Is Welcome Finance going bust?

GINA_2

Sol00 wrote: »

To phone the ICO?

Sorry, didn't explain myself very well.
Madmackhunter sent up the phone in last week but was unable to make it this week.
I tried to get through but line engaged:mad: for over 40 mins

bettykitten_69

Sol00 wrote: »

I think Beneficial Finance are owned by HSBC and they were going to wind down the company, but I'm not 100% on that.

Household are owned by HSBC, they are know as HFC or HFC Bank. Their higher rate company is Beneficial Finance used to be Beneficial Bank years ago. Most branches of HFC and Beneficial have been merged so you normally find them together.

bettykitten_69

stupot125 wrote: »

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.

This interest would be at 69% per year not per term of the loan.

Sol00

GINA wrote: »

Sorry, didn't explain myself very well.
Madmackhunter sent up the phone in last week but was unable to make it this week.
I tried to get through but line engaged:mad: for over 40 mins

Ah I see.

Do you think Welcome would be very helpful in a phone call? I have my doubts as to whether they'd actually be taking what people were saying seriously or sitting doing themselves up to go out.

GINA_2

Sol00 wrote: »

Ah I see.

Do you think Welcome would be very helpful in a phone call? I have my doubts as to whether they'd actually be taking what people were saying seriously or sitting doing themselves up to go out.

Your probably right there SolOO.
Doubt very much if they take any poor soul who has had dealings with them seriously to be honest; too full of their own importance to listen unless it's for their own benefit.
Have you heard any more news on Cattles? told there have been further developments, unsure what.

Sol00

Not heard anything yet, but I'm certain there's going to be big changes, the company is a dire mess and it's no wonder!

stupot125

Just a quick question. If I make the usual monthly payment on time every month, can they still charge me if they call me?

I only ask as I cancelled my direct debit last week, and they called me the day BEFORE my direct debit was due to be paid and basically threatened me with a bad credit file and CCJ if I didn't make payment. So I did pay and arraged a new direct debit, and was told I had to also pay a £25 fee for cancelling the direct debit. I questioned her about it and she told me to hold and she came back to say "This time I wont add the fee on".

On my loan agreement it states "Our current charges each time you breach this agreement are:" now to me this would mean if I didn't make the payment, I would have had a £10 charge for the call. But as I paid in the alloted timeframe, will they be able to whack on the £10 charge for calling me?


Also, I was thinking, the easiest was for them to go bust would be if every customer they had just didn't pay. Everyone on here could start the ball rolling and ultimately cause them to crash lol. Only an idea.
Thanks in advance

Stuart

Sol00

Their fees are rubbish Stupot, and yes they probably will add charges on for the calls.

If they call you again advise them that you are recording the call.

Sol00

Looks as though Cattles will live on - http://www.guardian.co.uk/business/2009/may/03/market-forces

GINA_2

Sol00 wrote: »

Looks as though Cattles will live on - http://www.guardian.co.uk/business/2009/may/03/market-forces

Such A shame, no doubt they will be bailed out , but what will happen to wf and their many fans?!!!!!!!!!!!!!! not to mention the revenue they have raked in over the past years from stealing money from customers.
I wonder if they'll resume the same tactics to get their money.