26 Feb 2015

A question about : Is Welcome Finance going bust?

Hope I'm posting this in the right place. My partner & I have a loan with Welcome Finance & we recently applied for a new loan (part of it to pay current one off). We've been accepted no probs but they've now made 4 separate appointments for us to go in and collect the cheque & each appointment has been cancelled with the excuse of our systems aren't on-line or working right now, can we re-schedule. 1st appointment my partner took time off for & wasn't told they'd cancelled the appointment, next one that got made was cancelled when he turned up, again, taking time off & having no call to mention cancellation, 3rd time was yesterday & he called to confirm but they re-scheduled to today, he called this morning to make sure the appointment was going ahead & again, he was asked to call back (now actually!) because systems were still down! That's 3 weeks now the 'systems have been down'.

Forgive me for blabbing on but if I had a Company the size of Welcome & my computer systems had been down for more than 3 weeks, I'd call in a specialist or at least get Head Office to help deal with it. On the first appointment we actually got told three different stories, one was the computers were down, well, not in fact down but the system was incapable of correctly calculating a settlement figure (erm...), next was the Manager no longer worked there (?) & finally they don't make appointments after 3pm (all appointments bar today have been made by them for 4pm!).

Does anyone have any info as to whether these could be going up the creek without paddles & making excuses for it??? IMHO, Why keep a branch open that's incapable of, well... anything?

Best answers:

  • They are a sub-prime lender to high risk borrowers.
    They are themselves therefore a sub-prime borrower as far as the money markets are concerned.
    They will be having great difficulty in getting funds to lend at the moment!
  • We did wonder about that quite honestly, but it would be nice if they would be upfront about it so we can go elsewhere. Desperately need the money to pay off a recent legal bill! I suppose that as long as they have us in their grasp they won't fob us off to anyone else.
  • dont think so by the amount i got of them yesterday
  • Well strange that you say about computer problems, I phoned them on Tuesday just gone and going through the application they guy asked me what my job title is, so I reply "I.T Support Engineer", he says "Ah Christ we could do with you down here, sorting out our systems lol" so yes they have just had their systems upgraded and yes they are having problems, don’t think they are in trouble yet.
  • I think Welcome finance could do with going bust.. Theres a hell of a lot of posts on these boards, re; extortiant interest rates with Welcome.
    I know sometimes they may 'seem' to offer a way out for some people. But from what i have read from others after hindsight, they would have kept well away from Welcome.
  • (Got the cheque off them on Friday - finally!)
  • A friend of ours works in a car dealership in the sub-prime finance dept and he told us that two weeks ago Welcome pulled out of offering car finance to them altogether. I don't think it was because they were going under, just didn't want to lend car finance to sub-prime due to the increased risk.
  • Hi,
    I have just come off the phone to http://www.motorcarcredit.co.uk/ and they have told me that welcome fianance has infact gone bust.
    i said to the guy on the phone that i wanted to avoid finance with them as i had so much trouble a few years ago, with them taking 6 months to replace a blown head gaskett on a car that blewup on the way back from their bristol showroom.
  • I do not think Welcome will have gone bust. They have certainly pulled out of the dealership market place and I think they are solely lending on cars bought from their own forecourts.
    If they had gone bust they would be closing all their offices and I am not aware of them doing this. They have a fairly large book of loans and will want to recoup as much of that money as possible.
  • I think you are correct Brock. There is a definite need for lenders like Welcome, without doubt. The real issue is that companies like Welcome take advantage of borrowers and are more prone to disregards regulations and laws.
    In the end that will be bad for the lenders themselves as they are leaving themselves wide open for agreements to be challenged.
    In the end the lenders is this market will have to see that they would have been better off doing the job correctly in the first place.
  • Aren't Welcome Finance though the biggest arm of Cattels that went into administration earlier this week?
  • I really do not think it is as simple as that. I keep saying this and will continue to. If ther lenders get their house in order and become aware of the law and enshrine it their businesses there will be no claims and no complaints and they will have the right to utilise the law to enforce their agreements.
    However, while they continue to run rough shod over the borrowers and seek to make as much as they can from selling overpriced , useles products such as single premium ppi to bump up the coffers they will always come undone, especially when they flount the law while doing so.
  • Could be the whisper of goverment caps on interest rates charged lets hope,
    Also Feel this 6 year credit file is tooooo long, you only get a criminal record for 5 years for gods sake,,,,,,,,,,,,, anyone for a petition
  • Applied for a Welcome loan beginning of December, we have adverse credit and they were only company that could help. We filled in relevant paperwork, signed credit agreement, everything was in order, but had to call them every few days to get an update as the final stages ie - receiving cheque was taking ages. This was over the Christmas period ( we were previously assured we would have cheque in time for Christmas) Every time we called they said they had a back log of loans to process, but not too worry as it would be sorted out by New Year. I had called them on several occasions and got the same story up-to Monday. I called again today and was advised that they were not processing anymore loans and everyone in their office had been made redundant. I was devastated, we were really relying on this. They must have known the situation weeks ago, and if we had been informed we could have gone elsewhere.
    I wondered if anyone has been in the same situation with Welcome, or in fact received their loan?
    Today I have tried other loan companies to no avail, and was passed to a Debt Management advisor, who said he would sort out three of our creditors , but we would need to give them Ј250 per month, although it would save as Ј300 per month.
    Is this a good idea?
    We are also 2 months behind in a car loan, and are considering selling the car. We are aware if it is returned to the :confused: :confused: :confused: finance company and sold we may still have a deficit to pay, which isn't ideal - Can we sell it ourselves?