Is Welcome Finance going bust?

nomoneytoday

partyisover wrote: »

Could be the whisper of goverment caps on interest rates charged lets hope

As many people have said before, if there is a ceiling/limit then many lenders will either get tougher or stop lending altogether. That doesn't really solve the problem.

Say the limit was set at 10% for example, in their shoes, given the choice, would you lend say £1000 to a prime borrower at 10% APR, or the same £1000 to someone with a credit record containing defaults and a ccj at 10%?

normalouise

They seem to be good at trying to delay things, sent a subject access request before Christmas, only go part of it, they claim that it was sent but we have still not received a true and signed copy of the agrement this is after four and a half years!
Currently have also got a claim for refund of the ppi with the ombudsman who are also having problems getting them to respond to requests for the same document.
I also read recently that the chief financial director is on "leave" to "spend more time with his family" and that they are to "shed jobs" hope the useless lot at our local office are amongst them!

Rosie2404

Ive just phoned Welcome for a loan and was told they are not lending at the moment - they didnt even start an application!

Madbias

If that is the case, then please do not pay anyone to reschedule your debts. There are organisations that do this for FREE, such as CCCS, please, please, please use one of them, as all your money will go towards paying your creditors, rather than making someone else rich. Take a look at the Debt Free Wannabe board for some great help and advise. I did and it is those folk there that have helped me to pay off my debts .

Couldn't agree more. I'm currentley with the CCCS and have been for nearly 3 years now and couldn't recommend them highly enough. Very professional, understanding and certainly not judgemental. Helped me with alot of things - including the finance on my car, which I ended up not having to sell.

Regarding Welcome Finance, apparently they have "lent too much money out this month", but will be able to from the beginning of February. If you are wanting car finance and buy from one of their showrooms, no problem, but a personal loan will have to wait until next week. That's from their Doncaster branch, whether that's a load of old baloney is your guess, the 1st of February will probaly reveal the truth :rolleyes:

madmackhunter

They welcome finance ARE CLOSING DOWN.
I just spoke to hull about harrassment from my trowbridge branch wiltshire
After sorting the problems out the lass said by the way "we are closing in april"
Looks like all my xmas s have come at once:j

This lot are a shambles

my mate applied for a £1000 loan yesterday awnser "sorry we are not taking on new buisness":T

~Brock~

madmackhunter wrote: »

They welcome finance ARE CLOSING DOWN.
I just spoke to hull about harrassment from my trowbridge branch wiltshire
After sorting the problems out the lass said by the way "we are closing in april"
Looks like all my xmas s have come at once:j

This lot are a shambles

my mate applied for a £1000 loan yesterday awnser "sorry we are not taking on new buisness":T

I think when she said 'we' she probably meant the office in Hull where she works.

http://www.yorkshirepost.co.uk/news/Cattles-plans-to-axe-1000.4849720.jp

Looks like Welcome themselves are still operating however, so best get writing another letter to Santa.

There is no doubt a lot of issues with this company, but I for one would prefer to see them clean up their act rather than lay 1000's of staff off. I doubt the girl who helped you on the phone today was personally responsible for the problems you have with the company.

madmackhunter

na she was a canny lass good as gold no problem with her,but she did say hull was closing and i quote what she and her manager said "tip of the iceburg"
im ringing local solicitors tomorrow for legal advice (half hour free)
what happens to car when they eventually close down.:j

taxi73

The administrators will still collect the money or whoever buys the firm "as it's still part of the companies assets"

madmackhunter

But what if no one buys welcome?its classed as this sub-prime toxic debt isnt it.
where they put all bad debts/sub prime under one roof no one wants to touch it.
lets face it who would want to buy welcome with all the complaints/bad reputation they have?

~Brock~

madmackhunter wrote: »

But what if no one buys welcome?its classed as this sub-prime toxic debt isnt it.
where they put all bad debts/sub prime under one roof no one wants to touch it.
lets face it who would want to buy welcome with all the complaints/bad reputation they have?

As with everything else in this life - it all comes down to price.