Welcome Finance

Roxy1958 · 9th August 2007, 12:28

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.

deafandy · 10th August 2007, 19:37

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...

Roxy1958 · 12th August 2007, 13:56

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 PPI of £1900 which is puzzling because he gets paid if he were to be off sick. 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?

Roxy1958 · 12th August 2007, 13:59

Have started new thread

dw190 · 13th August 2007, 10:03

Quote:

Originally Posted by Roxy1958

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 PPI of £1900 which is puzzling because he gets paid if he were to be off sick. 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

Roxy1958 · 13th August 2007, 11:07

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 PPI 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?

dw190 · 13th August 2007, 18:44

Quote:

Originally Posted by Roxy1958

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 PPI 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.

tiaposy · 14th August 2007, 18:51

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

dw190 · 15th August 2007, 10:00

Quote:

Originally Posted by tiaposy

With Welcome you have to cancel the PPI 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...

tightbum · 15th August 2007, 16:31

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 years. 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.

Yasmin · 22nd August 2007, 22:07

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......

christinajanep · 3rd September 2007, 13:48

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

Yasmin · 3rd September 2007, 15:38

Are you passed the cooling off period???

christinajanep · 3rd September 2007, 18:04

yes i am

andabar79 · 12th October 2007, 13:21

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?

Under Siege · 13th October 2007, 16:01

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!!!!!!!!!!!!!!!!

denby · 26th November 2007, 10:59

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

denby · 26th November 2007, 11:05

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

LordLee · 14th December 2007, 10:17

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?

andabar79 · 14th December 2007, 13:07

stay clear mate

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