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Rovercar240

welcome finance offering £1k settlement on £12k debt?? - what gives?

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it would appear that something is up at Welcome Finance

 

I received a call the other day saying that they are willing to accept £1000 as settlement of my £12k loan

which went into default in 2008.

 

It maybe a revelation that since I am only paying £10 a month

they realise that it may never get fully paid off

especially since we are also in negative equity in regards to the house.

 

BUT I think there is maybe something else happening

 

but would ask members of this forum, etc to get digging

and maybe see if Welcome are closing down, etc.

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own thread created


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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welcome finance closed down about 5yrs ago.

 

ever sent them as sar

and get all the statements?

 

prob find you have all manner of fees/insurance/ppi/mif etc etc

they really did spoof people blind.

 

have you the agreement?

is there still a charges if its a secured loan?

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Hi Rovercar240

 

Are they still adding interest to your loan or has it been frozen ?

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It's been frozen for years and we are only paying £10 per month on a £12k debt

 

it is still secured but (luckily) we have severe negative equity as it was one of Northern Rock's fabulous 125% mortgages and the price of the property is no where near what is owed even given for inflation and (any) house price increases.

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got that sar running yet??

 

are you sure the charge IS still listed on land registry?

 

AFAIK they removed all charges years ago, they had too.

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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Ok thanks Rovercar240

 

Have you requested a copy of the agreement ?

 

And as dx says get the SAR sent asap

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ooooo I don't know to be honest. I'll have to pay my £3.00 and check. Cheers!! What if it is still there? You said "they had to" - who directed them to remove the charges?

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got that sar running yet??

 

 

are you sure the charge IS still listed on land registry?

 

 

AFAIK they removed all charges years ago, they had too.

 

 

dx

 

Sorry to hi-jack thread dx but is that a fact about removal of charges and if so why did they have to ?

 

I am just interested regarding my circumstances with Welcome. I am also being bombarded with settlement offers but at the moment refuse to have any verbal dialogue with them.

 

When I last checked LR they still appeared as Progressive Loans Ltd (different company number) but no mention of Welcome Finance ?

 

I also checked my credit file and again no details appear on it regarding the loan ?

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...just checked and I did a Land Registry check in 2015 and it was still there. No reason why it should be gone by now if it was still there in June 2015 ?!

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cant remember when

but they had to remove all charges

think it happened during the latter days of the FSA

 

 

surely if the company whos name is against the charge

is no longer trading land registry needs informing about it.

 

 

dx


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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but they are still trading. They may not be issuing any new loans but I checked on Companies house the other day and they are still up and running.

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cant remember when

but they had to remove all charges

think it happened during the latter days of the FSA

 

 

surely if the company whos name is against the charge

is no longer trading land registry needs informing about it.

 

 

dx

 

Cheers dx and hope someone else can shed some light regarding charge on property. They are also down as a restriction on property.

 

Well they are not trading as Progressive or Welcome anymore so a bit confused.

 

Who do I check with and where can I search both company details (133540 & 1682540) ?

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(133540 & 1682540)- the first co. no. is for Welcome which states (on companies house) that it is still 'active' - it may not offer any new loans but it is still trading. The second no. does not exist and when i look for Progressive Loans on Companies hse it says it does not exist.

 

Anyhow, anyone out there with any more info. on Welcome Finance ???

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(133540 & 1682540)- the first co. no. is for Welcome which states (on companies house) that it is still 'active' - it may not offer any new loans but it is still trading. The second no. does not exist and when i look for Progressive Loans on Companies hse it says it does not exist.

 

Anyhow, anyone out there with any more info. on Welcome Finance ???

 

Hi Rovercar240

 

I have been looking at my details and can confirm that I have 133540 as Progressive Financial Services trading as Welcome Finance Ltd and lately all correspondence received from Dial4ALoan Ltd (03958533) c/o Welcome Finance ?

 

Regarding the offer made to you, was it their suggestion ?

 

It's just that today I received a call from Welcome offering an early / reduced settlement offer in which I declined. Then they called back with a further reduced offer and again I said no. Lol just received another text to call the manager to discuss again. I will sleep on it and leave until tomorrow.

 

I have also sent a letter requesting that any future offers or reduced settlements to be made in writing only.

 

Now what I did find out was that they are closing down their branches at the end of the month so maybe why they are making these offers. I asked about the situation with the charge on the property and any conditions regarding the freezing of interest, if my account is passed to someone else. He could not answer so I have included details in my letter.

 

So going back to the charge issue on the property and further to dx's comments (post #11), can anybody kindly elaborate ?

 

Do I need to contact the Land Registry as my details are still showing Progressive Financial Services Ltd ?

 

Any urgent help or information would be very much appreciated.

 

Thanks

 

Baz

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ring 'em ask..

 

 

welcome had numerous sub names to hide their wrong doings.

 

 

bit like the HFC debacle


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

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ring 'em ask..

 

 

welcome had numerous sub names to hide their wrong doings.

 

 

bit like the HFC debacle

 

Yes I will call LR dx thanks

 

Didn't change from Progressive to Welcome Financial Services Ltd until December 2006.

 

My 2003 Credit Agreement states Progressive Financial Services Ltd trading as Welcome Financial Services.

 

Latest correspondences stating Welcome Finance is the trading name for Welcome Financial Services Ltd.

 

All under reg no.133540 ?

 

I am also receiving responses to my previous enquiries from Dial4ALoan Limited c/o Welcome Financial Services Ltd (03958533) with the same Nottingham address.

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In 2011,

Welcome Finance was insolvent and entered into a Scheme of Arrangement,

a legal agreement prioritising the repayment of selected creditors over many other business functions.

 

 

Essentially at this point Welcome stopped issuing new loans and turned into a collection-only outfit.

It would appear that the only way they could make money was not to lend it out.

They had to do this becuase their parent company, Cattles PLC, also did this.

 

 

Over time, as their loan book shrinks, the staff they need would reduce too,

so I guess they are getting smaller all the time, closing branches as they go.

 

Cattle PLC did rebrand Progressive to Welcome Financial Services Ltd.

Cattles also owned The Lewis Group at the time.

 

 

WFSL itself traded as both Welcome Finance and Shopacheck (made money, kept trading after 2011).

 

 

For reference, here is a list of the various companies that have operated under the Cattles PLC umbrella:

 

1. C L FINANCE LIMITED (company number 01108021).

2. CATTLES HOLDINGS LIMITED (company number 05976786).

3. COMPASS CREDIT LIMITED (company number 00235117).

4. DIAL4ALOAN LIMITED (company number 03958533).

5. EWBANKS MAIL ORDER LIMITED (company number 00457490).

6. LEWIS GROUP (HOLDINGS) LIMITED (company number SC154199).

7. MONEYTOPIA BANK LIMITED (company number 00215285).

8. MONEYTOPIA LIMITED (company number 00652955).

9. PROGRESSIVE FINANCIAL SERVICES LIMITED (company number 01682540).

10. RECORDPOINT LIMITED (company number 02906681).

11. SHOPACHECK LIMITED (company number 00274611).

12. STATUSCLAIM LIMITED (company number 02903444).

13. SUPREMEACCESS LIMITED (company number 02913219).

14. THE LEWIS GROUP LIMITED (company number SC127043).

15. U.K. DEBT DEFAULTERS REGISTER LTD (company number SC170934).

16. WELCOME INSURANCE SERVICES LIMITED (company number 02230654).

17. WELCOME RETAIL SERVICES LIMITED (company number 00226015).

18. WESTERNISSUE LIMITED (company number 02930977).

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In 2011,

Welcome Finance was insolvent and entered into a Scheme of Arrangement,

a legal agreement prioritising the repayment of selected creditors over many other business functions.

 

 

Essentially at this point Welcome stopped issuing new loans and turned into a collection-only outfit.

It would appear that the only way they could make money was not to lend it out.

They had to do this becuase their parent company, Cattles PLC, also did this.

 

 

Over time, as their loan book shrinks, the staff they need would reduce too,

so I guess they are getting smaller all the time, closing branches as they go.

 

Cattle PLC did rebrand Progressive to Welcome Financial Services Ltd.

Cattles also owned The Lewis Group at the time.

 

 

WFSL itself traded as both Welcome Finance and Shopacheck (made money, kept trading after 2011).

 

 

For reference, here is a list of the various companies that have operated under the Cattles PLC umbrella:

 

1. C L FINANCE LIMITED (company number 01108021).

2. CATTLES HOLDINGS LIMITED (company number 05976786).

3. COMPASS CREDIT LIMITED (company number 00235117).

4. DIAL4ALOAN LIMITED (company number 03958533).

5. EWBANKS MAIL ORDER LIMITED (company number 00457490).

6. LEWIS GROUP (HOLDINGS) LIMITED (company number SC154199).

7. MONEYTOPIA BANK LIMITED (company number 00215285).

8. MONEYTOPIA LIMITED (company number 00652955).

9. PROGRESSIVE FINANCIAL SERVICES LIMITED (company number 01682540).

10. RECORDPOINT LIMITED (company number 02906681).

11. SHOPACHECK LIMITED (company number 00274611).

12. STATUSCLAIM LIMITED (company number 02903444).

13. SUPREMEACCESS LIMITED (company number 02913219).

14. THE LEWIS GROUP LIMITED (company number SC127043).

15. U.K. DEBT DEFAULTERS REGISTER LTD (company number SC170934).

16. WELCOME INSURANCE SERVICES LIMITED (company number 02230654).

17. WELCOME RETAIL SERVICES LIMITED (company number 00226015).

18. WESTERNISSUE LIMITED (company number 02930977).

 

Thanks Andydarlo

 

So Dial4ALoan Ltd brokering loans to Progressive Financial trading as Welcome Finance :!:

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