Is Welcome Finance going bust?

pinkcandyflossprincess

hi my oh gets his welcome finance taken off his card each month but cannot afford to pay this month, how can he stop the payment been taken as bank was no help

GINA_2

pinkcandyflossprincess wrote: »

hi my oh gets his welcome finance taken off his card each month but cannot afford to pay this month, how can he stop the payment been taken as bank was no help

Hi
Take out all your cash and cancel your card.
Make arrangements to bank elsewhere.
Pay your direct debits in cash if you can.
or ring your creditors and tell them your card is no longer usable for the time being.

Sol00

stupot125 wrote: »

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

You're best not to deal with Welcome Finance over the phone, and keep everything in writing instead.

With regards PPI, you should reclaim the full amount from them using the following instructions - http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

With regards to the early repayment, put it in a separate letter asking them to explain this.

sammie22_2

just wondering what is the situation with this terrible company?? are they still on their way out??

madmackhunter

Sammi-it aint gona happen overnight luv,but im sure we will see the back of this lot soon.
Even there cattles managers in welcome branches are only on temporary contracts i found out!!:rotfl:

sammie22_2

madmackhunter wrote: »

Sammi-it aint gona happen overnight luv,but im sure we will see the back of this lot soon.
Even there cattles managers in welcome branches are only on temporary contracts i found out!!:rotfl:

i know its not gonna happen over night its just that some one said a few days ago that they dont think it was gonna happen so just thought i would ask if there was an update!

Sol00

To be honest, no one really knows what's going to happen, themselves included I would imagine.

I think it's fair to say that their current business model never has worked, this is obvious by them hiding it for years through their false accounting. I think at the very least, they will scale their business right down from the 250 branches or so that they have now, to maybe 100 tops.

Sol00

Latest is that Welcome Car Finance is being closed down.

Sunnie2812

http://miranda.hemscott.com/ir/ctt/ir.jsp?page=news-item&item=131698729701590

stupot125

I've just read on a different forum that if Welcome Finance added an acceptance fee onto your loan total, then it is unenforceable. Is this true? And if so, exactly where would I stand regarding that?

My loan form states the following:

Total charge for credit - £1942.81
Consisting of:
£75 acceptance fee.
£1867.81 for interest charge.

Does this mean they HAVE added an acceptance fee onto the loan charge?