Welcome Finance - This company needs to be banned.

[Sol]

Can a PLC survive with a low share value?

[Rabbi Burns]

Are welcome allowed to pass your loan onto someone else without your permission, is this not breaking data protection

[Sol]

I don't know if it's agaist the law, as long as your existing contract is honoured.

 

I know the Student Loans Company sell old debts now and then to the private sector.

[jamiethemac]

Just out of interest, why are they in so much trouble? They make such a huge amount through APR/PPI etc, the profit they make on every loan they sell is huge! So why all the problems?

 

I've got just over a year left on my loan and nobody's contacted me about transferring to another lender..........yet.

[andie_303]

Just out of interest, why are they in so much trouble? They make such a huge amount through APR/PPI etc, the profit they make on every loan they sell is huge! So why all the problems?

 

 

At a guess I would say that they have been having to wipe off a lot in court cases and the OFT finding against them etc...plus in these times I guess a lot of people are defaulting so they're not getting their ridiculously high apr amounts....what a shame

[eeeezzzyy]

I think also there is an increase in people getting entire loans written off due to dodgy PPI selling, etc also the credit crunch must be seriously hitting Welcome.....what a shame, oh well ill be adding to there troubles next month !!!!

[Sol]

Yep it's more than likely to do with the extremely poor administration at Welcome that's caused this.

 

I'm sure we all know what lies they come out with and the worst thing is, it's not just a few branches, it's all over the UK!

[eeeezzzyy]

Oh yes ill agree with you on that one !!!....Id love to see the staff training programme they give you !!!

[Sol]

It's interesting to see how Cattles are doing so badly and Provident are doing really well. It's obviously their model of doorstep collection that's keeping them going.

[andie_303]

Oh yes ill agree with you on that one !!!....Id love to see the staff training programme they give you !!!

 

It'll go something like...

 

"Don't worry if you don't know the answer....make it up"

"If they say no, do it anyway"

"If someone comes to complete paperwork at the office the minimum time you must keep them there is 4 hours"

and lastly but most important

"pick up the post.......and throw it in the bin"

[eeeezzzyy]

Well they can throw my post in the bin from March 1st because they wont be recieving any money from me...i usually pay them via my debit card so ive been a clever boy and ordered a new debit card from my bank to cover my arse in case those slimey gits have got my card details written down somewhere.....after hearing of cases of Welcome just helping theirselves to money from peoples accounts !!!

[Rabbi Burns]

Sorry to go on, but I am really confused about this.

 

If you sign an agreement with Welcome then you have a contract with them.. If they do go down the pan, and are selling their debts to other companies, would you not need to sign a new contract with that company?

 

If you just stopped paying and they went bust is there anything they could do about it.

 

Thanks for your help

[Sol]

No Rabbi as long as the T&Cs are the same or you're mde aware of them beforehand then they can sell your debt to another company. It already happens when companies sell debts to debt collection agencies.

[felixflyer]

So Cattles owes RBS £500m.

 

Are we not all part owners of RBS now?

 

Hmm. I think we should be adding on extortionate interest to the £500m & putting on extra charges and fees every month. Hit them whilst they are down like they do.

 

I wonder if they took out PPI?

 

Seriously, we should not let Cattles be bailed out by the tax payer. This is not Barclays or HBOS. These guys are the **** of the financial industy and our taxes should not be wasted on the likes of them.

 

As many people as possible should email Alistair Darling at

[email protected] and make this clear.

Edited February 22, 2009 by felixflyer

[eeeezzzyy]

Christ knowing the labour party they will go and bail Cattles out !!!

[eeeezzzyy]

Im not gonna get into a political debate on here...saying that i hate Labour with a passion, but getting back on track your right companies like Welcome Finance and their dodgy practices need to "policed" much better, but i like yourself was silly enough for one reason or another to sign on the dotted line with them, but the last year or so i have become a lot more sensible and smart with money and now yes i realise companies like welcome are just rip off merchants !!!

[felixfly]

'When I visited their offices, I was shocked at the state of their office and when I went to the toilet, there was no soap or toilet paper.'

 

Ahh so thats what happens to all the CCA's then;-)

[eeeezzzyy]

Not to mention all the letters, SAR's, they get sent...and "never recieve" !!!...Oh well if they dont for some reason "recieve my SAR" in March (along with the 4 letters) they mysteriously have not recieved then they will get no money !!!...Lets see how they react then.

[welcome/not]

iv just been reading some ov the stuff about,and it just confirms my suspicions about the company,they dont give a toss,and r bullies,i borrowed 2,500 k payin back 144 a month im just glad i didnt borrow eny more. iv got behind on my payments due to personel stuff,i had a very unpleasent phone call 2day off 1 ov those bully boys who spoke 2 me in a way words can not describe,customer relations dont really dont care,they speak 2 u like u r sumthing off the shoe,i would advise eny1 not 2 use this company.and im goin 2 take my complaint as far as i can.........

[chrisb333]

Have I just read their share price right?

Were they really £3 as short a time ago as May 08?

This must surely be the end.

Ended at 4.13p today.

What a mess.

LoL

[Sol]

Yeah they were high, but due to the banks not lending they're in trouble. I assume the bans used togive them lee-way before, which they aren't now.

[eeeezzzyy]

Blimey i never realised the share price was that high, such a short time ago !!! Oh well onwards n downwards for Welcome. !!!

[Voda]

An update on Welcome Finance/Cattles

 

Welcome Finance Gives Cattles A Prod (from The Herald )

[eeeezzzyy]

I weep for poor old Welcome...NOT !!!...Is it me or are Welcome getting more and more desperate by the day ???

[banannaman]

Hi all i have been reading through all the post and have found some really good information but i was wondering if any one can offer me some advice. I took out a £2000. loan with WF back in Feb 04 and i was paying £161. p/m for 2 years. I cant remember what insurances i had tho. During the course of the 2 years i missed 5 payments in total. Around the time that i should of finished paying my loan i had a call to advise me that as i had arrears on my account i would need to call into my local office to sign additional paperwork to stop my account being passed over to credtors and i only had a few days to do this. I went into my local branch and signed the paperwork but what i was actually signing for was a top up loan (I didnt know this at the time as im not good at reading things and was in a rush) and it now means i am paying £34.00 p/m for 5 yrs. Is there anything i can do about this as i have misplace both contracts that i signed due to moving house. Any help or advice would be appreciated.

 

 

Oh on another note have just received a letter from them stating they are putting up their charges from £20 to £25 and any statements we request will be £10. as they will provide an annual one. Think they are trying to get more money!!