Is Welcome Finance going bust?

petermb_2

stupot125 wrote: »

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?

No. They have actually got this correct. The fee has been added to the cost of credit rather than the amount of credit.

If it had been the other way round, your loan would have been challengeable

petermb_2

Sunnie2812 wrote: »

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

I think this means that they are closing their car forcourts, not closing Welcome Finance. They could not close the company as no one would buy the book of loans, not if they have any sense that is.

kurjam

just been on www.wfs.co.uk (there loan site) and it says it closed for maintenece, so maybe they stopping doing loans as well !!! :j

GINA_2

kurjam wrote: »

just been on www.wfs.co.uk (there loan site) and it says it closed for maintenece, so maybe they stopping doing loans as well !!! :j

WF site has been closed for the last 2 months, belive the car side of the 'outfit' has now shut up!!

GINA_2

Madmachunter/ SOLoo

Need your advice pls? haven't had a reply from wf re:cca sar etc; 100 days now.
Been told I may be able to sue them for non-compiance of mailing me what I had requested and paid for, is this correct?
If so, could have done so 60 days ago.
Plus no reply for the 'gate' incident.

kav99disco

I think they have gone bump. I just rang up to increase my loan amount that I have with them. Never missed a payment for the last 18 months - anyway I was first of all told that the money may not be paid to me. I asked what this meant and was told that the money might not be payable to me again. I explained that I was rather confused by this statement and asked what it meant. I was told that there was a backlog of 'top ups' up until the end of May and that even if the top up loan was agreed then I still might not get paid. When asked whether this meant that the loan had been rejected he said no merely that there was this risk. Would not stray off his obvious script.

What does this mean in all likelihood? I think it might be the early signs of administration.

busby330

hope this helps but have been told @ 11.20am this morning that as of 10 o clock yesterday morning ALL welcome car finance branches were closed.

so hopefully wont be long now.

madmackhunter

sorry cant help on that one gina-due to a family crisis im unable to do call tonight,however you people all have the number and details if you all wish to go ahead.

GINA_2

madmackhunter wrote: »

sorry cant help on that one gina-due to a family crisis im unable to do call tonight,however you people all have the number and details if you all wish to go ahead.

Hope your can overcome family probs, best of luck.

kurjam

busby330 wrote: »

hope this helps but have been told @ 11.20am this morning that as of 10 o clock yesterday morning ALL welcome car finance branches were closed.

so hopefully wont be long now.

what will happen to all the cars in there showrooms ?
there website for car finance was still open yesterday !