Welcome Finance

inmypocketnottheirs

petermb wrote: »

You are quite right alot of people dont understand, but that is why they need help, assistance and encouragement to get themselves out of the mire.

Life is tough enough.

Peter, absolutely. I don't condone Welcome (or Provident for example) but they do provide a service, albeit at a cost. Some people are totally dependant on this kind of borrowing. I have been too having used pay day loans and log book loans etc. due to straightened circumstances when conventional lenders won't help. And I have assets of around £350K!!!! And by the way that would have been £500k, but I sold assets to reduce my commitments and now live a largely debt free life. But I know from experience how it is to be financially excluded from better means of borrowing.

My point is, that the rates are often distorted because of the way they have to be calculated, are often for small amounts to those on the fringe of the banking system.

With bills to pay and children to feed, just how is one expected to manage without this kind of service?

petermb_2

I agree that there is a place for this sort of lender but they should act responsibly or at least get their act right before taking people to the cleaners. It is one thing to deal in the basement market place and earn a premium for it but then there is pure greed. It is that greed that will ultimately be their downfall, not a credit crunch or a tightening of belts

sparklefairy_2

Wonder if someone could help. Myself and partner unfortunately took out a loan over 2 years ago now with welcome finance. We are now in a position to pay the reminder of the loan, but welcome are dragging their heels! I have sent a letter asking for full and final settlement of our account which they have done, but this does not match up with a previous figure! In my letter I requested a breakdown of all payments credited and debited this I have still not received. I have complained to head office who informed they would get an area manager to phone me (not happened) I have made endless phone calls within the last few again again requesting this breakdown but their always find some excuse as to why we have not received this info. Anyone would think they have something to hide!!!!. Any ideas as to which is the next step to take. Thanks for your help.

petermb_2

sparklefairy wrote: »

Wonder if someone could help. Myself and partner unfortunately took out a loan over 2 years ago now with welcome finance. We are now in a position to pay the reminder of the loan, but welcome are dragging their heels! I have sent a letter asking for full and final settlement of our account which they have done, but this does not match up with a previous figure! In my letter I requested a breakdown of all payments credited and debited this I have still not received. I have complained to head office who informed they would get an area manager to phone me (not happened) I have made endless phone calls within the last few again again requesting this breakdown but their always find some excuse as to why we have not received this info. Anyone would think they have something to hide!!!!. Any ideas as to which is the next step to take. Thanks for your help.

Your best bet is to SARN them. In your request, you should state exactly what it is you require.

sparklefairy_2

Thanks for your reply, but can I can ask what does SARN mean? Thanks

AMILLIONDOLLARS

Threaten them in writing with the FSA (Financial Services Authority), that normally does the trick! see the link below:

http://www.fsa.gov.uk/

AMD

petermb_2

sparklefairy wrote: »

Thanks for your reply, but can I can ask what does SARN mean? Thanks

SARN is "Subject Access Request Notice" under the Data Protection Act. You have the right to access of information held by you. The maximum the lender can charge for providing the information is £10. By law, the lender has 40 days with which to comply with your request.

State what documents you require such as agreements and statements. that should do the trick.

niknak31980

We have been told our loan is tied in with our car loan even though they were taken out a yr apart... is this correct?? Welcome are definatley not wlecome in my finances once we've got sorted!!

Nikki

petermb_2

If the loans are a year apart then they will be totally separate agreements.....or should be.

the advice again is to SARN them putting both agreements numbers on your request. by doing this you can get the information for both loans for 1 £10 fee.

sparklefairy_2

Ok thanks for that I will let you know how I get on