Welcome Finance - Anyone been successful?

meeshell2886 wrote: »

Hello Everyone

Ive been reading your posts and unfortunately its all too familiar to me. I took a loan with welcome finance when i was only 19. I had gotten into a mess with credit cards and foolishly took this loan without really knowing/understanding what i was getting into.

I took out a loan of £4000 to clear other outstanding debts. i agreed with wf that i would pay £256.56 every month. My loan had an added PPI of over £1300, this was not questioned at the time.

After making 20 payments totalling over £5100 i checked the agreement after being told about PPI. After discovering that wf had ticked the PPI box before i signed, i refused to make any further payments.
This is what you really shouldnt have done,i know hindsight is a good thing,but you should have at least paid the loan and just took off the ppi monthly amount,that is why they kept getting in touch with you,because you owed them a contractural payment that you defaulted on.
I was harrassed, i had phone calls, visits to my home address, each time explaining that i was debating the PPI. As i was still living with my parents at the time i was worried what effect(if any) this would have on their property, eg debt recovery agents had threatened to retreive items that would cover outstanding debt.

I was told that if i paid the absolute minimum of £90 per month until the PPI dispute was ongoing this would stop any further actions from the debt recovery agents. I foolishly agreed to pay this and signed a new agreement on the understanding my claim would not be effected. I paid a further £1300+ before my claim was resolved.

Dont think they should have done this and you need to put a complaint into them,they cannot threaten no further debt recovery
if you take a new loan.

It took over 2 years for the Financial Ombudsman to retrieve a settlement from WF who were uncooperative and delayerd the process massively. I since received a cheque for £2500. This covered the PPI, Compensation of £200 and interest. I accepted the cheque, cancelled my dd and was thankful i wouldnt have to deal with them again.....or so i thought.

Welcome Finance are claiming that as i entered into a new agreement i still owe them a further £3500 and if i wanted to close my account i shouldnt have accepted the cheque??!
You need to get the redress letter and see what it says about the account.
Ive paid over £8000 for a £4000 loan and they still want more? my credit rating is suffering massively now as a result of dealing with this comapny. Plans to set up my own business have got to wait until Welcome rectify these issues. I still hear from my local office and the representative still informs me that im effecting his monthly bonus therefore he'll ring me everyday until i pay up! Funnily enough calls made from their offices are not recorded?!

This is not allowed either,you should take this further, you need to put a complaint into Welcome in the first instance about all of this,tell them you want all paperwork pertaining to the redress and both loans and if they do not comply you will take this to the FOS
If anyone has any advice for me this would be appreciated. Tears have been shed, nights have been sleepless all because of that company. DO NOT DEAL WITH WELCOME FINANCE EVER!!!!!!