Are Welcome really struggling this much?

[merlin100]

Hi all, I have a 4 year agreement with Welcome regarding a car. The last payment is due July this year.

Never missed a payment, never paid late.

Today I got a call from them ( first one ever). Being a bit suspicious, (ok, Im really the original cynic), I was expecting them to try to get me to renew the agreement in some way, but no, they told me that I owe £1300+ over the next five months ( yes, we knew that thanks very much) but would I like to settle today for £100 less?

Are they scraping the barrel here?

[izzitme101]

It's entirely possible, if your sure you have no late payment fees or anything else on there, that they may well be genuine, i had the same with a black horse finance a couple of years ago.

Although i would check it if you have ppi that may have been mis sold, although i would also say that if your happy with it, and wont have any problems, just continue as you are till its paid, or save yourself a hundred quid.

[pookeymonkey]

As a lot of Welcome loans or finance deals will be coming to the end of their cycle soon Cattles, who own Wlecome are probably trying to wrap them up quicker.

 

The sooner they are all paid the quicker they can get rid of the remaining staff!!!!!!!!!

 

For me it would be worth £100 just to bugger up their plan, or you could try and negotiate even more off!

 

Pookey

[postggj]

Try 50 % discount

[merlin100]

Well, I could afford to pay them off if I wanted to, but Im off fishing for a week at the end of this month, and the missus is dragging me to Turkey AGAIN!! in July, so I think I will hang onto the cash, and anyway, postgg suggests it may bugger-up a few of their plans - I like that one so will go with it.

Cheers all.

[dadofholly]

Appears Welcome are in Default - think ill send them a default notice on my claim.

 

http://www.wfs.co.uk/

[merlin100]

Hi all,

I posted something similar to this a while back but cannot find that post anywhere - so this includes an update.

 

I have a Welcome agreement that finishes in July (2011). All payments have been paid by DD on time - not one has ever been missed or paid late. Consequently, Welcome have never contacted me ( obviously they have never had reason to).

A couple of months ago I got a call from them asking if everything was ok (?) and would I like to settle early for a small discount? Couldnt do it at the time so everything was left as it was.

 

Now, a couple of months on, Ive had a total of 11 calls ( 5 answered, 6 missed). Each answered one has been to ask if I have been happy with the service provided and do I have any complaints? I did mention the rip-off interest rates but that was met with a ungodly guffaw!

Anyway, I really am beginning to smell a big rat here - why would they start ringing after all this time and with such frequency?

The thought has crossed my mind that maybe they are racking up phone call penalties for me ( £20 a time)? And that I may get stung on the last payment?

I really cannot think of why, after all this time, they would start ringing me.

Maybe its all innocent ( what, Welcome)? and I shouldnt be too suspicious, but then this IS Welcome.

Any one any ideas?

Cheers all.

[postggj]

are you getting a yearly statement from welcome

its a legal obligation now

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?297048-Are-Welcome-really-struggling-this-much&highlight=

 

dx

[merlin100]

Hi dx, in the four years of this agreement Ive only had one statement - and that only had 9 months payments on it. That was maybe a year ago and showed no problems.

[just_jue]

Perhaps you should send them a letter every time they ring charging them £25 per phone call for your time. Bet they would stop ring you then

[MrZ]

Appears Welcome are in Default - think ill send them a default notice on my claim.

 

http://www.wfs.co.uk/

 

They have admitted mis-selling me insurance. I refused their initial offer and sent them my offer. They have been terribly quite since then. I recently sent a letter repeating my final offer. Nothing as of yet. Wonder if there is anything left in the pot for me? Would love to put them in default myself!

[cerberusalert]

They have admitted mis-selling me insurance. I refused their initial offer and sent them my offer. They have been terribly quite since then. I recently sent a letter repeating my final offer. Nothing as of yet. Wonder if there is anything left in the pot for me? Would love to put them in default myself!

 

http://www.bbc.co.uk/news/business-12624895

[MrZ]

http://www.bbc.co.uk/news/business-12624895

 

The FSCS did send me a questionaire, but then replied saying becuase my policy was taken out in 2003 that I had to dezl with Welcome directly. I told them I had no reply from my offer, they suggested I sent a followup letter, which was my final offer. I was just about to start the work on claiming back the MIF, may not be worth my efforts if they have no money.

 

There is a suggestion in the forum that the FSCS are paying compensation back to Welcome if the loan is still active, regardless of arrears or not. That would make since if they are that far upside down...£1 billion plus!

[just_jue]

Are Welcome scrapping the barrel? - well in August I vt'd my car with them and they wrongly worked out that I owed the £5.85 and I had 4 phone calls and they passed it on to their 'high risk' department before I proved I owed them nothing.

[merlin100]

Hi all,

well, its the last payment to Welcome this month and good riddance!!

A while back I posted that they were trying to get me to settle early ( only by a couple of months) but now theres another tactic that has got me really curious and wondered if any of you had an answer.

 

Yesterday I got another call from them. There only another week to the last payment but this guy wanted to know if I would settle early. I told him I couldnt afford to ( I can, but sod them anyway).

But then he asked if I would set up the last payment by credit or debit card ( I pay by DD and always have).

Again, I told him I couldnt afford to.

Now heres the dodgy bit - he told me that if I would give him my card details, he would set up a "post-dated" payment to be taken around the payment date of the DD anyway????

Now, as this was definately out of order, and this guy had a Nigerian-type voice, I simply put the phone down and hes never rung back.

I then checked the number he rang from and its definately Welcome.

 

I think Ive ruled out the possibility of a potential [problem] due to confirming the phone number, so does anyone have any idea why Welcome appear to be really scraping the barrel here considering the account has never been in arrears or suffered any late payments?

Thanks all

[steven4064]

There is the temptation to ascribe Machiavellian intentions to Welcome's actions. Has it ever struck you that they may just be stupid?

[steven4064]

Perhaps their team are being incentivised to get people to settle early. Obviously the pressure is on in your case as time is running out....

[BRIGADIER2JCS]

I think that with their current precarious financial status they are

trying to get as many payments ''on the book'' to improve

their outlook.

Edited July 13, 2011 by BRIGADIER2JCS

[cerberusalert]

Worse case scenario... you give them your card details they inadvertently take unauthorised payments due to clerical error. You complain, they continue to make clerical errors and continue to take unauthorised payments. Eventually, if you are lucky, you get your money back.

 

Multiply this a few hundred times.

[PGH7447]

Probably the phone drone wanted to take the credit for closing an outstanding account, so he got a bonus

[BRIGADIER2JCS]

I think Welcome are going under, so probably strapped for cash.

 

See post#4:madgrin:

[DonkeyB]

Doing very badly. Ooops. I almost cried.

 

http://www.credittoday.co.uk/news/news-item.cfm?news=2333#content

[steven4064]

Doing very badly. Ooops. I almost cried.

So I see

[merlin100]

Worse case scenario... you give them your card details they inadvertently take unauthorised payments due to clerical error. You complain, they continue to make clerical errors and continue to take unauthorised payments. Eventually, if you are lucky, you get your money back.

 

Multiply this a few hundred times.

 

Now THATS the scenario that DID cross my mind.