Is Welcome Finance going bust?

skintmumofone

Hey all just thought I would give you a wee update….right oh yesterday I received a call on my mobile from WF a lady called Helen at 10 o clock asking if it was a convenient time to call I said no I was at work and to call back after 5 so no call last night. So today about 11am the phone rings again this time I answer it lady from WF again same one saying she wanted to talk to me about the charges on my account and when was a convenient time to call I said now….wanted it over and done with. So she goes through my security questions etc then says right what is your version of events? So I tell her about the charges and about the numerous phone calls and letters charging me and that my balance is more now that it was when I took out the loan. She said they are allowed to charge you interest on the arrears and that is what they have been doing and my payment did go up to £282 in September last year due to the % rate change how can they possibly change your payment when you sign a contract to say £262 for x amount of months she said they do mention they can change our payment rate which makes me think the loan was at a variable interest rate and not fixed – gr gr I feel a migrane coming on…..so she said she will look into the arrears and also the charges and if I can pay more…..which I said no cant afford to pay more…she said well it will eventually go down when Ipay all the arrears off 4 months worth which I worked out was about £1100 and with me paying an extra £38 a month re my extra payments it will take me 2 yrs at least to pay this off and by then my loan will have probably doubled lol!

I then mentioned the PPI and she said the Compliance Dept were dealing with this and if I wasn’t happy with their final response to pass it to the FSO which I have done she said well I will look into the charges and see if I can get some of these refunded to you. I said well I want them all refunded and I have passed this onto the FSO too. Honestly some people have no concept of being human…… but to be honest she was actually very nice. Gave me her details and said if I had any questions to call her – I said are you charging me for this call too – I never got an answer – well I had to ask!

So next step is to wait and see what the FOS say and then WF re my charges. Feel like I am not really getting far….but as they say Rome wasn’t built in a day was it?

Also got a letter from the FOS re my Bank of Scotland complaint who said although they have not supplied their final response they have written to them giving them a further 2 wks then I have to contact the FOS again. Oh the joys……am I going to get any PPI or charges back? Also noticed the BOS have refunded my charges at last woo hoo…….am so pleased……or am I? The jury is still out on that one too.

rosemahairy

skintmumofone wrote: »

Hey all just thought I would give you a wee update….right oh yesterday I received a call on my mobile from WF a lady called Helen at 10 o clock asking if it was a convenient time to call I said no I was at work and to call back after 5 so no call last night. So today about 11am the phone rings again this time I answer it lady from WF again same one saying she wanted to talk to me about the charges on my account and when was a convenient time to call I said now….wanted it over and done with. So she goes through my security questions etc then says right what is your version of events? So I tell her about the charges and about the numerous phone calls and letters charging me and that my balance is more now that it was when I took out the loan. She said they are allowed to charge you interest on the arrears and that is what they have been doing and my payment did go up to £282 in September last year due to the % rate change how can they possibly change your payment when you sign a contract to say £262 for x amount of months she said they do mention they can change our payment rate which makes me think the loan was at a variable interest rate and not fixed – gr gr I feel a migrane coming on…..so she said she will look into the arrears and also the charges and if I can pay more…..which I said no cant afford to pay more…she said well it will eventually go down when Ipay all the arrears off 4 months worth which I worked out was about £1100 and with me paying an extra £38 a month re my extra payments it will take me 2 yrs at least to pay this off and by then my loan will have probably doubled lol!

I then mentioned the PPI and she said the Compliance Dept were dealing with this and if I wasn’t happy with their final response to pass it to the FSO which I have done she said well I will look into the charges and see if I can get some of these refunded to you. I said well I want them all refunded and I have passed this onto the FSO too. Honestly some people have no concept of being human…… but to be honest she was actually very nice. Gave me her details and said if I had any questions to call her – I said are you charging me for this call too – I never got an answer – well I had to ask!

So next step is to wait and see what the FOS say and then WF re my charges. Feel like I am not really getting far….but as they say Rome wasn’t built in a day was it?

Also got a letter from the FOS re my Bank of Scotland complaint who said although they have not supplied their final response they have written to them giving them a further 2 wks then I have to contact the FOS again. Oh the joys……am I going to get any PPI or charges back? Also noticed the BOS have refunded my charges at last woo hoo…….am so pleased……or am I? The jury is still out on that one too.

Royal bank of Scotland are a company i have now cleared. They have set up a specialist PPI dept who are settling PPI claims with the FO in date order. It took few months but i got a letter saying i could have the full whack back PPI, interest etc. Stick in their with RBS and the FO I would say if you have a genuine claim you will get your money back and it wont take too long.

New claims against PPI on Welcome Finance are going through a new procedure. If your claims genuine you will get a refund pretty quickly as they have a specailist team reviewing the claims. You will have to probably still submit the PPI against Welcome to the FOS but by what people are saying in forums you will have a yes no decision within few months.

I have been looking at claiming back unfair charges on loans for my mum namely with balck horse and London Scottish. So far no joy and i wasnt sure if you were actually allowed to try claim charges aganst loans i found it a grey area but thought i would have a go anyway becuase £25 to send a letter out is ridiculous!

helnag

rosemahairy wrote: »

It sounds like they are lending again from what you are saying. Someone's bailed them out? If i were you, speaking from someone who had 5 loans with them 4 of which top ups; do not top up! Their interest rates are disgusting. If you are struggling for cash don't keep borrowing like i did, peter to pay paul. Try be debt free and try to pay back your debts. Aim to be debt free thats when you will have more cash. Its took me few years but im almost there now i have gone from approx 12creditors to only 2!!! Theres lots of help on here to get debt free watch out for welcome they are such a rip off

Yes I believe they have been bailed out, I read somewhere a few weeks ago that the banks that they owe money to have agreed to roll it over. I guess that the banks would rather roll it over because they have more chance of getting it back if Welcome is still in business. xx

helnag

rogue1 wrote: »

I tried to top up last month,but was told they now had a policy not to top up loans over £5000,and since mine was over 6 they were unable to help.
I called back today just out of curiosity and was told i could now top up,although they cold not confirm when or if the funds would be paid out.Not sure if this is a step forwards or backwards...

I agree with Rosemahairy, if you have any choice do not top it up. Try and have a look at the debt free wannabe forum. There are loads of people with debts that are finding ways to pay them off without borrowing more and it really is inspiring. I was the same as Rosie says borrowing from Peter to pay Paul and now I just wish I had found the DFW forum years ago. Still, lesson learned and soon I will be debt free...yay!! Besides Welcome charge such high rates, avoid IF you can.

xx

stupot125

I was wondering if anyone can help with some maths?

I called WF and asked for my balance which is £2004.89, and a settlement figure, to which they came out with £1984.04!

How can they come up with a settlement that's only about £20 cheaper than the full ammount?

Would anyone know how to work out a settlement figure?

Also, do you think if I made an offer of £1500 that they would accept this as full and final settlement?

Thanks in advance, Stuart.

rosemahairy

stupot125 wrote: »

I was wondering if anyone can help with some maths?

I called WF and asked for my balance which is £2004.89, and a settlement figure, to which they came out with £1984.04!

How can they come up with a settlement that's only about £20 cheaper than the full ammount?

Would anyone know how to work out a settlement figure?

Also, do you think if I made an offer of £1500 that they would accept this as full and final settlement?

Thanks in advance, Stuart.

What a load of rubbish lol. I have got loads of my creditors to settle for a lot less, current climate and all that. I have heard welcome will accept offers a lot lot lower due to financial difficulties with up to 50% knocked off. If it were me I would offer them £1000 and see what they say. i have done you a template letter below (copy and paste the info). Let me know how you get on......

WITHOUT PREJUDICE:
Dear Sir/Madam

Re: 4563210025897412

We write with reference to the money which you are claming on the above account.

We can confirm that we are unable to offer to pay the money which we owe in full. .However, I can raise £1000 and I want to offer this an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released for any liability.

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above
account as "satisfied" in full. Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

We look forward to receiving your reply.

Yours faithfully

Mr x

helnag

It was the same when I enquired about my personal loan. I think they add the interest as it runs so if you settled early you would still make quite a big saving.

It's got to be worth a try with offering them less, the worst that can happen is they say no!! Try to stick to your guns though. I have heard people being offered really good settlement deals with them lately but am unsure as to whether these people have been in arrears.

If/when I get my PPI back I was gonna ask for it straight off my accs but am thinking I'd be better off getting cheques and then trying to negotiate settlement figures??

helnag

Lol...as Rosie said!!!

rosemahairy

Helnag, i am guessing you have still had no joy? me neither

stupot125

rosemahairy wrote: »

What a load of rubbish lol. I have got loads of my creditors to settle for a lot less, current climate and all that. I have heard welcome will accept offers a lot lot lower due to financial difficulties with up to 50% knocked off. If it were me I would offer them £1000 and see what they say. i have done you a template letter below (copy and paste the info). Let me know how you get on......

WITHOUT PREJUDICE:
Dear Sir/Madam

Re: 4563210025897412

We write with reference to the money which you are claming on the above account.

We can confirm that we are unable to offer to pay the money which we owe in full. .However, I can raise £1000 and I want to offer this an ex-gratia payment in full and final settlement of the account. This offer is made on the clear understanding that, if accepted, neither you nor any associate company will take any other action to enforce or pursue this debt in any way whatsoever and that we will be released for any liability.

We also request that, if accepted, you will make an entry on a credit reference agency file relating to the above
account as "satisfied" in full. Payment can be made within 2 weeks of receiving your written agreement of this offer and method of payment.

We look forward to receiving your reply.

Yours faithfully

Mr x

Thanks for that Rosemahairy, I've faxed a letter to this extent off this afternoon.