Is Welcome Finance going bust?

Hope I'm posting this in the right place. My partner & I have a loan with Welcome Finance & we recently applied for a new loan (part of it to pay current one off). We've been accepted no probs but they've now made 4 separate appointments for us to go in and collect the cheque & each appointment has been cancelled with the excuse of "our systems aren't on-line or working right now, can we re-schedule". 1st appointment my partner took time off for & wasn't told they'd cancelled the appointment, next one that got made was cancelled when he turned up, again, taking time off & having no call to mention cancellation, 3rd time was yesterday & he called to confirm but they re-scheduled to today, he called this morning to make sure the appointment was going ahead & again, he was asked to call back (now actually!) because systems were still down! That's 3 weeks now the 'systems have been down'.

Forgive me for blabbing on but if I had a Company the size of Welcome & my computer systems had been down for more than 3 weeks, I'd call in a specialist or at least get Head Office to help deal with it. On the first appointment we actually got told three different stories, one was the computers were down, well, not in fact down but the system was incapable of correctly calculating a settlement figure (erm...), next was the Manager no longer worked there (?) & finally they don't make appointments after 3pm (all appointments bar today have been made by them for 4pm!).

Does anyone have any info as to whether these could be going up the creek without paddles & making excuses for it??? IMHO, Why keep a branch open that's incapable of, well... anything?
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Replies

  • withabixwithabix Forumite
    9.5K Posts
    They are a sub-prime lender to high risk borrowers.

    They are themselves therefore a sub-prime borrower as far as the money markets are concerned.

    They will be having great difficulty in getting funds to lend at the moment!
    British Ex-pat in British Columbia!
  • We did wonder about that quite honestly, but it would be nice if they would be upfront about it so we can go elsewhere. Desperately need the money to pay off a recent legal bill! I suppose that as long as they have us in their grasp they won't fob us off to anyone else.
  • bugbabebugbabe Forumite
    279 Posts
    dont think so by the amount i got of them yesterday :D
  • PROLIANTPROLIANT Forumite
    6.4K Posts
    1,000 Posts Combo Breaker
    Well strange that you say about computer problems, I phoned them on Tuesday just gone and going through the application they guy asked me what my job title is, so I reply "I.T Support Engineer", he says "Ah Christ we could do with you down here, sorting out our systems lol" so yes they have just had their systems upgraded and yes they are having problems, don’t think they are in trouble yet.
    Since when has the world of computer software design been about what people want? This is a simple question of evolution. The day is quickly coming when every knee will bow down to a silicon fist, and you will all beg your binary gods for mercy.
  • I think Welcome finance could do with going bust.. Theres a hell of a lot of posts on these boards, re; extortiant interest rates with Welcome.

    I know sometimes they may 'seem' to offer a way out for some people. But from what i have read from others after hindsight, they would have kept well away from Welcome.
  • (Got the cheque off them on Friday - finally!)
  • dubseydubsey Forumite
    357 Posts
    A friend of ours works in a car dealership in the sub-prime finance dept and he told us that two weeks ago Welcome pulled out of offering car finance to them altogether. I don't think it was because they were going under, just didn't want to lend car finance to sub-prime due to the increased risk.
  • Hi,

    I have just come off the phone to http://www.motorcarcredit.co.uk/ and they have told me that welcome fianance has infact gone bust.

    i said to the guy on the phone that i wanted to avoid finance with them as i had so much trouble a few years ago, with them taking 6 months to replace a blown head gaskett on a car that blewup on the way back from their bristol showroom.

    Cheers
    Barry
  • petermb_2petermb_2 Forumite
    1.6K Posts
    I do not think Welcome will have gone bust. They have certainly pulled out of the dealership market place and I think they are solely lending on cars bought from their own forecourts.

    If they had gone bust they would be closing all their offices and I am not aware of them doing this. They have a fairly large book of loans and will want to recoup as much of that money as possible.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • withabixwithabix Forumite
    9.5K Posts
    petermb wrote: »
    I do not think Welcome will have gone bust.


    We can all wish though, scumbags that they are...it might come true! :rolleyes:

    Personal loans: Typical 69.4% APR Variable, Secured loans: Typical 26.0% APR Variable, Car loans: Typical 19.9% APR

    ...on a base rate of 1.5%!!!
    British Ex-pat in British Columbia!
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