Welcome Finance

[fergal71]

every lender takes a risk if circumstances change.... this entire automated system between lenders, credit reference agencies etc needs to be looked at if the govt wants to reduce the £3 trillion debt in uk.... if i could borrow £10,000 and pay back £11,800 instead of using welcome say and have to pay back approx £19000 then immediately this would reduce the trillion debt.... the money making credit reference industry has a lot to answer to..... I have good wage , but I am unable to borrow at good rates due to a company putting a £100ish default on my file due to a disputed amount... I have tried and can do nothing to have it removed.... so I end up paying 19000 , where is the fairness in this scenario... this is the situation of so many people.... we need the govt to bring in new regulations to means test peoples ability to pay rather than force them in to expensive rates due to an alleged risk.... madness ....

[david1961]

Stay well clear from welcome. I purchased a car from them back in 2001 because it was a time in my life when i could not get high street loans. i went to there showroom in Wolverhampton by appointment and i did not come out untill 5 hours later.
They miss sold me PPI becasue they conned me by saying no PPI no car, I was desperate for a car at the time and needed one for my job.
I Realised my mistake and just wanted out so I executed my right (as per the contract) by asking them to collect the car after i paid more than half in 2005.
They charged me a fortune in interest just on the PPI, as well as the loan for the car.
I am now thinking of claiming back the money they robbed off me and the interest because they bullied me into taking out the PPI when i was so desperate.

[fergal71]

HI david they like to think they play hard ball , but I would start claim asap you will get plenty of help on here.. I would also send a copy of your prelim letter to trading standards and fsa... the more black marks they get the quicker they will be investigated....

[david1961]

the only problem i got is i disposed of all the paperwork from them including the original contract outlining the PPI and interest

[chancer1]

a Subject Access Request request should sort that, and you can request a copy of your finance agreement under the CCA

something like this should do :-

--------------------------------------------------------

Dear Sir/Madam

Re:− Account/Agreement Number :- XXXXXXX Customer Number:- XXXXXXX (If Applicable)
With reference to the above agreement, we would be grateful if you would send us a copy of this credit agreement.

We understand that under the Consumer Credit Act 1974 (Sections 77−79), we are entitled to receive a copy of our credit agreement on request. We enclose a payment of £1.00 which represents the fee payable under the Consumer Credit Act.

We understand a copy of our credit agreement should be supplied within 12 working days.

We understand that under the Consumer Credit Act creditors are unable to enforce an agreement if they fail to comply with a request for a copy of the agreement under these sections of the Act.

We look forward to hearing from you.

Yours faithfully

---------------------------------------

They then have 12 days to provide it, after that 12 days, they then have a further 28 days (i think) to provide before they are committing an offence - as to what offence and how they are punished seems unclear to me, maybe someone else can clear that up.

As usual - send everything recorded and keep all the stubs and copies of letters sent - if they fail to provide any documentation in the time specified, hit them with a dispute notice, from there they are not suppose to add any charges / interest's or ask for payment

Good luck!

[streetgang]

Hi all, I am a customer of Welcome Finance and I am currently trying to reclaim what I think are unfair charges; £20 here and there for quick telephone calls during the day (they know my wife and I both work) or mass produced letters (unsigned and very easy to produce at low cost).

I must admit, i was most impressed by the comment from markas1. As he really says, times are tough for everyone, and those who took easy credit are now finding it very tough - i should now, i am one.
That said, you learn from your mistakes and I am trying desperately to survive and to pay the bills to my creditors while keeping a roof over our heads.
Yes, we signed the agreements and took the loan that enabled us to buy a car, and yes we need to pay the repayments or the car shouldnt belong to us. That said, an apr of +30% gives Welcome a good enough return on their initial outlay without adding punitive charges left right and centre.
Hope all works out well for everyone here, and i shall let you know how my case goes.
best wishes
Scott

[MagicMe]

Hi Guys,
I have a membership with credit expert so i can keep track of what`s happening with my credit file. I have a good credit history and my credit score was 862 out of a 1000. I wanted to apply for a loan for £3000 and wanted to see what the best deal was i could get so credit expert has a link at the bottom of the page where you fill in your details if you are looking for a loan and they will contact you.
They contacted me the next day by phone and promised me they would be able to search the market to see what was the cheapest loan rate they could get me.
I thought ok no prob`s saves me all the hassle and waited to hear back.
I got a call back about a week later saying they had found a company that was willing to loan me the money and put me straight through to them. I`d never heard of Welcome Finance but this was the company i was now speaking too. She took all my details then started reeling of all the extra insurance`s and cover for the loan. I explained that i did`nt really want any of these and she informed me that i could cancel them at anytime if i wanted to.
To get rid of her i told her i had to be at work and i was running late and that if she could just put all the paperwork in the post i would have a look at it once i had it and then contact them back.
The paperwork arrived 2 days later with my offer of my loan and i was shocked to find the APR RATE @ 42.88% PLUS with all the payment charges etc added to my loan i would have to repay them back £4,080.97 over 2yrs with an acceptance charge of £75.00.
I thought if that`s the best deal credit expert can find me forget it, but Welcome Finance did`nt want to forget me and for the next 2 weeks they kept ringing and texting my mobile which i did`nt answer.
I HAVE SINCE GOT A LOAN @14.9 APR WITH NO SELLING OF COVER BEING SOLD TO ME SO A WORD OF WARNING TO ALL YOU WOULD BE BETTER TO SEARCH FOR YOUR OWN BEST DEAL AND NOT DEAL WITH THIS COMPANY NO MATTER WHAT.

[organgrinder]

Post sent in error

[organgrinder]

I bought a car (£3250 plus finance costs) less than 12 months ago on an HP agreement with Welcome Finance. Within a week, I advised Welcome that the vehicle was not fit for purpose intended. Welcome advised me that I needed to contact the garage where I bought it. I did. They carried out repairs to then total of £800.The garage was in Sheffield but they instructed a garage near to where I live (90 miles away) to carry out repairs. Although the repairs were done, a couple of the initial problems were still there, but the garage was unable to diagnose the faults. I have spent something like £1500 on additional repairs (including a new gearbox, clutch etc) within 6 months of purchase. Welcome contributed £500 towards the repairs as a "goodwill gesture". The initial problems are still there and apparently I need to take the car to a Renault main dealer who will be able to sort matters out, but this will cost at least £500 to investigate (half of the engine needs to come out - the problem is located somewhere where it is difficult to get at). Then there will be the costs of parts, etc.

I am unable to afford the repairs/investigations and Welcome say that they won't pay anything.

I have instructed Welcome to re-posess the vehicle as it is not working and I am unable to pay for it to be repaired. I have asked welcome to reply by mail, so that I have a written record

Three months later, Welcome have tried to 'phone, but have not replied in writing, despite me sending three letters, and copies of the first two.

I have now stopped my standing order and told them that I will let it go to court.

Anyone got any advice?

[chancer1]

I had similar issues with another well known provider of these car loans BCT.

I had issues with Freelander I had on finance - the IRD box virtually fell off the engine 8 weeks after purchase - I was led to believe that the finance company is the responsible party, but they always try and tell you to goto the Garage - possibly in the hope that the garage will sort it out, you will have to check the regs around HP.

I basically used the Trading Standards route - 'Not Fit For Purpose' was what they advised me - under a particular section of the consumer credit act, unfortunately I don't have the paperwork as it was some time ago.

Just found this.......

Dear Sir/Madam

Consumer Credit Act 1974, Section 75

On date I bought describe item from name of retailer. This purchase was
financed by your company provide agreement number.

Unfortunately, I have discovered that this describe item is faulty / not fit for its purpose / not as described (delete as applicable) and I have written to the retailer to reject the item and claim a refund of the money paid, under the Sale of Goods Act 1979 (as amended).

I have tried to get a refund from the trader but they have ceased trading / are ignoring my complaint (delete as applicable). Under the Consumer Credit
Act 1974, Section 75, I am entitled to look to you for compensation, as this
law makes you equally liable with the trader for any breaches of contract.
Therefore I am rejecting the item and claiming a full refund from you.

I look forward to hearing from you within 14 days.

Yours faithfully,

Blah blah blah...

---------------------------

[lumpa]

I,ve recently purchased a vehicle from Welcome Finance and took out the three insurance's that was offered. I then had 14 days grace to cancel these if required. Within the 14 days i did cancel to bring my monthly payment down.Everyday i contact Welcome to find out my new monthly payment. For the last two months they say that they are waiting for the paperwork to come through.
They are now asking me to make my payments encluding the three insurances that i don't need. If i needed to use the insurances after i cancelled they would cutainly not allow me to so does anybody think i should pay the full amount they asked to me to whilst they wait for the paperwork to come through.

Please help

[fergal71]

absolutely not

[chancer1]

Originally Posted by lumpa

I,ve recently purchased a vehicle from Welcome Finance and took out the three insurance's that was offered. I then had 14 days grace to cancel these if required. Within the 14 days i did cancel to bring my monthly payment down.Everyday i contact Welcome to find out my new monthly payment. For the last two months they say that they are waiting for the paperwork to come through.
They are now asking me to make my payments encluding the three insurances that i don't need. If i needed to use the insurances after i cancelled they would cutainly not allow me to so does anybody think i should pay the full amount they asked to me to whilst they wait for the paperwork to come through.

Please help

Try contacting thier compliance dept at head office on 01159 849200 - explain your situation, I might be tempted to ask if you need to bring the account into dispute?? that might put a rocket up their whoopsies

[lumpa]

thank you all for your advise, they are just making my credt rating very bad again and i want to sort it out. With my account with them being in arrears because of this problem that,s what,s going to happen.

they are a nightmare: never again

[Mr Middie]

Please can you look at the following and determine who is at fault...
1 A high street lender lent money at a high street rate
2 money was not paid back
3 you decided to borrow futher monies rather than saving up
4 you find that no high street lender will lend money
5 welcome offer you finance and you agree that you can afford and you are aware that there are x amount of payments, at this point you can walk away or work out how much you will pay back
6 you decide not to pay welcome back as its all their fault
7 ...........you moan that your credit file is ruined?

For the record most wfs customers have numerous defaults prior and are still quids in on the money they have stollen from other finance companies

[sillygirl1]

Methinks Mr Mobile is a TROLL - MODS what has happened to the 'Report a Post' icon?

[chancer1]

it's still there in the corner - the red triangle with the ! in it.

Not very nice to start accusing people of stealing money.....

[HSBCrusher]

I thought stollen was a type of cake thing.

Mr Middie... remember that saying, by the grace of God go I...
anyone could find themselves fallen upon hard times, that's no excuse for the sort of tricks Welcome get up to.

as streetgang said

times are tough for everyone, and those who took easy credit are now finding it very tough - i should now, i am one.
That said, you learn from your mistakes and I am trying desperately to survive and to pay the bills to my creditors while keeping a roof over our heads.

an apr of +30% gives Welcome a good enough return on their initial outlay without adding punitive charges left right and centre.

[sammyuk]

Charges for phone calls & letter should only be applied if they need to contact you regarding the management of your account ie if you miss a payment etc. If they charge you for calling or writing in order to sell you additional finance then this is not a valid reason for applying these charges. Welcome strongly believe in maintaining their customers, and the easiest way for them to do this is to keep you in their pocket.

[luckylady16]

Hi

I am new to this site but have been reading you thread ref welcome. I to have had a few problems with them I got a secured loan on my previous property but my circumstances changed so I had to sell the property and to cut a long story short in the midst of all that was going on Welcome where least of my worries till now. Dont be judegemental on me I always pay my bills and I assusmed this was to be cleared in the sale. However, I have been looking round for loan and a company I approachd to find me a good loan put me on to welcome. They have offered me another loan without the mention of the previous I know I should say something but I am a single hardworking mum and am looking for a loan to take my boy on holiday I ma confused has this happened to anyone else??? More to the point should I mention the previous debt??????