Welcome Finance - This company needs to be banned.

[Dipply75]

oops, sorry, senior moment

 

THIS thread:

 

http://www.consumeractiongroup.co.uk/forum/mortgages-secured-loans/188522-help-needed-welcome-finance-3.html

[082stewie]

Hiya Andie,

 

Is there any news on your end? Im getting the silent treatment from Welcome these days.

 

I knew you were a girl by the by..

 

What happened on friday with Post? Was anything discovered that would change our paths?

 

Im still gunning for the PPI claim and re-write on my policy. Thats my focus these days, but something one of the accountants that looked at my contract stated.

The breakdown of commisions on brokerage fee...and interest charged. You have to be made aware of commisions and what makes up the brokerage fee, that was news to me. So im going to start checking that out with the FOS.

 

Did you read the posts the other day i listed about Mis-sold PPI and how the FOS are ruling, even with compensation.

 

Stew

[andie_303]

Stew PM'ing you

[andie_303]

 

Did you read the posts the other day i listed about Mis-sold PPI and how the FOS are ruling, even with compensation.

 

Stew

 

And yes I did see this - mine is with the courts though so I'm gonna tot up all my phone bills internet bills postage time and everything for a nice big fat costs addition!!

[mojo8]

just reading through some welcome blogs on the net and found this, cant belive what they get up to. They should be stoned and flogged in public.

 

 

 

got to say this, as an ex-employee, be very careful of this company. not only are their rates extortionate, not only do they press as many "added value" products onto you as they can, not only do the "massage" the application information to get deals approved, not only do they bully their own staff, they will kick you once you are down. they have a policy to "re-write" or "re-start" bad debt. so once your car or house is sold, they will contact you to re-start the finance, with a new contract over up to 120 months! in other words, you are going to be an interest slave to welcome for the rest of your life! eventually, when you have re-started 2 or 3 new contracts and still cannot keep up payments and when you finally realise you are going to end up paying £15,000 on a £1,000 loan, they will call you out of the blue and offer to write off 50% of the debt (which already includes 5 or 6 or more years additional interest) They also charge £20 per call and £50 per visit so add another £1750 for "admin fees". So my advice, just stop paying the welcome loan now! don't wait, they will bleed every penny out of you. There is no such thing as debtor's jail. they cannot do anything to you, just stop paying that extortionate loan. Now!

 

Ill gladly throw the first stone.

[082stewie]

Hi mojo,

 

firstly are you a boy or girl?

 

The snippet is good and whoever wrote it is a bit tense. Although the numbers are incorrect, essentially the person is right. Welcome lock you in and before you know its a life long commitment that isnt a happy one!

 

Where did this come from ? Are there any other interesting snippets we should be looking at.

 

Stewie

[mojo8]

hi stewie, dont worry im a guy and i too am looking forward to my night out tonight.

i just typed into google,"welcome finance forums ,blogs" and i just trawled through them as you never know what you may find. Im just trying to find anything that may help our cause.

[mojo8]

Just found another good one.

 

CARE to ANYONE thinking to dealing with this lot.

I am an Ex - employee.

ALL INSURANCES are OPTIONAL. Don't allow Staff to con you into thinking YOU have to take Insurance! YOU Don't. YOU cxan legally demand to have teh insurance (& interest charges on the insurance) WAIVED (assuming it was missold, or you were told you had to have it). Complain to Welcome then the Financial Services Authority. It may take a few weeks, but you can save £thousands.

 

YOU Are protected by LAW! Pass this on to ANYONE you know. ALso....

ANYONE who has taken a secured Loan with this lot can probably get the loan waived (in FULL) & you DONT Have to pay it IF you didnt receive a FULL Cooling Off Period!!). Welcome usually ONLY give 5 - 8 days Cooling Off, however the law states 15 days UNLESS you decide to break it!

 

IF you are enticed into breaking you can still get your loan waived!!! Just speak too FISA or Trading Standards in Nottingham!

Please pass on to everyone.

 

I work here & this lot are a joke when it comes to playing by the rules.

[biddy65]

Just found another good one.

 

CARE to ANYONE thinking to dealing with this lot.

I am an Ex - employee.

ALL INSURANCES are OPTIONAL. Don't allow Staff to con you into thinking YOU have to take Insurance! YOU Don't. YOU cxan legally demand to have teh insurance (& interest charges on the insurance) WAIVED (assuming it was missold, or you were told you had to have it). Complain to Welcome then the Financial Services Authority. It may take a few weeks, but you can save £thousands.

 

YOU Are protected by LAW! Pass this on to ANYONE you know. ALso....

ANYONE who has taken a secured Loan with this lot can probably get the loan waived (in FULL) & you DONT Have to pay it IF you didnt receive a FULL Cooling Off Period!!). Welcome usually ONLY give 5 - 8 days Cooling Off, however the law states 15 days UNLESS you decide to break it!

 

IF you are enticed into breaking you can still get your loan waived!!! Just speak too FISA or Trading Standards in Nottingham!

Please pass on to everyone.

 

I work here & this lot are a joke when it comes to playing by the rules.

where did you find this one?

[postggj]

Gday All

 

Andie/stewart/dipply

 

Seems We Have Rattled A Few Cages With That Message,

 

They Tried To Buy Me Off As Well

[mojo8]

just got this off the "which" site

 

Since January 2005, the sale of payment protection insurance (PPI) policies has been regulated by the Financial Services Authority (FSA).

The FSA’s rules are very clear about what firms and advisers selling PPI should do at the time the insurance is sold to you.

Information you should have been given

 

If some or all of this information was not made clear to you either before or at the time you agreed to take out the insurance, then you have grounds to complain.

• If PPI was optional on the product you bought, this must have been made clear.
  
• The adviser should have made you aware of any significant policy exclusions and checked whether any of these exclusions applied to you.
  
• The adviser should have made it clear how much the policy would cost and whether the PPI would be paid for by a single up front premium, or by regular premiums.
  
• If it was a single premium policy, then the adviser should have made it clear that the cost of the insurance would be added to the loan or finance agreement, and that you would pay interest on the insurance premium.
  
• If the insurance expired before your loan or finance agreement, the adviser should have made it clear that this was the case and (in the case of single premium policies) that you would continue to pay interest on the insurance premium after the insurance had expired.
  

Pressure sales

 

If an adviser tried to persuade you to take out PPI by saying something like ‘we strongly recommend that you consider taking out PPI’, the sale has moved from a ‘non-advised’ to an ‘advised’ sale.

If this happened to you and you did not receive a demands and needs statement (see below), then you have grounds for complaint.

There are certain additional requirements on firms and advisers that carry out ‘advised’ sales.

With an advised sale the adviser must assess whether you need PPI, considering your circumstances and any existing insurance you might have. The adviser must also assess whether the policy, including its costs, is right for you.

Meeting your needs

 

If the policy does not meet all your needs, perhaps because of one of the exclusions, the adviser must clearly tell you which of your needs the policy will not meet and must take this into account when considering whether to recommend the policy to you.

For advised sales

 

With advised sales, the adviser must issue a demands and needs statement to show why a particular policy has been recommended and why it is suitable for you.

Firms or advisers giving advised sales must keep records showing that a suitable recommendation was made, and recording any demands and needs that might not have been met.

Don't give in

 

The company may try to wriggle out of upholding your complaint by saying that all this information was provided to you in writing after the sale. If it does do this, then don't be put off – if they broke the rules, they broke the rules – which means you can complain.

The rules are very clear that you must be given a certain amount of information at the time you are buying the insurance so you can make an informed decision about whether the insurance is right for you or not.

If you weren't told about things like cost and policy exclusions until after you had bought the insurance then you couldn't take these things into account when make your decision.

[mojo8]

where did you find this one?

 

Welcome Finance - Blagger.com - The place to leave feedback and comments about companies you have used

[traz39]

i have just read they appointed a new finance manager yesterday why would they do that if going bust

[postggj]

means nothing

 

post a link to that please

[andie_303]

Postggj - pos a little off subject for you but you know any good caggers on HR and employment law??

[postggj]

ill dig out my old threads

 

i believe rory has commented a few times

[Dipply75]

Hi all

 

Andie, did a bit of that trawling, shouldn't be too hard to get that info btw. Looking forward to seeing what next week brings, but have to go start the transformation now....its a bit more work nowadays lol

 

Happy Sat night everyone, Beer we go!

[andie_303]

ill dig out my old threads

 

i believe rory has commented a few times

 

Thanks post - particularly looking for someone that can help with sham redundancies

[pt2537]

Elche and Ellenn are very good on employment law

they are both professionals in that field as far as i know

[andie_303]

Elche and Ellenn are very good on employment law

they are both professionals in that field as far as i know

 

Thank you - have started a thread so hopefully they'll drop by

[traz39]

means nothing

 

post a link to that please

lse board

[postggj]

traz

 

take with a pinch of salt

 

ive herd nothing

 

if true it will be the shortest job offer in history after results are anounced on monday

[traz39]

yesterday i told u about my credit file looked today it has been wiped off totally gone

[jacksi]

Just been reading from the welcome finance blaggers page, its well worth a read too much to copy and paste.

Great find mojo

[bandape]

This week I sent a letter to Welcome saying their agreement is unenforceable (thanks to PeterBard) and I would not be paying anymore, no reply from them yet!! Can I still claim back PPI that was missold? Or does the fact the agreement is unenforceable work both ways? I feel quite bitter that I paid over £6k on something I could never claim on.