Is Welcome Finance going bust?

lesley1975

I cant belive how this company treats people and get away with it.
I purchased a car from Welcome Car at Castle Donnington about a year ago. There was parts missing off the car when I bought it, to which they was made very aware. after months of chasing them and numerous pointless phone calls, I gave up. Then i decided to stop making the payments to them until it was sorted. I had asset ringing me 10 times a day and hasseling me and making threats to repossess the car. I made all my 20 (yes 20 different account managers) aware of when i was not paying. None of them was interested and still nothing got sorted with the car. I then started making the payments again as the car was my only way of getting to work and they knew that. After 8 months of false promises and stress i finally got a letter stating that because the faults was visible at the time of purchase they could no longer assist me!! 3 months ago i told them to fetch the car, because i no longer wanted it nor the stress. I still have the car and have made no payments for 3 months, there have been no nasty letters nor phone calls. i rang them today about collecting it but there is a big back log(suprise suprise!!) and they cant ring the company that collect the car but i can?? No it looks like the company is going bust, but what happens to the car?? It could be months before the fetch it???

bettykitten_69

They changed their systems in April 08 and have had massive problems since, bearing in mind they are short staffs due to staff cuts and not being allowed to take on anymore staff. They tend to have collectors in their branches that have a dedicated postcode, they then deal with the lending for that postcode too. Collecting is a higher priority then lending.

If they do go bust it will be cattles as a group not just welcome finance, that is one part of the different sectors of cattles.

They stoped a lot of lending through car dealerships last year, the risk of lending and the massive complaints for doddgy cars. Which then lead to people not paying the loan which leads to bigger collections..... they are only dealing with their own car dealerships now.

bettykitten_69

lesley1975 wrote: »

I cant belive how this company treats people and get away with it.
I purchased a car from Welcome Car at Castle Donnington about a year ago. There was parts missing off the car when I bought it, to which they was made very aware. after months of chasing them and numerous pointless phone calls, I gave up. Then i decided to stop making the payments to them until it was sorted. I had asset ringing me 10 times a day and hasseling me and making threats to repossess the car. I made all my 20 (yes 20 different account managers) aware of when i was not paying. None of them was interested and still nothing got sorted with the car. I then started making the payments again as the car was my only way of getting to work and they knew that. After 8 months of false promises and stress i finally got a letter stating that because the faults was visible at the time of purchase they could no longer assist me!! 3 months ago i told them to fetch the car, because i no longer wanted it nor the stress. I still have the car and have made no payments for 3 months, there have been no nasty letters nor phone calls. i rang them today about collecting it but there is a big back log(suprise suprise!!) and they cant ring the company that collect the car but i can?? No it looks like the company is going bust, but what happens to the car?? It could be months before the fetch it???

Not sure if you have but write to them signed for delivery stating you wish to give you car back to them as it is and had never been fit for the purpose in which they sold it to you. You will then rec a call from their dept that deal with the car collection. They will arrange the collection your car will be sold at auction but you could and prob will be liable for any outstanding balance.
The branch do not deal with car returns !!

bettykitten_69

madmackhunter wrote: »

:FURTHER UPDATE:
yesterday i had a phone call from "asset management"
saying they are repossing my car!!

Even though i have in writing from welcome as part of my compensation plan im to have a payment holiday of 6 months!!

The same guy called my mobile 22 times in 3 hours,taking what i said and explained to him with complete ignorance the compensation plan agreed between my solicitors and welcome.

looks like im going to have to get a court order now.:rotfl:

make sure they are not charging you £10 a time for those calls !!

bettykitten_69

helnag wrote: »

I was wondering the same, I called credit expert yesterday because my 2 welcome accounts had disappeared on my credit report. When they called back they said they had contacted Welcome and also Progressive Finance??? Who are Progressive Finance?? Are they part of Welcomes group?? I'm sure something is going on, but who knows.

Progressive are welcome.

bettykitten_69

Jason1972 wrote: »

After seeing on here about problems with Welcome, we had a car from them in June 2007, it is in mine and my partners name, but i am main name on account, lost job september, and had a payment deferred over christmas as did not have the money, paid Januarys by card over phone, and asked me then to set up a direct debit which i did, numerous phone calls from them which i dont answer, they then 2 days ago turned up on doorstep and seemed concerned why i had not answered their calls. He said can i take payment by card again for this month, (payment not due till 29th (28th this month)) as they had a new thing brought in this January that as i am now unemployed they could not have a direct debit set up so would have to pay by card each time. Seems strange to me, just another weird thing from them.

Jay

A direct debit set up on the 29th of the month will show on your account as paid on 29th as they call it from your bank, if it then returns the start of the month it will affect their figures for what they call "bounce up" DD that show as paid end of the month and returned start of a new month.

Debit card goes through then and there. I would how ever be VERY causcious of giving them my card payments as I would bet money next month then wont call for the card payment they will keep your details and process it without asking !

lesley1975

bettykitten_69 wrote: »

A direct debit set up on the 29th of the month will show on your account as paid on 29th as they call it from your bank, if it then returns the start of the month it will affect their figures for what they call "bounce up" DD that show as paid end of the month and returned start of a new month.

Debit card goes through then and there. I would how ever be VERY causcious of giving them my card payments as I would bet money next month then wont call for the card payment they will keep your details and process it without asking !

They will do that proccess it without asking because they did the same to me. Took my card details and kept them for the following month. I rang my card issuer and cancelled my card. Very frustrating but it stopped them taking any more without my consent.

helnag

bettykitten_69 wrote: »

Progressive are welcome.

Hi, yeah thanks, I did work this out after some googling progressive. You seem to know a lot about Welcome?

markdavid

hi there , am new to the forum , i just tried to get a loan from welcome (with much regret and as a last resort I may add) , went onto their website which is down for maintenance at the moment (at least the application form side of it is) , so i called them and was told that due to the way the financial market is at the moment they have no funds available for loans at the moment I could be wrong but a finance company with no finance available ? It sounds a bit dodge to me

lesley1975

markdavid wrote: »

hi there , am new to the forum , i just tried to get a loan from welcome (with much regret and as a last resort I may add) , went onto their website which is down for maintenance at the moment (at least the application form side of it is) , so i called them and was told that due to the way the financial market is at the moment they have no funds available for loans at the moment I could be wrong but a finance company with no finance available ? It sounds a bit dodge to me

Its because they are going bust and the directors of Welcome have been suspended and the big man at cattles has taken over. :j
You got off lightly stay well away.