Marc Gander - The Consumer Survival Handbook


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Patricia Pearl - Small Claims Procedure - A Practical Guide


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Thread: Welcome Finance

  1. #1
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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.

    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 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?

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  2. #2
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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

    Default Re: Welcome Finance

    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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    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?


  5. #5

    Default Re: Welcome Finance

    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 PPIicon 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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    Default Re: Welcome Finance

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


  7. #7

    Default Re: Welcome Finance

    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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    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.


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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?


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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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    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?


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    Default Re: Welcome Finance

    stay clear mate


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    Default Re: Welcome Finance

    what percentage interest rate did they give you?


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    Default Re: Welcome Finance

    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

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    Default Re: Welcome Finance

    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 mortgagesicon 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.


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    Default Re: Welcome Finance

    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


  17. #17
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    Default Re: Welcome Finance

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


  18. #18
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    Default Re: Welcome Finance

    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!


  19. #19
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    Default Re: Welcome Finance

    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...


  20. #20
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    Default Re: Welcome Finance

    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


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