- The balance of my account according to my statement is £6546.20 on 22/4/08 therefore where do they get the settlement figure of £13351.03?

I am and have informed them that I will continue with my complaint to the FOS and that I have now put the account into dispute, therefore they cannot take legal action till the matter is resolved. I have sent them a subject access request and sent copies to their parent company Cattles plc. I have also asked for written confirmation that they will oppose the sale of my property. I am more than happy to pay them a reasonable amount, I’m not trying to duck the debt but I can’t see why I should pay 3 times the amount in interest. Maybe my figures are wrong but one thing I do know is I need help sorting it out. Even if it’s to tell me they are right and I have to just deal with it.

I would also like to mention that I naively went to Welcome finance because they were local. I never had bad credit or a poor credit rating and was not aware of sub prime lenders and was very very stupid and inexperienced about taking loans. Now it’s all messed up and I couldn’t get and I couldn’t pay someone to loan me money. I am in the process of repairing my credit file, slowly.

I there is any help available it would be very much appreciated.

Thank you for your time and attention