Nightmare with Welcome Finance!!

JustinCredibleGillespie

People shouldnt bother paying WFS! I havent and they've gone away. I will be made bankrupt next week, by my own choice and other surrounding circumstances but Welcome are one of my creditors. I rec'd a call from one of their DCA's a few months back and the girl was quite rude on the phone. She said they were coming out to assess my assets and I said 'I don't have any' her answer was 'Well we'll see when we come out'' hahaha I just laughed and said watch out for the Rottweiler when you arrive. Needless to say i haven't heard from them since. Worst company in the world and the reason I went to them to start with is because I didn't have any credit history at all.

view

I must be one of the few ones who actually paid their welcome loan in full. Last Friday, after 5.5 years of extremly hard slog paying £335 a month I finally managed to end the loan. There were so many months where I literally lived off 50p a day to make these payments and hearing the stories about charges, increasing payments etc.., I am so grateful the day had finally come. Cancelling my WF DD online was a turning point in my life. No more loans!!

Best of luck to you OP

JustinCredibleGillespie

Excellent news Jill! What a relief!

What are you going to do with your extra £335 per month now?

geoffky

sugababy wrote: »

I borrowed 10,000 from Halifax, repaid it in December 2008, I wouldn't get the loan unless I agree to take out PPI. I was wondering if I am able to reclaim the PPI back.

I also have an aggreed over draft with my bank, last year they wrote to me to tell me that they were adding £30 per month overdraft fee to my statement is this correct or can I have this stopped and reclaim what I have paid. I also have a Master Card which I am paying PPI; can I reclaim that too?

Any advice is most welcome.

Yes you can get all your ppi back..there is a post on here on how to do it yourself,saving a lot of money from the sharks who do it for 1/3 of the money..

HERE IT IS

http://forums.moneysavingexpert.com/forumdisplay.php?f=169

moneymoan

Please could anyone advise me what I can do in my situation.
1) I have a mortgage with Northern Rock - no equity I owe more than the property is worth.
2) I have a secured loand with Welcome Finance ( I believe they should never have offered me it (It was not affordable to me and would have failed any basic affordability check)
3) Having failed at trying to keep up the debts on the remaining unsecured debt which Welcome Finance did not cover. I now have an IVA.
Obviously I realise now that I'd have been better off taking an IVA for the whole of the unsecured debt instead of taking the secured loan with Welcome, but in my defence, I had been ill advised by Citizens Advice Bureau (they told me if I wanted apply for an IVA that I need £5k to pay upfront fees) so I should apply for Bankruptcy.
I would not consider Bankruptcy as an option for me because I did not want to lose my job and because despite the fact that most of my unsecured debt was due to my head being in the sand and me using credit cards to pay may way and paying unreasonable costs and interest rates to keep going, I wanted to be responsible and pay off my debts if I could.
I am now in a position since my husbands income has reduced that I cannot make ends meet. If I were able to choose what not to pay it would be Welcome Finance since their payments are so high and because I would be in a very different position if the debt they supplied the loan for had been included in the IVA.
When I started to struggle with Welcome payments, they temporarily reduced they payments allowing me to pay interest only for a while and stopped interest being applied to my loan, but after time they said they would have to start adding interest back on to the account. I still pay interest only...I can't manage to pay the full amount.
I am currently being allowed to pay interest only on my mortgage with northern rock for a 1 yr period and when I asked if Welcome would be willing to reduce my payments any further they responded with "Ah well if you are paying less to Rock you could pay more to us!!!!"
I don't suppose anyone out there has any advice to offer me??? I don't know what to do next eg
If I sold my home I would owe more to the Northern Rock, and still owe Welcome Finance and still have the IVA and would find it difficult to rent.
If I stay and go bankrupt for the unsecured debt I'd only be £250 per mont better off and so would still struggle with Welcome Finance
.........what other options do I have.........at the moment I survive by borrowing money from my mum for food and repaying her when I can then borrowing again and again. Life is a bit sad to say the least and truthfully I have never had a lavish lifestyle..........this is honestly all just down to bad money management!

dancingfairy

Hi - I'm not sure you're in the right forum on here - but I'm not sure which would suit you best.
Anyway.
As far as I can tell you've got the following options:
1) go back to the IP administering your IVA and tell them you need to agree lower repayments as you can't afford to meet the current payments - your IP will have some scope to vary the repayments but if it's more than 10% differnt (I think 10% is the figure) then the IP will have to put forward your new variation to your creditors to agree on.
2) Go bankrupt
3) Sell the house and rent and then try and agree payment plans to settle the now unsecured loans or carry on with the IVA or again go bankrupt.
I would speak to your IP first I think to see what they can do to help you. How long have you been in your IVA as this will have a bearing on whether you want to consider failing your IVA, maybe trying to settle the IVA early and what sort of figures you'd need to be talking about.
What was the agreement with regards to equity in the IVA? I'm surprised they let you have an IVA with no equity to go for so the monthly payments must have been reasonable.
How much is a) the secured loan and b) the unsecured debt?
Is bankruptcy still not an option workwise?
df

dancingfairy

I'm not sure what would happen if you stopped paying welcome finance - as they are the second charge on the house as there is no equity. I can't see them forcing a sale as they wouldn't get anything back and I would assume any equity (if there was any) would go to the first lender and they'd presumably have to get permission from the holder of the first charge anyway (who are unlikely to agree if they won't get there money back).
The problem you've got is that the debt charities are unlikely to be able to help as far as I know given that at the moment you are technically still in the IVA.
I'm not sure what would happen if you failed the IVA and went bankrupt - whether you would still be repsonsible for the secured loans or not. I'd be tempted to fail the IVA, go bankrupt (finding out what would happen to the secured loans) and if necessary save any IVA repayments/secured payments up and use them to move into rented. Obviously it does depend on the precise nature of your job though.
You may find the IVA board on here useful and also the bankruptcy board as they can give you more help with each of my suggestions as to how it would all work.
I'll post links in a mo.
Bankruptcy board:
http://forums.moneysavingexpert.com/forumdisplay.php?f=136
IVA board:
http://forums.moneysavingexpert.com/forumdisplay.php?f=159

df

fairywishes

Hi
Not sure if anyone can offer some advise i googled welcome finance thinking it was a con and found this forum info.
We recieved a letter through the post in sept time to our address, we have lived here since the house was built and have never taken out a loan of any kind. We recieved a letter for someone elses name but our address and as we know all our neighbours we knew none had this name on the street. Anyway the letter went to oneside and forgotten about and whilst doing a new years shred tonight i stupidly ripped the letter open when my husband flung it at me across the bed thinking it was one of mine unopened. Anyway its from welcome finance to this other persons name but to our address stating they owe £12,784.17 and there is an account number on it it says they are dissapointed despite their efforts to contact them to arrange a payment plan for the said ammount and that they are handing the debt over to their recovery agents the lewis group...

I'm not overly sure what the hell i should do with this on one hand my husband wanted to shred it and destroy it and clearly it should not have been opened even tho its to our address but on the other hand i thought about sealing it up and putting not at this address and putting it in the post but was worried about the fact its got our address on it.
As i said we have no debts of any kind and as such have a good credit rating on this address where we have lived for 13 years what should i do about this letter and should i be worried? We have never recieved correspondance like this before to this address in this persons name.

geoffky

PHONE them and tell them what happened but do not tell them who your neighbours are,that's their job

Apples2

Credit is a personal thing, you have NOT obtained a good credit for your address

Chuck the letter in the bin or just stick it in a post box with NKATA on it.