Is Welcome Finance going bust?

Sol00

It's true.

Due to them not having enogh money to repay their loans to the banks and a lot of bad debt on their books, they are really struggling just now, with the possibility of going bust as well.

It's definitely not worth going with this lot as they are rip off merchants.

lesley1975

Sol00 wrote: »

It's true.

Due to them not having enogh money to repay their loans to the banks and a lot of bad debt on their books, they are really struggling just now, with the possibility of going bust as well.

It's definitely not worth going with this lot as they are rip off merchants.

Couldnt have put it better. We all have to make money but these people take libertys. Hardly suprising their shares are falling and they are not doing very good. Customer service needs attention.:rotfl:

Sol00

Sorting the business out takes money, something they don't have lol

AverageJoe_4

If they're going bust - where do I sign,,,??

Ms-Pacman

there is something else going on too, tax related which could kill welcome.
for peolple with loans tho this does not neccessary mean the amount owed goes away.

Ms-Pacman

the thread to watch right now is this one on CAG

also the finance stock holders forum boards are also starting to rumble

gemini24

No doubt they will sell their "loan book" on to another equally unpleasant and unscrupulous lender. The current credit position will ultimately result in more high rate loan companies "door step" lending and employing ever more aggressive collection tactics. People will always borrow money so if they cannot get credit through normal means, they will resort in desperation to such lenders. Welcome do seem to be in a real mess currently and I know of numerous people who have been waiting several weeks for cars to be repossessed. If prostitution is the oldest trade, high interest rate lending is a very close second.

lesley1975

gemini24 wrote: »

No doubt they will sell their "loan book" on to another equally unpleasant and unscrupulous lender. The current credit position will ultimately result in more high rate loan companies "door step" lending and employing ever more aggressive collection tactics. People will always borrow money so if they cannot get credit through normal means, they will resort in desperation to such lenders. Welcome do seem to be in a real mess currently and I know of numerous people who have been waiting several weeks for cars to be repossessed. If prostitution is the oldest trade, high interest rate lending is a very close second.

Ive been waiting 3 months for my car to be taken away by these people, keep ringing them and asking how much longer, just one excuse after another all the time, but now the insurance on the car has ran out, told them about this and what if something should happen to it whilst i still have it,because i know that its still my responsibily while i still have it, the person i spoke to didnt have a clue(about anything!!)Still there is a backlog and it could be another few weeks. Starting to think they dont want this car back. :rolleyes:

delandlee

The long and short of it, I had to take out a loan with WF to pay off bank charges by Natwest... (never ending circle). I had to miss a payment and cancel DD with them for a couple of months to get myself turned around, 25.00 for returned DD, they also called me to pay, would assume another charge :eek: .

I also have a PPI claim againt them for a loan some years ago, which has just been passed to FOS, as they disagree it wasn't mis-sold. I know THEY HAVE and this to be true as when I (reluctantly) took out a second loan with them the girl said I had to take PPI insurance to guarentee getting the loan, I also note now that a 75.00 acceptance fee, which was added to my loan means that i'm paying interest on it over the term of the loan :eek: .

If you can, STAY AWAY...

Sol00

Delandlee, the fact they have charged interest on the Acceptance Fee in itself could render your Agreement unenforceable. I say 'could' because it's a bit of a grey area at the moment as they are denying it. However, I know they on mine and I am currently challenging it.

Do you know for sure they've added interest on your Fee?