Is Welcome Finance going bust?

Sol00

Yep I'll definitely be posting everything that happens regarding this.

streetlife

Hi there,

Welcome Finance are soon to be in administration. They thought their arrears in their loan book was 30% when it actually exceeded 65% so they have stopped lending as of now and are also turning the old tricks of saying they have made phonecalls etc and charging for these. In the eyes of the OFT and FOS, these cannot be held up without full receipts - something they do not provide. They are getting very irate with everyone and trying anything to get money in....

GINA_2

streetlife wrote: »

Hi there,

Welcome Finance are soon to be in administration. They thought their arrears in their loan book was 30% when it actually exceeded 65% so they have stopped lending as of now and are also turning the old tricks of saying they have made phonecalls etc and charging for these. In the eyes of the OFT and FOS, these cannot be held up without full receipts - something they do not provide. They are getting very irate with everyone and trying anything to get money in....

GOOD, counting the days until wf is yeasterday's news:T

Sol00

Yep Streetlife they're being even more rude and nasty at the moment, so you know they're getting desperate. Rmbr don't sign any new agreements with this bunch, just pay what you can afford.

madmackhunter

i had a real laugh today-A local area manager rang me to say,
"we have rang your solicitor who has given us your phone number(although they already have it0to say we cant handle your case its to complicated,we are passing it to cattles legal compliance team"
i asked what happened to the welcome legal compliance team the response i got was,"you want your case sorted out dont you"?
i said whats the differance? she said quote "the welcome compliance team arnt that well trained":rotfl:

My final response was "you all remind me of the youth opportunities programme i went on when i was 16"

:D:D:D:D:D:D:D:D:D

Scooby1928

If Welcome Finance went bust, what would happen to the debt?

I have a loan with WF, would I end up paying someone else my monthly payments?

skintmumofone

What is it with WF and their stupid charges?

I got a letter as did my husband saying they were charging me £10 for a phonecall they made on 27th March? I am gobsmacked and aint paying it they have increased my loan (we took £15,000 out in 2006) and have been paying £260 each month to it until last year when I missed 2 payments so paying £320 just now to catch up which I have been doing for 3 months now.....anyhoo they phoned me about 11 times on my mobile harrassing me at work etc etc and I have not given them my work no I have asked them repeatedly to stop taking my dd out on 26th or 27th of the month as it is not due until the 1st but I still get letters saying they are charging me I have again written a nice but firm letter to them today saying I want ALL the charges refunded they have put on my account or I will be taking legal advice. Bearing in mind I work for solicitors and they know that! Am so mad today am on holiday all week so getting into the financial dangles so to speak and trying to sort this out.

Got a dd mandate this morning so they really shouldnt have any excuses to not take this payment on the 1st of the month. Will update you if I get a reply?

Trace X

Sol00

Scooby1928 wrote: »

If Welcome Finance went bust, what would happen to the debt?

I have a loan with WF, would I end up paying someone else my monthly payments?

If WF go bust, another company would take over the debts.

Sol00

I received a letter from Compliance today saying that they charge interest 'outstanding of the Acceptance Fee and Total Amount of Credit'. Does anyone know if that means they're saying they can charge interest? I'm going to email them again to say it's currently with the FOS.

GINA_2

Sol00 wrote: »

If WF go bust, another company would take over the debts.

At the moment there doesn't look as if anyone is prepared to over the debts of wf, so it might take a while for it all to be sorted.
Be nice if it took 6 years (Yes I know wishful thinking:rolleyes:)
We could all be free of these leeches then and there would be nothing they could do about legally............Hoping the law changes to 4 years no contact soon?