Marc Gander - The Consumer Survival Handbook


A 220 page introduction to all things consumer related by our own BankFodder.

Includes energy companies, mobile phone providers, retailers, banks, insurance companies,debt collection agencies, reclaim companies, secondhand car sellers, cowboy garages, cowboy builders and all the rest who put their own profits before you.

£6.99



Patricia Pearl - Small Claims Procedure - A Practical Guide


An excellent guide for the layperson in how to use the County Court - a must if you are intending to start a claim.

£19.99 + £1.50 (P&P)


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  1. #1
    Basic Account Holder Roxy1958 Novitiate



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    Default Welcome Finance

    My son has got himself a welcome finance loan - money borrowed 3300.00 this is over 48 months of which 14 months have now gone past. This loan will cost him 11000+. I have written to them asking for a settlement figure 2 weeks ago, but not heard anything back yet. I am wondering if anyone else is in the same position. The agreement says if you have paid 1/4 of the loan back you might well be expected to pay just over 5000. I thought he could re-finance this for cheaper and pay them off. Any thoughts welcome.

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  2. #2
    Basic Account Holder deafandy Novitiate



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    Default Re: Welcome Finance

    DO NOT refinance this loan with welcome, it will just get bigger. i made that mistake when i had money problems, and now after four years, my 5k car loan is still in the red to the tune of 3.5k...

    deafandy vs welcome finance - ding ding!
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  3. #3
    Basic Account Holder Roxy1958 Novitiate



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    Default Welcome Finance

    I seem to have put a thread in the wrong place, so here goes I will start again.
    My son took a loan out with Welcome Finance 14 month ago for 3300.00. When I saw that he will pay back over 11000, on his behalf I asked them for a settlement figure. Despite him having paid over 3000 the figure they want to settle is over 5600.00. I notice that he has got PPIicon of 1900 which is puzzling because he gets paid if he were to be off sickicon. This is an unsecured personal loan and on the bottom of the settlement statement page it says ' On receipt of cleared funds, of the amount stated in this letter and within the specified time, we agree to remove our charge on the secured property'.
    'Please allow 10 working days for funds clearance, upon which time all the discharge papers will be sent directly to the Land Registry'
    This was an unsecured personal loan - Is there anyone that can give some advice please?


  4. #4
    Basic Account Holder Roxy1958 Novitiate



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    Default Re: Welcome Finance

    Have started new threadicon


  5. #5
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    dw190 Informative dw190 Informative dw190 Informative



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    Default Re: Welcome Finance

    Quote Originally Posted by Roxy1958 View Post
    I seem to have put a thread in the wrong place, so here goes I will start again.
    My son took a loan out with Welcome Finance 14 month ago for 3300.00. When I saw that he will pay back over 11000, on his behalf I asked them for a settlement figure. Despite him having paid over 3000 the figure they want to settle is over 5600.00. I notice that he has got PPIicon of 1900 which is puzzling because he gets paid if he were to be off sickicon. This is an unsecured personal loan and on the bottom of the settlement statement page it says ' On receipt of cleared funds, of the amount stated in this letter and within the specified time, we agree to remove our charge on the secured property'.
    'Please allow 10 working days for funds clearance, upon which time all the discharge papers will be sent directly to the Land Registry'
    This was an unsecured personal loan - Is there anyone that can give some advice please?
    First you should check if there is a charge on the property.

    You can get a copy of the Title Register which will include any charges from Land Register Online

    PUTTING IT IN WRITING & KEEPING COPIES IS A MUST FOR SUCCESS
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  6. #6
    Basic Account Holder Roxy1958 Novitiate



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    Default Re: Welcome Finance

    Hi Thanks for that dw190, just checked and there isn't a charge. It was obviously a standard letter ending that they shouldn't have put on an unsecured loan.
    My son says the boxes for PPIicon were already ticked when he had to sign. He could re-finance this loan cheaper, but I wonder why they have only deducted 700 from the 1900 PPI. He wouldn't have used it anyway as he gets paid if he were to be off. What should he do?


  7. #7
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    dw190 Informative dw190 Informative dw190 Informative



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    Default Re: Welcome Finance

    Quote Originally Posted by Roxy1958 View Post
    Hi Thanks for that dw190, just checked and there isn't a charge. It was obviously a standard letter ending that they shouldn't have put on an unsecured loan.
    My son says the boxes for PPIicon were already ticked when he had to sign. He could re-finance this loan cheaper, but I wonder why they have only deducted 700 from the 1900 PPI. He wouldn't have used it anyway as he gets paid if he were to be off. What should he do?

    If the box was already ticked why did he sign. Was it in a different coloured ink or could it have been ticked after?

    Quite a number of people on this site have successfully got refunds of PPI that had been added after or was told they had to have it.

    PUTTING IT IN WRITING & KEEPING COPIES IS A MUST FOR SUCCESS
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  8. #8
    Basic Account Holder tiaposy Novitiate tiaposy's Avatar



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    Default Re: Welcome Finance

    With Welcome you have to cancel the PPIicon within 28 days. Not sure about claiming miss-sold PPI's though


  9. #9
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    dw190 Informative dw190 Informative dw190 Informative



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    Default Re: Welcome Finance

    Quote Originally Posted by tiaposy View Post
    With Welcome you have to cancel the PPIicon within 28 days. Not sure about claiming miss-sold PPI's though

    That in itself could be classed as an unfair term. There is an article in the last email from the "moneysavingexpert" website. Take a look here: PPI Reclaiming: Get 1000's back on loan insurance...

    PUTTING IT IN WRITING & KEEPING COPIES IS A MUST FOR SUCCESS
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  10. #10
    Basic Account Holder tightbum Novitiate



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    Default Re: Welcome Finance

    This company needs to be banned. My husband made the mistake of borrowing from them and he is still paying back the sum after 6 yearsicon. They are a complete nightmare to deal with and the rates are terrible. Suggest you borrow from the bank, someone reputable, and pay it off that way.


  11. #11
    Basic Account Holder Yasmin Novitiate



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    Default Re: Welcome Finance

    Don't worry, they'll get what's coming to them! They're going down the same road as Yes Car Finance, aren't they? I have a Court hearing in October V. Welcome Finance & Approved Car finance. It's for misrepresentation but really there has been a catalogue of errors. Be Warned......

    Woolwich won in court/default removed Barclaycard Settled Halifax settled
    Capital 1Settled GE Money Settled
    Egg Settled-court action re.default 4th hearing!

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  12. #12
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    Default Re: Welcome Finance

    oh dear wish i had seen this earlier, i have just taken out a loan with welcome




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  13. #13
    Basic Account Holder Yasmin Novitiate



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    Default Re: Welcome Finance

    Are you passed the cooling off period???

    Woolwich won in court/default removed Barclaycard Settled Halifax settled
    Capital 1Settled GE Money Settled
    Egg Settled-court action re.default 4th hearing!

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  14. #14
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    Default Re: Welcome Finance

    yes i am




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  15. #15
    Basic Account Holder andabar79 Novitiate



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    Default Re: Welcome Finance

    guys thanks god i saw this welcome stuff and i was thinking of going with them! they are terrible. are there any petitions we can sign to get them stopping trading how is it legal?! all small print i guess. i have 2 defaults no CCJs but am struggling to get a loan, anyone suggest anyone good?


  16. #16
    Basic Account Holder Under Siege Novitiate Under Siege's Avatar



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    Default Re: Welcome Finance

    I work in the financial sector, and not a day goes by without hearing another Welcome finance horror story.

    Please however bad your situation seems or no matter how much pressure their dodgy salesman put on you -

    STAY CLEAR OF WELCOME FINANCE!!!!!!!!!!!!!!!!

    The only man who sticks closer to you in adversity than a friend is a creditor.

    Debt Collection Charges

    There is no legal basis for a creditor or a debt collection agency acting on its behalf to claim collection costs from a debtor unless there is an express provision in the original agreement.

    Without such provision, collection charges cannot be demanded as a debt due under the agreement.
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  17. #17
    Basic Account Holder denby Novitiate



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    Default Re: Welcome Finance

    HI im with welcome sorry to say i took a loan with them for 15.000 ive paid over 10.000 and still have 22.000 to settle now if i go full term i will be paying 42.000 im be hind on ths they want me to start a new one lol


  18. #18
    Basic Account Holder denby Novitiate



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    Default Re: Welcome Finance

    can any one help with this i took the loan with welcome but land registy have it as progressive financial services can they do that my loan is with welcome den


  19. #19
    Basic Account Holder LordLee Novitiate LordLee's Avatar



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    Default Re: Welcome Finance

    erm... i am desperately in need of extra cash. and was about to take out a loan for maybe 2000. the settlement figure, after a 1/4 is something like 1795 and repayments would be 105 a month for 3 years. Now... i can afford this.

    are they ok to deal with if repayments are kept up to date? or should i still steer clear?


  20. #20
    Basic Account Holder andabar79 Novitiate



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    Default Re: Welcome Finance

    stay clear mate


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