Welcome Finance Secured Loans -Direct Debit Payments

morphette

Hi everyone,

Hopefully someone can give me some advice.

We took out a secured loan with Welcome Finance last year. It was always paid on direct debit, however they were never able to stick to taking it out on the day they said they would do so it was all over the place thanks to them. In November we put ina claim against the PPI on the loan and it is now with the FOS who is looking into it - it's been nearly 7 months now and still not allocated to anyone within the FOS which is really annoying. In the meantime as from January we stopped the Direct Debits to Welcome Finance, stopped the PPI and negotiated a lower repayment.

However the fun now starts with them again regarding payments.

We have to pay the loan on the last day of the month.

In January we called and they took debit card payment - no problem
In february however I noticed on the 21st of the Month that the secured loan amount had been taken from our account....I called Welcome and they had used the same debit card number I had given them end of January and then decided they would take February payment early and not tell me. I was very annoyed.Surely they can't take money from a debit card without your permission?????

In March we moved the money we had for the loan payment into another current account and called them on the last day to pay(we did this so that there was no money in the other account incase they used the same debit card again without us knowing). They took the payment details from the new card we provided.

Mid April we received our bank statement and the loan amount at the end of March hasn't been taken by Welcome at all!

End of April we called and made the April payment. I asked them if the account was upto date payment wise and they said that their records showed that since January we had made each months payments to date!!

It is now nearly the end of May and still the March loan repayment sits in our account!

So where do we stand....???? Should I call Welcome and tell them that they haven't taken the payment or keep quiet?

Also I have just lost my job so that £300 from March would seriously help us out whilst I try and find another job financially but am scared in taking it out incase they suddenly wake up and realise their error.

I wish we had never taken the loan out with Welcome. They are useless when it comes to repayments - after all the hassle we had last year with their direct debit system, I thought it would be easier this year but still we are getting problems.

Any advice from anyone would be greatly welcome.

Thanks again

rosemahairy

morphette wrote: »

Hi everyone,

Hopefully someone can give me some advice.

We took out a secured loan with Welcome Finance last year. It was always paid on direct debit, however they were never able to stick to taking it out on the day they said they would do so it was all over the place thanks to them. In November we put ina claim against the PPI on the loan and it is now with the FOS who is looking into it - it's been nearly 7 months now and still not allocated to anyone within the FOS which is really annoying. In the meantime as from January we stopped the Direct Debits to Welcome Finance, stopped the PPI and negotiated a lower repayment.

However the fun now starts with them again regarding payments.

We have to pay the loan on the last day of the month.

In January we called and they took debit card payment - no problem
In february however I noticed on the 21st of the Month that the secured loan amount had been taken from our account....I called Welcome and they had used the same debit card number I had given them end of January and then decided they would take February payment early and not tell me. I was very annoyed.Surely they can't take money from a debit card without your permission?????

In March we moved the money we had for the loan payment into another current account and called them on the last day to pay(we did this so that there was no money in the other account incase they used the same debit card again without us knowing). They took the payment details from the new card we provided.

Mid April we received our bank statement and the loan amount at the end of March hasn't been taken by Welcome at all!

End of April we called and made the April payment. I asked them if the account was upto date payment wise and they said that their records showed that since January we had made each months payments to date!!

It is now nearly the end of May and still the March loan repayment sits in our account!

So where do we stand....???? Should I call Welcome and tell them that they haven't taken the payment or keep quiet?

Also I have just lost my job so that £300 from March would seriously help us out whilst I try and find another job financially but am scared in taking it out incase they suddenly wake up and realise their error.

I wish we had never taken the loan out with Welcome. They are useless when it comes to repayments - after all the hassle we had last year with their direct debit system, I thought it would be easier this year but still we are getting problems.

Any advice from anyone would be greatly welcome.

Thanks again

My fella works in a bank and i have had similar discussions with him about card payments. When you use your debit card in a shop etc the machine similar checks the funds are available however, the company then has to ask the funds are transferred which i am told they have up to 6 months do do!!! Basically you could go to ASDA today and spend on your card but the money could be only physically taken out of your bank in 6months time. Its to do with whenthe company requests it be transferred!! Its shocking i know very poor. What i would do is because Welcome cay your payment is up to date (they feel they have transferred funds) i would cancel the card with the bank whom card details they have say you lost it and then get a new one. So basically they cant claim the money on that card anymore they will have to contact you if when they ever realise their error in the mean time it will give you breathing space. Thats what i would do anyway lol i hate welcome finance they owe me thousands in ppi i too am with the FOS. Did you know if you prove you are in financial difficulty they will fast track your complaint!!

morphette

Thanks Rosemahairy for that information - I had thought it would be somewhere along 6 months for them to maybe try and take the money and will certainly speak to the FOS and see if they can fast track my PPI claim with Welcome. Good luck to you to claiming PPI from them. Keep me posted how you get on!