Is Welcome Finance going bust?

delandlee

I would say yes they are charging interest as it comes under the total loan re-payable figure. I would also say the same for any charges as they add them to your loan too...

ps, how do you go about challenging it and does that make the whole loan invalid? Or just to fee?

Sol00

The charges can accrue interest, although I think they now have to give you written notice first.

The fee however, cannot and if you are sure they have then you should write to their head office putting the account in dispute.

MissP50

So if they do go bust, does anyone know what this will mean to current customer's loans? Will they be sold on? Should we carry on paying?

helnag

The debts will just be sold on to another company, whatever happens you should still continue to pay i should think.

lrh2008

dippynina wrote: »

Applied for a Welcome loan beginning of December, we have adverse credit and they were only company that could help. We filled in relevant paperwork, signed credit agreement, everything was in order, but had to call them every few days to get an update as the final stages ie - receiving cheque was taking ages. This was over the Christmas period ( we were previously assured we would have cheque in time for Christmas) Every time we called they said they had a back log of loans to process, but not too worry as it would be sorted out by New Year. I had called them on several occasions and got the same story up-to Monday. I called again today and was advised that they were not processing anymore loans and everyone in their office had been made redundant. I was devastated, we were really relying on this. They must have known the situation weeks ago, and if we had been informed we could have gone elsewhere.

I wondered if anyone has been in the same situation with Welcome, or in fact received their loan?

Today I have tried other loan companies to no avail, and was passed to a Debt Management advisor, who said he would sort out three of our creditors , but we would need to give them £250 per month, although it would save as £300 per month.
Is this a good idea?

We are also 2 months behind in a car loan, and are considering selling the car. We are aware if it is returned to the finance company and sold we may still have a deficit to pay, which isn't ideal - Can we sell it ourselves?

Hi, I don't have any financial background, but from experience I believe you can sell the car as long as you have the finance company's permission. Also you will need to cover the outstanding amount on the loan, so you will need a settlement figure from them.

lrh2008

Hi

Can anyone help me with some advice on 'liabilities' in relation to a car I had on finance that I recently gave back to the finance company under a voluntary termination. (unfortunately I had to do this as I have a job where I have a company car and couldn't afford to keep paying for the car finance as well as the charge I get for the company car in tax). The finance company want make good costs from me on a few scratches the car had on the body work (?fair wear and tear, surely?) but most of these scratches were present when I got the car, as it was by then 4 years old. I'm trying to fight it but feel that as they are a company they may claim to have the upper hand. HELP!!

Thanks

madmackhunter

Late last night on sky the buisness news was about cattles(welcomes parent company)
i rang welscum just now to see whats going on most calls are being routed to india!1
the slumdog millionaire told me welcome are in there last weeks,not lending even to existing customers and he told me oft had been called in and fsa as false accounting has been going on.

Sol00

It's only a matter of time. There's rumours that Welcome have fiddled with the PPI, thus making large fortunes, although I can't confirm this.

GINA_2

please can someone tell me how long I should wait for a reply from WF been waiting for 63 days and they cashed my postal order 65 days. trading standards wrote to them on my behalf on 27th February, they haven't replied to them yet.
What should be my next move.
Please give me some advice I'm a one women band with a disabled husband who has been harrassed to hell by these jerks.
The jerk that did give me greif afterI complain to FOS and Wf has now been made redundeant!! that was 2 weeks after I wrote the to them.

Sol00

Gina, it was a CCA request you sent, wasn't it?

In this case you can stop paying as they have not responded, however, you must send a letter to WF reminding them of their obligation to provide the CCA and also that no further payments will be made until this is received.

I would also recommend a complaint to the Information Commissioner. You can do it online, so it's farly easy - https://forms.ico.gov.uk/data-protection-complaint.aspx