Is Welcome Finance going bust?

sammie22_2

i have only got a statement from oct 08 to april 09

Sol00

You should send them a SAR in that case to find out what they've done to the account. My guess is they've added a mountain of charges which, in turn, also incur interest charges.

It costs £10, but is worth it.

sammie22_2

iam waiting for someone to ring me back from the welcome team to disscuss my statement! but i will be asking them to send out all my statements!
on the statement i have got it shows about £180 each month is getting added on. i assume that this is interest!

rosemahairy

sammie22 wrote: »

iam waiting for someone to ring me back from the welcome team to disscuss my statement! but i will be asking them to send out all my statements!
on the statement i have got it shows about £180 each month is getting added on. i assume that this is interest!

Usually Welcome Finance interest is lump sum front loaded. This means they calculate all the interest for the full period of the loan upfront and so when you see a statement the balance starts off at loan value plus interest and then it decreses each month with each payment. My loans from 2003-2005 are show like this up until recenetly so dont see why yours should be different. If you ask for an early settlement they merely deduct off the interest that would have accrued in the remaining period of the loan. I agree with sol get a SAR and go through it with a fine toothcombe. Sounds very dodgy and we all know staff at welcome dont know their ear from their elbow lol (In my opinion)

stupot125

rosemahairy wrote: »

Usually Welcome Finance interest is lump sum front loaded. This means they calculate all the interest for the full period of the loan upfront and so when you see a statement the balance starts off at loan value plus interest and then it decreses each month with each payment. My loans from 2003-2005 are show like this up until recenetly so dont see why yours should be different. If you ask for an early settlement they merely deduct off the interest that would have accrued in the remaining period of the loan. I agree with sol get a SAR and go through it with a fine toothcombe. Sounds very dodgy and we all know staff at welcome dont know their ear from their elbow lol (In my opinion)

I called them Wednesday to ask about settlement figures and was told that the interest is charged at 4.5% each month, not added at the start of the loan.

rosemahairy

stupot125 wrote: »

I called them Wednesday to ask about settlement figures and was told that the interest is charged at 4.5% each month, not added at the start of the loan.

hmmm i would get a SAR request sent off and check they are applying interest correctly. You should be able to follow the statement through seeing the balance come down because your payments should be more than the interest. Each payment should cover the months interest and a portion of the loan element too. The ppi refund should have took a large chunk of the balance off too. Use the template letters and send a SAR its worth it :-)

stupot125

rosemahairy wrote: »

hmmm i would get a SAR request sent off and check they are applying interest correctly. You should be able to follow the statement through seeing the balance come down because your payments should be more than the interest. Each payment should cover the months interest and a portion of the loan element too. The ppi refund should have took a large chunk of the balance off too. Use the template letters and send a SAR its worth it :-)

I'm in the process of claiming the PPI back, but what I'm trying to get them to do is to take off the ammount for the PPI from the settlement figure, and then offer a couple of hundred less. That way they would get the full loan ammount back, plus a little interest for their trouble lol :rotfl:

rosemahairy

stupot125 wrote: »

I'm in the process of claiming the PPI back, but what I'm trying to get them to do is to take off the ammount for the PPI from the settlement figure, and then offer a couple of hundred less. That way they would get the full loan ammount back, plus a little interest for their trouble lol :rotfl:

I am too claiming back PPI. What i am doing is asking for the money back in the form of a cheque not off the balance. I am then going to offer them an amount in full and final settlement. You are entitled to the cash if you dont have any arrears. I plan on offering about 50% as f&f as i am told they should accept it. Worth a go......

helnag

stupot125 wrote: »

I called them Wednesday to ask about settlement figures and was told that the interest is charged at 4.5% each month, not added at the start of the loan.

Yeah my loan is the same, interest gets added each month on the balance and obviously goes down slowly. Whereas my car finance is the same as Rosie says, started off as just under £15,000.00 and goes down by my payment amount each month (the interest was front loaded).

With regards to the PPI, I am also doing as Rosie says, at first I wanted to just have the amounts taken straight off the balance but then realised I'd be better off getting the money in hand and then negotiating settlements as I've heard of them offering up to 45% discounts at the moment.

GINA_2

Hi SolOO hope you are well and still fighting.
Hi All noted today that cattles shares have been suspended; suprised to read some are able to get loans/top up from wf.
Trading standards are on their tail and getting close to making lots of noise against them.
The daay cannot come soon enough