Welcome finance- need advice

[Citruspunch007]

Hello,

My partner & I have a car on hire purchase with Welcome Finance.

About 8 months after taking out the hire purchase with them we were interested in getting a loan also.

My partner took the loan out in his name but a few months later our circumstances changed and we became unable to pay the loan repayments.

We continued paying the Car HP as we had no choice, we needed to keep our car as we have no savings or other means to get another vehicle.

We decided to put the loan account with our financial management company 'Gregory prennington Ltd'.

They have negotiated with Welcome Finance and Welcome have accepted the proposed monthly payment from Gregory Pennington. Have have been in reciept of 2 payments since the programme started.

However, a woman from Welcome finance has been ringing my partner's mobile non-stop and has left around 8 messages informing my partner that the loan agreement (which fell into arrears and is now being controlled by Gregory Pennington) is severely putting our Car HP agreement at Jepoardy. She said non payment of one agreement will affect the other.

So basically she is making threats that we could be at risk of losing our car if we don't pay our loan!

In my eyes this is wrong- these are 2 SEPERATE agreements and they are in no way linked. The car HP was taken out around 8 months prior to us deciding to go for a loan with the company. They are 2 seperate credit agreements, 1 to pay for a car, one to pay for a lpersonal loan- how can default of one effect the other?

I am assuming that Welcome Finance are simply making threats to scare us into paying more on the personal loan.

What do you think?

We wrote to them to ask them not to call my partner's mobile and to call our landline instead after 5pm when he returns from work. The reason for this is that my partner's employer does not permit employees to take or make calls during working hours unless it is an emergency.

They have ignored this request and are hounding my partner- telephoning non-stop. They have accepted and been paid through Gregory pennington but they will not get off our backs despite this.

What can we do? Could we really be at risk of losing our car or is this a bully tactic?

Many thanks

[lindsay22]

welcome are well known for there threatening behaviour, do not answer the calls they will also be charging u for the unwanted calls.

as u said the agreements are seperate so the loan will have no effect on the HP agreement, they are just trying to scare u. i would not speak to them on phone and ask them to put everything in writing. i would also write a letter to there head office saying that they are not following the office of fair tradings debt collection guildlines and that any further calls will be veiwed as harrasment and reported to the police.

i am sure someone with more knowledge will help soon and there are some good template letters.

 

good luck and do not let them bully you.

[postggj]

welcome are nothing more than legal loan sharks

next month i have them up in court

have a look at my thread and you will understand what you are getting into

they do not like it when the boot is on the other foot

do not believe a thing they say and use legal arguments and enforcement against them. they do not like publicity.

six months ago i was in your shoes, and thanks to this forum i am in the driving seat.

all i can say is dont take no for an answer and keep fighting. you will get all the help you need on this forum

[adagioofwight]

Can I suggest a visit to your local CAB?

[postggj]

the advice on this forum are better than cab

more informed

thanks to cag have welcome on the run

[adagioofwight]

the advice on this forum are better than cab

You may well be correct, my membership of the group is very recent so I cannot judge.

I do have sufficient experience of debt advice to know that I could not properly advise the OP with the information available.

While it is almost certain that the 2 credit agreements are not linked, I would need to read them carefully before making a judgement. What are their personal circumstances, are they homeowners for instance? Why have they sought advice from this forum rather than Gregory Pennington to whom they are, no doubt, paying not insignificant fees?

They have treated their car HP as a priority debt. Would a District Judge do so?

There seems to be a growing tendency in discussions of debt that verges on the "Through the Looking Glass". The OP and her partner have made a contract with Welcome Finance which they have probably breached. If I had borrowed £10,000 from you and failed to pay you back how would you feel? Welcome Finance are almost certainly the 'injured party'.

Although finance companies more often than not will accept a reduced payment plan, there is no compulsion on them to do so and even if they have done thay can change their minds. They thus need to be approached with that in mind unless one is very certain that the debt is unenforceable or that there are no sanctions available to them which would have serious consequences for the debtor.

I have no experience of Welcome Finance and their practices but persistent telephone calls are not uncommon and could indeed be construed as harassment. I have not yet heard of an instance where the police have taken action in such cases.

[postggj]

All I Am Going To Say Is Read All Of The Welcome Finance Threads, You Will Then Realise What Sort Of Outfit They Are

[adagioofwight]

It is very clear from their web site that they are a 'sub-prime' lender - 64.1% on unsecured loans! Whether they are nice people or not is hardly the issue. The OP is a debtor and needs appropriate advice. One does not need to love Welcome Finance to do that!

[falcon185]

Hi Citrus, have a look at a thread I started some time ago, its got some very good information on how to deal with "Welcome" lots of people who subscribed to the thread were in similar situations to yourselves, I'm sure if they can help they will. Its pretty long so be prepared for a long read

Welcome Finance any dealings???

Good luck, theres loads of people behind you and willing to help.

[Dayzee1980]

I would suggest a visit to your local CAB also.