Welcome Finance

[andabar79]

what percentage interest rate did they give you?

[LordLee]

60%. but i was gonna sort my credit score out (tis all to do with electoral role) and get a better loan and pay off welcome's. yes it will lose money. but am in need of some financial help at this point in time.

however... i am now not sure

[cgbcomputers]

you can't be too harsh on welcome finance becuase they do help people who are unable to get credit elsewhere. the terms are made clear before you accept the agreement so you can work out how much you are paying and how much you would owe at different points during the repayment period. if you're not happy with the terms you shouldn't accept the loans.

i have taken car finance from them for £8000 and will repay just over £12000 at the end of 48 months which i think is reasonable especially since no other credit company would go near me.

welcome finance and capitol one (visa card) provide a good service for people with bad credit. they are both available to people with bad credit and they report all your ontime payments to credit scoring companies which improves your ability to get mortgages and low interest loans etc... miss your payments though and you'll be back where you started. paying more interest is unfortunately your punishment for failing to meet previous credit agreements and borrowing beyond your means.

[denby]

when you have been with them a while com back and talk then my guess you will be sorry you had anything to do with them take care good luck

[melarnz]

progressive is the holding company or welcome finance. its all the same thing

[melarnz]

as with all things, i think it depends on your situation. If u take a loan from the branch they will explain everything to you and are strictly monitored. if u take a car loan, then unfortunately, it is the car salesman that is responsable for what they tell you (remember that they want to flog u a car) however, they are also now strictly monitored. - also welcome car finance is not the same as welcome finance. WCF sell u the car and WFS service the loan....also, its usually the insurances u take that increase the loan to a much higher balance. this is all clearly shown on the agreements so make sure u are happy with what u sign. its not usually in small print either!

[chasin sunsets]

other half has just gone with welcome car credit, but got 10% finance the lowest is 7%. Probably stay with them for 2 years then trade in the car as the mileage is low. They have promised a car body part but not yet recieved it (in my ex life i was a vehicle technician) so waiting on them for this...

[melarnz]

keep on top of them!! 10% is a good rate..7% is only usually given to exisiting customers who proove they r struggling to pay

[chasin sunsets]

We will, most of our issues are dealt with now. I have been in my job for 2 years in may so about time I sorted myself out as my partner has dealt with hers but my finances helped her.

[sam85]

hi can anyone help me, im trying to find the best loan company to get a loan from. i was considering applying with welcome finance as my credit is bad but im having second thoughts after reading all the reviews. does anyone suggestions please????

[bonio]

I have heard direct from one of their finance suppliers that they are cutting their finance 100% away from car dealers so its time to get out quick! they are laying of falot of staff and are in big trouble. At last they have their comupence.

[markas1]

Right, here it is straight from the horses mouth.......
I am an Account Manager for Welcome Finance in the Collections division. I am the one who appears at your house if you dont pay. Before you start slanging me off, you should hear a little about me. I have worked the past 11 years in the collection industry for SUB PRIME market.
(Crazy Georges, Park Direct Credit & WFS).
There are 2 reasons why an account comes to me.
1. you cant be bothered to pay/think you can play the system. These people are either those that 'do a runner' or refuse/claim they are skint.
THESE ARE THE ONES THAT CAUSE THE PROBLEMS FOR 2.
2. your situation has changed and you cannot pay full monthly payments. Unfortunately, a lot of these suffer from ' ostrich system'.
My job is to help those in cat 2 and prosecute those in cat 1. 60% of my clients work with me, and a lot of people rebuild their credit files with lower REGULAR payments. Also, many SAVE money with incentives and discounts given!!!!! So we aint all that bad.Remember you are SUB PRIME, coz you have BAD credit ratings for past misdeminours.......

[markas1]

.....the thing to remember is, that you went to Welcome coz nobody else would deal with you. You wanted the money, so signed up for it. Yes, additional extras like PPP add up megabucks, but you dont have to sign for it. THATS SUB PRIME.
If you are having problems, discuss it with your Account Manager, dont let it blow up. Dont rewrite accounts unless they will do it at 1% or less as you'll benefit only from your credit file improvement, but have to pay your debt for longer at more overall cost.
As for Welcome Car Finance, its not going down the pan. WFS have decided to stop using for HP secured deals, now that WCF have 'matured'. Did you know that Welcome cover over 70% of all HP deals in the UK? So why pay commision to others for business when they can do it their self? Thats good business.
Remember, if everyone managed their credit, and paid on time, interest rates would come down, and some of our customers do get bank rates!!

[chasin sunsets]

I can voutch for that as well, 10% isnt that bad.

[fergal71]

call us what you like... sub prime, non standard... this may be your first problem we are all individuals with certain needs. most of your borrowers are duped into taking PPI, no PPi no loan.... justify this.... I really hope unfortunately for you enough complaints lead to a fine for your company , which leads to administration... I will be speaking to a team of solicitors in the near future which will hopefully enable good honest genuine people to clean up credit files and claim compensation from companies such as yours that use defaults like weapons to extort even more money out of consumers. people are becoming more and more aware of their rights and the credit crunch is basically greedy profiteers gambling with others money knowing if they make it big they will share the dividends if they dont ah well the government will bale them out with money which could be used better.... rbs asking shareholders for money is the start of something which will change the banking industry for ever.... bit late but hey ho!!!
If i where you I would consider alternative employment as the industry you are in will slowly collapse.... I do not and will never need to justify my existence. unlike you using the forum to pick up tips and try and make out how good you are.... I am convinced any members saying welcome are good company all work in your office..... ????? just my opinion!!!

[markas1]

Fergal, I love a good argument!!!
Point 1. I dont lend the money therefore I have no control over its costs.
Point 2. I work in the Debt Collection Unit, therefore I only deal with those
people who have problems whether by choice or circumstance.
Point 3. I do not care for those who are 'self,self,self' who beleive that
the whole world is against them.
The question is, you needed the money, could not get it elsewhere, so went to Welcome. They solved your problem, at a price. That's business!
PPP is only mis-sold when you are told you are covered for things you are not. It does not mean that you were told you must have it if you want the loan. Welcome protect their interests by requesting people take adequate cover. Remember, this is Non Standard credit, and you are after it because of your 'negative' credit history.
If you have a mortgage, your bank INSISTS on you having life insurance as cover for their loan, despite that your house might have equity. You dont argue this do you? If you do, no mortgage, no house.
Back to point 2, over 60% of my 'book' pay me something that is negotiated by both parties to avoid the legal aspect. This slowly repairs the credit rating, and could earn discounts for loyalty. A large amount of these payers are in this situation is due to working circumstances, and that they DIDN'T take PPI or other insurances. The other 40% are the cause of why interest is very high, and the near insistance of PPI.
Lastly, I will now tell you that personally, I would not touch WFS with a bargepole, nor similar lenders. This is due to me paying my bills on time, shopping on line for deals and bargains. I have large debts, I dont get paid much and have a family of 4.I drive a bog standard second hand car and get 1 holiday a year, if lucky. But I survive. If I can do it witout too much hassle, so can others. Think, before you do things. Dont work hard, work smart............there are always other alternatives if you play by the rules.
GOODBYE!! NO FURTHER COMMENTS BY ME................

[chancer1]

Originally Posted by markas1

Fergal, I love a good argument!!!
Point 1. Blah blah blah blah
Point 2. Blah blah blah blah
Point 3. Blah blah blah blah

Blah blah blah blah.
GOODBYE!! NO FURTHER COMMENTS BY ME................

What a load of crock - and that is to put it politely - WFS TAKE ADVANTAGE of those who can afford it the least - I have had dealings with WFS and even had someone in your compliance dept who actually agreed with the above statement, they have since left the company.

We all know that WFS look at this board and many others, so as an employee, we would hardly expect you to agree, but you should realise one thing, these are 'people' you are dealing with, not targets and bonus's.

Well done for managing you finances, as you quite rightly expressed, it can be tough and even difficult at times, so maybe with that in mind, you SHOULD understand how easy it is to get in the 'hole' - the problem starts there, because if you did see it that way, you would already know that WFS is NOT the answer, and I guess that would make your job tough, but hey, having a conscience is.

[chasin sunsets]

My fiance and I had the chance to go elsewhere for our car, in the end, welcome cut us a good deal as I was ready to walk out of the door and go back to a dealership wher I may add, I sotted a nice VW! Anyway, a I said, we are happy in our car and although we are still waiting on a few things from welcome car finance, we have no real complaints, they even waived the deposit on our car...all in all we are happy. As to loans, I can't comment as we haven't any loans, excluding mortgage, our car is on finance (who's isnt?!) no credit cards. I have a link cash card for my banks (1 parachute account, 1 main) and am slowly but surely sorting out my own finances....life is for living....

[fergal71]

why did you need to use welcome at their rates if as it sounds you have a good credit file????

[missism]

Just to add YES welcomes rates are high, but they do take a risk in the people they are lending too. I have a loan through a compnay name FLM they are much worse then welcome