Is Welcome Finance going bust?

madmackhunter

many thanks for correcting my spelling bad hairt day!!lol
this lot on this link back welcome.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/4731991/Cattles-shares-slump-on-bad-loan-fears-after-profits-warning.html

kayla99

lou1251 wrote: »

I thought something was up. I have a loan with them and had been paying by debit card the past few months. Last month, they called a few days before payment was due and asked to set up a direct debit. So I gave the details, but nothing appeared on my bank account. Got a DD form to fill out, I did so and sent it back. But still, nothing has shown up on my account.

I'm getting worried as I know they charge every time they phone you and the interest will be piling up on these missed payments.

I wish I'd never taken out a loan with them. I took one out to pay off two credit cards. Now I realise I would have been quicker and cheaper if I'd made an arrangement with the cc company.

At least I'm not the only one, my DD was due on the 26th January , it still has not gone, I hope that they don't try to charge me.
I have rung them and had no success at all ! ! They tell me the direct debit will be processed soon !

Sol00

LJ1911 wrote: »

Hi - this is my first post but I have been following this story about welcome with interest for a while now.

I was on welcomes website just now and if you try to apply for a secured or personal loan it says that the site is undergoing maintenance and can not process loans at the minute. This may be true but with all the rumours and posts on this site it seems as though welcome may very well be on the verge of going bust.

Also last month my card payment failed to go through and they phoned my house once and left a message, I was out but when I got the message I intended to phone them later in the evening when I got the kids to bed. However, before I had the chance to phone them back someone from welcome arrived on my doorstep. Needless to say I was livid as I am not in arrears and they had absolutely no right to be there. I told the person on the doorstep I would not talk to her and closed the door in her face. Then I got on the phone to their branch and gave them some abuse. I was told that if payment fails to go through and they fail to get in touch with me then this was and I quote 'company policy'. I gave them hell about my rights and I was sure they were breaching guidelines . Anyway the point I am trying to make is they appeared to be desperate for the money, which seemed very strange to me at the time but now it kind of makes sense.

In the meantime we can only live in hope that they do go bust.

You need to ask them if they have charged you for the callout as Welcome charge £25 for the privilege. I know for a fact they can't send staff to people's doors like that without prior warning, so it looks like WF are getting more aggressive, if that's possible.

Sol00

kayla99 wrote: »

At least I'm not the only one, my DD was due on the 26th January , it still has not gone, I hope that they don't try to charge me.
I have rung them and had no success at all ! ! They tell me the direct debit will be processed soon !

This is why Welcome are on the verge of going bust. They have inept staff who are extremely poor with their administration and never accept any blame, instead they add charges onto the customers' accounts. :mad:

You'll excuse me if I won't be losing any sleep if this company goes bust.

LJ1911

Sol00 wrote: »

You need to ask them if they have charged you for the callout as Welcome charge £25 for the privilege. I know for a fact they can't send staff to people's doors like that without prior warning, so it looks like WF are getting more aggressive, if that's possible.

They did charge me £25. I have written to them demanding it be removed but guess what - I haven't had a reply yet:mad:

Sol00

So you'll have a £35 charge?

Write to their head office instead. Branches don't like that as they get in trouble for their poor administration.

dacouch

I have heard they are applying to Ocean Finance to consildate all of their loans into one easy to manage payment...

madmackhunter

Im going into my local branch on tues and serve them a writ!!

im serving it or compensation due to loss of earnings being self employed taking time off work to sort out the mess they have made on my account.
i will bill them for phone calls,time taken to write e mails,phone calls,letters ect.
meanwhile i will "protect and survive" my finances from these leeches.

http://www.youtube.com/watch?v=h_DfmRt8pgU:j

helnag

dacouch wrote: »

I have heard they are applying to Ocean Finance to consildate all of their loans into one easy to manage payment...

ha ha, very good lol

msflowerfairy

What happens if we already have loans with these sharks?
Will we be expected to pay it back in one lump sum, or will another shark take over?