Welcome Finance - This company needs to be banned.

[eeeezzzyy]

Oh yeah tigga....suddenly realised Welcomes very own date with disaster falls on Fri 13th....how very apt !!!!!

[andie_303]

Dipply just PM'd you something

[edagent]

If I still have loan with Welcome Finance, and they're going under....

What's the best course of action?

Reluctant to pay interest to a dying company who appear to be all over the place...

I gather they're linked in some way to RBS which doesn't make the situation any easier.

Thanks for any advice

[082stewie]

Even though things are tough for Welcome at the moment. I would say you should continue to pay your premium as per normal, if it does go tits up, then all customers will be given instructions by the administrators.

 

Who ever buys the loan book will have to get intouch with its "new" customers.

 

Stewie

 

Ps: Have a read back in this thread for other posters with some exciting news about Welcome. Some really interesting times ahead for Welcome

[edagent]

Thanks Stewie,

 

Would this be a good time to strike a better deal with them?

 

ed

[tigga_1961]

Does that mean whoever, if anyone buys the loan book will have to write and tell all their customers they have been bullsh**ed and sold insurance that doesnt exist and pay compo?

Even though things are tough for Welcome at the moment. I would say you should continue to pay your premium as per normal, if it does go tits up, then all customers will be given instructions by the administrators.

 

Who ever buys the loan book will have to get intouch with its "new" customers.

 

Stewie

 

Ps: Have a read back in this thread for other posters with some exciting news about Welcome. Some really interesting times ahead for Welcome

[Dipply75]

Dipply just PM'd you something

 

Bingo!

[082stewie]

To be 100% honest I dont have a clue what will happen IF the PPI turns out to be totally invalid and thus making the whole contract invalid.

 

I would assume you could have your day in court and claim the whole policy/contract is crud? I suspect it would be upto the individual. We are talking BILLIONS, considering Cattles/Welcome collect approx £75 - £80 mil a month in premiums alone. They wont give up without a fight.

 

It also depends on the time it would take a full scale FSA investigation to take place into the miss-selling etc etc. I think Welcome are pretty much over a barrell at the moment and are NOT enjoying whats happening to them.

 

For me, im just paying the monthly amount and waiting for my day, like Andie, Ive gathered all the information I can over time and kept my strike covert. I am waiting for my day in court and when I win, I will publish everything on the site.

 

Stewie

 

Ps: Post has some real pearls of wisdom. You should take some of his advice.

Edited March 11, 2009 by 082stewie
Added a bit more

[mashmallow]

082Stewie,

 

I am quite new to this forum and have found it invaluable. I was advised by cerberusalet to read up on this thread and would like to give you a quick brief on my dealings with Welcome. I wrote to them firstly and explained thaqt I coulde not afford the requested amount of £230 and sent a breakdown of my expenditure sheet, I sent it to the complainace depatment in Nottingham. The next evening I had a visit from welcome, I opened the door and a uong man was standing there saying he was from WF, I laughed at him and said a few words and shut the door, he then rung again, my son went out and told him to F--- off. Five minutes later a young girl knocked from wf, I also told her where to go. Next step is I tel the branch office in Romford and asked to speak to the branch manager which I did, I went mad at him and told him to stop sending his crew to my door otherwise they will get a pole over their head, I am not violent by the way, just mad. He then replied he was coming round the next day himself which was when I told him to ,,,,,,,,,,, he then said I'm coming now. I then called the police and got a report number. I sent a letter to wf the next day and reported this incident. I got a letter back asking me to contact them with regards to the complaint. I have not been in touch with them since. I need to know from you guys what would be the first step of action, I know |I have incurred extra costs but I am willing to fight them as unjustifyable. One thing I did read was they are not supposed to consolidate an existing loan with a new loan be it with the same company, is this true? and also they are not supposed to include the acceptance fee into the loan so it also incurrs interest? please could you8 let me know.

 

Thanks

 

Mashmallow:evil:

[andie_303]

if acceotance fee is added in showing on the monthly payment then depending on the agreement it may be invalid - can you post it up for us to look at

[postggj]

hi people

this profit and loss we were expecting from welcome on friday,

the figure talked about is a loss of 200 million, thats on top of a 500 million loan payable in july.

 

i have it now on good authority the final figure is between 500 and 750 million loss

 

thats is still to be confirmed

 

good night welcome

[postggj]

eight guests

 

did not know so many people liked me

[andie_303]

i like you - lots lmao - calculations I sent to you last night are with a forensic accountant right as we speak - well have definate answers for you this evening

[postggj]

cant wait

 

more ammo for the seriouse fraud squad

[andie_303]

they think its what I thought is was though but i've given them 4 more to have a look at so they're just pulling them all apart looking for consistencies

[postggj]

dont want to go off topic but its the banks behind this,

you make one mistake and the banks trash your credit file,

you then end up in the clutches of welcome,

who are the main share players, the banks who made you go to welcome,

its a viciouse circle , getting fat on peoples missfortune.

[082stewie]

postggj,

 

What do you think the wrap up time on this will be before all is exposed in the media etc?

 

Maybe 6 months?

 

Stewie

[postggj]

it depends on the seriouse fraud squad,

they will go over my file, its rather large, then send a report to the crown prosecution service

 

it might even be left up to the fsa to do the investigation

 

but what ever happens, this is not going to bewhit washed over

 

ive even contacted the financial geek on the independent.

 

go to be careful though

 

cant release any thing before the old bill has done there thing.

 

the difference with this case is that i have all the evidence and documentation to back every thing up

[082stewie]

The media are like pack hounds and will not stop. Perhaps a tip off?

But yes, this is the correct action to take.Do it by the book. I have heard from the Cattles discussion board that they are due a yearly FSA health check shortly. Wonder if this will slip under the carpet...

Who knows if they have even paid their own litigation insurance against mass action against them. If they allegedly don’t pay customers insurance, why would they pay their own?

[postggj]

10 guests now

 

by the way

 

welcome are under investigation any way for total disregard of compliance procedures

[082stewie]

10 guests now

 

by the way

 

welcome are under investigation any way for total disregard of compliance procedures

 

 

One of the people suspended was Mr. Adrian Cummings, Compliance and Risk Director. I wonder why???

 

This goes way deeper than basic impairment..

 

Loads of guests around now.

[Dipply75]

and once again serious questions need to be asked about the role of the FSA prior to this...or lack thereof.

 

If my suspicions are proved right, how exactly was none of this noticed? Unless they just blindly accept everything submitted to them as gospel then.....oh RIGHT, silly me.

 

Expecting the FSA to regulate, investigate....geez I crack myself up

[Voda]

Nope 11 guests ....

 

Now 12 !!!

[postggj]

i see you have been doing your home work stewie

[Voda]

Hey Guys,

 

13 guests now ... Lucky 13