Is Welcome Finance going bust?

stella512200

i don't know if i can actually say this. my first job at 17 (18 months ago) was a direct sales rep for a sub prime car finance company. we actually thrived off our lending to customers which we had accepted for car finance by Welcome. because their interest rates were so high, they could easily give my boss over £1000 a deal that was paid out, the grad coming from the interest on the loan. the higher risk the customer was the higher the interest rate was because if the customer were to be unable to pay abck the load for any reason whatsoever, they still would have made money on the deal. for example, a customer accepted for a £4,000 loan, accepted on a tier 3 (the highest risk customer), we could put the interest rates up to 50%, so including PPI and accident cover the customer could easily eb paying back £9500 over 4/5 years. the PPI is just a waste of money, and advice to all high risk customers is just to avoid welcome finance at all costs! i was only working there for 4 months but in those 4 months i learnt that no matter how stapped for cash i was i certainly wouldn't go anywhere near welcome finance!!! they'll stick charges on wherever they can so just beware that you're not being conned somewhere in the deal.

queeniedog

pault1 wrote: »

Phoned Glasgow branch this morning and low and behold balance has risen to £4637.25 with settlement price of £4780.95, asked the woman on the other end of the phone who told me that the seetlement figure was so high because I have nearly £950 arrears, I asked for complience dept no, which she did not have, then asked why, I told her about re-claiming PPI she replied that would that would be a waste of my time as she used to be an underwriter and everything was above board, I did not want to get into an arguement with her, but I did ask if she was looking for a new job with WF in the deep financial mire, she replied that Welcome was in a very healthy position,was not paying people off or shutting offices and anyway that was in England, you couln't make it up.
I tried phoning complience section they dont seem to be in any rush to answer the phone

Hi there, I was paid out last week after FOS intervention - the compliance department in Nottingham who I have spoken to a couple of times is on 0845 6187804
Just incase you have a different number. x

helnag

queeniedog wrote: »

Hi there, I was paid out last week after FOS intervention - the compliance department in Nottingham who I have spoken to a couple of times is on 0845 6187804
Just incase you have a different number. x

Hi, yeah, it's worth hanging on while it rings and rings as when I called a couple of weeks ago it must have rang about 25 times before they answered!! xx

Sol00

pault1 wrote: »

Phoned Glasgow branch this morning and low and behold balance has risen to £4637.25 with settlement price of £4780.95, asked the woman on the other end of the phone who told me that the seetlement figure was so high because I have nearly £950 arrears, I asked for complience dept no, which she did not have, then asked why, I told her about re-claiming PPI she replied that would that would be a waste of my time as she used to be an underwriter and everything was above board, I did not want to get into an arguement with her, but I did ask if she was looking for a new job with WF in the deep financial mire, she replied that Welcome was in a very healthy position,was not paying people off or shutting offices and anyway that was in England, you couln't make it up.
I tried phoning complience section they dont seem to be in any rush to answer the phone

This is no surprise, Welcome lie all the time.

If you need to phone Compliance use their DDI instead of giving them more money by phoning an 0845 number - 0115 9849200. It is best to keep everything in writing however.

skintmumofone

Still receiving the charge letters and got one back from this Helen woman saying they are willing to refund me £40 but the other £500 etc is within their policy blah blah blah.

I have sent all the correspondence and my PPI letter and Charges letter back to the FOS and picked some of the words out I saw in a previous post and added them into my letter so waiting to hear from the FOS.

I hate WF with a passion now and the quicker we can pay this horrible loan off to them the better. I cannot believe they are charging me interest by the hour it looks like on my balance and arrears its really stressing me out but I did write to them and advised I have forwarded my complaint to FOS and please do NOT contact me by telephone again and only do so by letter.

So it;s just a waiting game I think xx

juliesmiles

Hi, I wonder if anybody can give me some advice as a first timer on this site and a little bit scared......

I took out a loan with Welcome Finance several years ago and never missed a payment, when it came very close to the end of the loan they contacted me to ask if I would like to take out a top up loan. As I was going through a rough divorce at the time I took their offer up, The inital loan was over a period of 24 months. The second loan was taken over a period of 36 months. My payments increased from £137.00 per month to £225.00. I managed to keep the payments up for well over 15 months and then fell into financially difficulty, lost my job and then started temping. I was then lucky enough to gain full time employment and I contacted Welcome to try and reinstate my payments.

I requested a statement from them which I received and was horrified to see what the settlement figure was for.

I know my message may seem a little vague at the moment. I have managed to find my credit agreements last night and have started to go through my bank statements to see exactly how much I have paid Welcome back, I will be able to post these details in a couple of days when I have got my head around it all.

Welcome are constantly on the telephone and making daily visits to my home address (during the day when I am obviously at work, they have also mentioned to my neighbour where they are from which is very embarrasing for me). Thus occurring additional charges to my account.

I am not shirking away from my responsibilities, but am now becoming increasingly stressed about this situation. I feel like it is a never ending debt that no matter how much I pay them, its never going to come to an end.

Can anybody please give me some advice and help.

GINA_2

juliesmiles wrote: »

Hi, I wonder if anybody can give me some advice as a first timer on this site and a little bit scared......

I took out a loan with Welcome Finance several years ago and never missed a payment, when it came very close to the end of the loan they contacted me to ask if I would like to take out a top up loan. As I was going through a rough divorce at the time I took their offer up, The inital loan was over a period of 24 months. The second loan was taken over a period of 36 months. My payments increased from £137.00 per month to £225.00. I managed to keep the payments up for well over 15 months and then fell into financially difficulty, lost my job and then started temping. I was then lucky enough to gain full time employment and I contacted Welcome to try and reinstate my payments.

I requested a statement from them which I received and was horrified to see what the settlement figure was for.

I know my message may seem a little vague at the moment. I have managed to find my credit agreements last night and have started to go through my bank statements to see exactly how much I have paid Welcome back, I will be able to post these details in a couple of days when I have got my head around it all.

Welcome are constantly on the telephone and making daily visits to my home address (during the day when I am obviously at work, they have also mentioned to my neighbour where they are from which is very embarrasing for me). Thus occurring additional charges to my account.

I am not shirking away from my responsibilities, but am now becoming increasingly stressed about this situation. I feel like it is a never ending debt that no matter how much I pay them, its never going to come to an end.

Can anybody please give me some advice and help.

Hi, Type in creditors and DCAs- letter Templates, You shoul get up loads of written templates you can send wf, (No doubt SoLOO will be able to give you sound advice if he's not too busy taken exams at Uni.)
Change your number (I did) and phone trading standards,they have their own debt advisors who will write to the them on your behalf.
They are not allowed to visit you unless given you prior notice, let alone tell a neighbour (breaking confidentiality) this is deemed as harrassment which is what they are dong to you; you are in your legal right to phone the police, tell them if they call again if they dont remove themselves from your property you will make that call.
Don't them get to you they are the pits of society

Sol00

Thanks Gina lol.

Just to echo what Gina said, WFS have no legal right to do half of what they say they can - they play on fear and excessive charges to force people to pay more than they can.

Firstly send a letter requesting all charges be repaid including 8% interest. If you go to the main website and click on 'reclaim £1000s', you'll find the section on reclaiming bank charges. When you find this, scroll down to the calculator that works out the interest for each charge.

Secondly, put in writing that you wish them to remove you telephone number from their system and that you only want to communicate in writing only.

You'll probably find they'll come back with some rubbish about them being allowed to call you 600 times a week, but they don't.

Let us know how you get on and we can take it from there.

juliesmiles

Gina and Sol00

Thankyou so much for the advice. I will get the letters off to them today and let you know what happens.

trev007

i am just going to try two get my ppi back does any one have any idears on the best way.
thanks trev