Is Welcome Finance going bust?

Sol00

GINA wrote: »

Wouldn't it be in the other banks interest to get rid of Cattles? (don't ask me how especially with their debt).
With the fos and ts involved with the way they have been acting against their customers. June isn't far away.

No because they wouldn't get their money back, or it would cost them more to try and do it themselves.

If they let Cattles continue to collect, then they will get their money back and I would hope and assume, that they would then wash their hands of them completely.

onefurlongout

sol00,

She never mentioned the name of the company. I'll ask her.

All tey said was the rate that they (welcome) could offer was not as good as the other company

Sol00

They'll be talking rubbish about that. There's obviously some reason they want to transfer a customer to another company, and it won't be something that hits them in the pocket.

I've got a feeling it will be Progressive, and as I said, this is one of their companies. It'll be something to do with the mess they're currently in.

darryl1980

Hi all,
Been reading all your posts with interest. I complained in April 2008 and i eventually referred it to the FOS as Welcome finance did not respond to any of my letters!! Surprise surprise! Eventually the FOS have ruled in my favour and they have told WF to refund my PPi + interest and £200 for inconvienience and stress, totalling just over £2000! I am concerned that I will not receive this money due to WF cashflow issues! The FOS contacted me last week to say WF had agreed to reimburse me the money due to misselling of PPI. Any ideas when I might receive this?

:money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money:

helnag

Hi there,

Well done on getting them to agree, Someone on here had their complaint upheld last month but welcome didn't reply before the deadline so now it has to go to one of the actual ombudsmen. I don't know how long it takes I'm afraid but just wanted to say well done. You will get your money eventually even if they go bust but it will take a bit longer as it will have to go through the financial services compensation scheme.

Has anyone else noticed that the FOS seem to work on cases in a slightly random order? I'm not talking about hardship cases just normal cases. Oh well guess we'll all get there in the end.

Helen

proeleche

darryl1980 wrote: »

Hi all,
Been reading all your posts with interest. I complained in April 2008 and i eventually referred it to the FOS as Welcome finance did not respond to any of my letters!! Surprise surprise! Eventually the FOS have ruled in my favour and they have told WF to refund my PPi + interest and £200 for inconvienience and stress, totalling just over £2000! I am concerned that I will not receive this money due to WF cashflow issues! The FOS contacted me last week to say WF had agreed to reimburse me the money due to misselling of PPI. Any ideas when I might receive this?

:money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money:

Congratulations! I have ben dealing with this company on behalf of a relative and they are a knightmare - you've given me the boost I need to carry on.

They have 3 weeks and counting left to respond and I can wash my hands of it and report it to the Ombudsman - they are a joke!

sammie22_2

i went through the FOS with my complaint with welcome, the FOS sent them a letter regarding my complaint 2 wks ago and gave them to 1st may to respond to letter either with a settlement figure for my compensation or a letter and evidence to why they think that they r not in the wrong!!!

roll on next week!!!

Sol00

darryl1980 wrote: »

Hi all,
Been reading all your posts with interest. I complained in April 2008 and i eventually referred it to the FOS as Welcome finance did not respond to any of my letters!! Surprise surprise! Eventually the FOS have ruled in my favour and they have told WF to refund my PPi + interest and £200 for inconvienience and stress, totalling just over £2000! I am concerned that I will not receive this money due to WF cashflow issues! The FOS contacted me last week to say WF had agreed to reimburse me the money due to misselling of PPI. Any ideas when I might receive this?

:money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money::money:

As you know, Welcome aren't best at customer service so you may have a bit of a wait. But remember, the FOS has ruled in your favour so you should go back to them if Welcome give you any hassle.

stupot125

Hi

Just a few quick questions:

1) I took a loan out with Welcome and it said on the loan agreement that the first payment would be taken from my bank one month after the date on the agreement, which was the 12th September, so the first payment should have been around the 12th October, but they took the first payment on 18th September. That's my first part of complaint.

2) Regarding PPI. I sent them an email a couple of weeks back asking them to cancel my PPI and to tell with what company they organised it with, as on the loan it says they arrange it with someone else. I haven't had a reply as yet, so cancelled my direct debit today so they can start it again without the PPI. I'm going to call them to explain this, but can they hit me with a charge if they try to take the direct debit for the full ammount?

3) If they were to go bust, what are my legal rights in regards to my loan, in the sense that I took out a contract with Welcome Finance only. If they go bust, what legal rights does the new owner ( if someone takes over) to enforcing a contract that isn't signed by themselves?

And if they did go bust and someone took over, would they be legally entitled to enforce the interest on the loan?

Thanks in advance.

Stuart

stupot125

Just called Welcome to cancel my PPI and was told that there was no point in cancelling it as the 30 day cooling off period has expired and that it wouldn't reduce my monthly payments, but it would knock only £175 off the loan ammount.

I'm quite confused with this, due to the fact that the PPI total was around £570 and £39 is paid with my loan payments every month.

So so far (if this is right) out of 8 monthly payments, £312 has been for PPI and only £1256 has been for the loan and interest itself. So if I was paying the same ammount every month for 24 months, £936 would have been for the PPI, and £3768 for the loan, which totals £4704, and that would equal almost 170% in interest.

Are my maths correct here?

My loan was for £2000 taken in Spetember 2008 over 24 months, at a rate of 69% interest, with £578 for PPI and £195 for health insurance.

Totalling - £2773

Any help here to work out if the payments I'm making are correct at a rate of 69%, would be gratefully appreciated.