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welcome finance
setmefree
Posts: 851 Forumite
[FONT=Arial, Helvetica, sans-serif]Lender boss in coke loan shame [/FONT] By Joe McGrath A former employee of adverse lender Welcome Financial Services has been jailed for 12 months after he embezzled more than £25,000 to fund his cocaine addiction.
Last week, Manchester Minshull Street Crown Court heard how Steven Farrell, aged 30, of St George’s Court, Bury, falsely set up five separate loan agreements to fund his coke habit.
Judge Jonathan Geake heard how Farrell had manipulated the lender’s processes to obtain five cheques to his own name.
Farrell had worked in both Oldham and Aston branches of Welcome and was promoted from customer account manager to senior manager where the temptation proved too much over a period of three months.
Judge Geake said Farrell’s behaviour was out of character and clearly influenced by his addiction to the Class A drug.
In handing down the sentence, he said: “This is a serious criminal offence and it is impossible for the court not to take that course, given the amount of money involved.
“The fact remains that whilst you were working in a senior managerial position, you abused that position.”
The latest ruling comes just days after fraud prevention service CIFAS warned that fraudulent loan applications were on the up.
Peter Hurst, chief executive of CIFAS, said fraud committed by inaccurate information on application forms increased by 20.37% to 76,870.
He said: "Those who think that lying on application forms will give them any advantage need to realise that their efforts are counter-productive.
“The rise in fraud should be of concern to us all. It is widely accepted that the proceeds of fraud fund both low-level and serious crime.”
Welcome Financial Services said it intends to issue a comment on the ruling tomorrow.
What a shame
:rotfl::rotfl::rotfl::rotfl:
Last week, Manchester Minshull Street Crown Court heard how Steven Farrell, aged 30, of St George’s Court, Bury, falsely set up five separate loan agreements to fund his coke habit.
Judge Jonathan Geake heard how Farrell had manipulated the lender’s processes to obtain five cheques to his own name.
Farrell had worked in both Oldham and Aston branches of Welcome and was promoted from customer account manager to senior manager where the temptation proved too much over a period of three months.
Judge Geake said Farrell’s behaviour was out of character and clearly influenced by his addiction to the Class A drug.
In handing down the sentence, he said: “This is a serious criminal offence and it is impossible for the court not to take that course, given the amount of money involved.
“The fact remains that whilst you were working in a senior managerial position, you abused that position.”
The latest ruling comes just days after fraud prevention service CIFAS warned that fraudulent loan applications were on the up.
Peter Hurst, chief executive of CIFAS, said fraud committed by inaccurate information on application forms increased by 20.37% to 76,870.
He said: "Those who think that lying on application forms will give them any advantage need to realise that their efforts are counter-productive.
“The rise in fraud should be of concern to us all. It is widely accepted that the proceeds of fraud fund both low-level and serious crime.”
Welcome Financial Services said it intends to issue a comment on the ruling tomorrow.
What a shame
:rotfl::rotfl::rotfl::rotfl:
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Comments
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It's a shame that there are people like this working for this company as I tend to believe that it is the people that we deal with and not the company that is normally the issue.
I know of people that work for Welcome and the are very honest and don't like to lend further to those who are already in trouble. They live by the rules of responsible lending. This is a story of 1 man who got greedy and it's a shame that it was this company that has ended up in the spotlight again for staff incompetence.0 -
i agree but couldn't have happened to a nicer company hehehe
watch the interest rates go up to cover their losses0 -
what a load of old tripe it depends which department they work in in my debt crisis now past i found most of the ones i dealt with no better than pigs as for the poor chap above who has been sent down i do hope he becomes some hard mans !!!!!0
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welcome finance deserve all the payback they get! I am now 24 still buried under their loans at 44.5% interest i stupidly stupidly stupidly took out aged 18! All those with welcome loans its worth looking back through all your old contract and checking out any ppi which may be applied you could be able to claim it back read the advise on claiming back ppi. i dont care how much of a loss this coke brain has caused them they have made a fortune out of me im going to get back what i can from them i have no pity for them crooks.44.5% interest!!!!!!!!!!!!!!!!!!MY Successes = RBS PPI, RBS bank charges, Aqua PPI, Aqua cc charges, HFC PPI, Welcome Finance PPI, Blackhorse PPI Mums Ongoing= Swift Advances PPI, London Scottish PPI, Blackhorse chgs, GE money pyts missing
:rotfl:Im Feeling fine Debt free 2009!0 -
welcome finance r scandoulous!Debt Nerd No : - 882
"Proud to be dealing with my debt" :money:0
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