Welcome Finance - This company needs to be banned.

[eeeezzzyy]

Ha Ha Ive seen the PC's in the Welcome Office's...trust me they look like they've salvaged them out of an electrical skip !!

[traz39]

perhaps thats y then lol i was going to ask for a reduction to pay it off early but dont know whether i ought to wait and c what happens whats anyone think about it?????

[miziwizzi]

quote"

GAP can be used for a used car if the vehicle is financed in a way in which you owe more than the car's current value and thus have negative equity in the vehicle.

GAP insurance is beneficial when the value of a vehicle, whether new or used, depreciates if you still own money on the loan or lease. When you owe more on your vehicle than it is worth this is termed being up-side on the loan and GAP insurance can help you if your car is declared a total loss during this time.

 

GAP coverage provides for the difference between the actual cash value(ACV) amount paid out by your primary insurer if your vehicle is a total loss or stolen and the amount you still owe on the loan or lease. "

 

ie - the statement of insurance for GAP mst have the true actual cash value of the vehicle and not just the amount you are paying.

 

 

Omg can not believe the size of this thread! just read over 300 pages.

 

Found this post of great interest, we got HP loan with welcome for around £3000 to purchase a £11000 meaning we put down £8000 in cash. They basically forced hubby to take gap saying no gap no loan.

[welcome finance warrior]

Na something is defo going on down at Welcome...

 

It hasnt even been 12 days since I made a complaint and asked for my SAR. Since then I have had a man on the phone form WF saying he will be my "Complaints Co-ordinator", even rang the Contact Centre and low and behold the complaint has even been included on the file (entitled miss-sold PPI)...

 

TO LITTLE TO LATE...

 

Then just received a letter through this morning confirming the complaints procedure from WF even got a leaflet from them that contains information from the Financial Ombudsman....

 

...Could this be the effects of the new management trickling through.

 

I also phoned to cancell the V.T agreement becuase since my SAR they have been very keen to collect the vehicle (four phone calls and collection dates). According to WF they don't RAC inspect the vehicles anymore, they just get collected and go straight to auction...

 

...but this still begs the question...Why So Keen To Pick Up My Vehicle? I mean there is some poor sods on here who have had their vehicles sat on their drives ages, rotting whilst welcome won't respond to their V.T's...

 

...could it be that welcome realise that they haven't got a copy of the original agreement, realise this and want to take the car before i default the whole agreement=the car is mine for nowt

 

No chance. No vehicle till I receive my SAR WELCOME.

Edited July 11, 2009 by welcome finance warrior

[mojo8]

Omg can not believe the size of this thread! just read over 300 pages.

 

Found this post of great interest, we got HP loan with welcome for around £3000 to purchase a £11000 meaning we put down £8000 in cash. They basically forced hubby to take gap saying no gap no loan.

 

 

There are two forms of Gap

1. VRIP...this is a policy designed to put you back to square on so if the vehicle is an insurance loss the underwriter will give you what the insurance doesnt give you ...ie....bought a car for 11000 and its written off and the insurance pay out £7000..the policy will refund to you £4000, this puts you back at square one.

2. Finance Gap.. this pays off the outstanding amount of finance at the point the car is a loss.

 

If you have put down an £8000 deposit and borrowed £3000 and they have sold you the Gap policy then you have every right to go to the FSA as you have clearly been mis-sold a policy.

 

Whatever you would get back from the insurance company would clearly cover the oustanding balance on you finance so Gap would not be required....the policy that they should have offered if it was available to them should have been VRIP because as it stands at the moment..if your car is a loss then once you have paid off the finance with your insurance payout, all you will have its what is left.... you have been well stung here..

[eeeezzzyy]

Na something is defo going on down at Welcome...

 

It hasnt even been 12 days since I made a complaint and asked for my SAR. Since then I have had a man on the phone form WF saying he will be my "Complaints Co-ordinator", even rang the Contact Centre and low and behold the complaint has even been included on the file (entitled miss-sold PPI)...

 

TO LITTLE TO LATE...

 

Then just received a letter through this morning confirming the complaints procedure from WF even got a leaflet from them that contains information from the Financial Ombudsman....

 

...Could this be the effects of the new management trickling through.

 

I also phoned to cancell the V.T agreement becuase since my SAR they have been very keen to collect the vehicle (four phone calls and collection dates). According to WF they don't RAC inspect the vehicles anymore, they just get collected and go straight to auction...

 

...but this still begs the question...Why So Keen To Pick Up My Vehicle? I mean there is some poor sods on here who have had their vehicles sat on their drives ages, rotting whilst welcome won't respond to their V.T's...

 

...could it be that welcome realise that they haven't got a copy of the original agreement, realise this and want to take the car before i default the whole agreement=the car is mine for nowt

 

No chance. No vehicle till I receive my SAR WELCOME.

Nice to see someone else taking a stand...ive not payed since March nor have any intention of, ive SAR em sent me letter after letter CCA requests....the result...silence

My balance was has not gone down in nearly two years i only found out after getting a statement in Jan of this year like a mug id been happily, blindly paying month in month out......

THEN I DISCOVERED THIS SITE :grin:

[DanDesperate]

B-O-2

 

I have replied to your PM....thanks

[welcome finance warrior]

hi Eeeezzzzy

 

Yea me too. Can't believe i found this site it really helped me out.

 

I've been quite fortunate really though, coming out of my agreement at the end of all the trouble. Thankfully Welcome is making everyone silly offers now, what with the impending doom of litigation looming over for misssold PPI, which means i can get out of the agreement and the relationship i have with welcome relatively unscathed...

 

...meaning i can tuck tale and run...BUT I'M NOT GOING TOO...

 

I've read this thread almost twice takes a full day up. And every time i read it angers me to read about all the people over the years who have been ripped off and abused by Welcome, especially at the time when Welcome was flying high sith the shares etc...

 

AS A RESULT I FEEL IT MY CIVIC DUTY TO GIVE WELCOME, DG AND NU AS MUCH AGRO AS IS POSSIBLE OVER MY FRAUDLENT AGREEMENT.

 

...i suggest everyone else on hear who as ever recieved help does the same...GOOD ON YOU EEEEZZZZZYYYYY and GOD BLESS POST GGI

[MarkieMark]

Dont trust them.. they are not the sort of company you can trust...

[welcome finance warrior]

...obviously Welcome will do there best to screw my credit rating, so in anticipation of this and in expectation of the demise of my credit rating i applied for one of those Capital One Credit Cards and guess what i got accepted...

 

...at 34% apr of course...

 

Yippie...

 

...oh how the young never learn, but hey ive justified it...

 

...consider this...

 

...i expect my credit rating will be hammered when I default the agreement upon (not) receiving my SAR, so thought I'd try my look now rather than later...

 

Seems sadly ironic that the only agreement i havn't scammed in my entire life was [causing problems] me big time...

 

...aint Karma a bitch...

[EBOY]

Would there be anyway of getting everyone's dealings with welcome removed from their credit ratings given the pending fallout from Welcome's antics.

 

Did you read the post on another board that the default rate for welcome maybe over 50% and rising! If ever a company deserved a taste of their own medicine it is welcome.

[welcome finance warrior]

Would there be anyway of getting everyone's dealings with welcome removed from their credit ratings given the pending fallout from Welcome's antics.

 

Did you read the post on another board that the default rate for welcome maybe over 50% and rising! If ever a company deserved a taste of their own medicine it is welcome.

 

Post GGI will be able to comment on this better than i, as can alot of others, but i believe that under the CCA, the minute an account is brought into dispute by the consumer then it literally freezes until the "default can be remedied" if indeed it ever can be...

 

...That means any defaults appearing on your credit file by asaid company would be unlawful and would therefore be actionable by you. You could also apply for the defaults to be removed...

 

like I said i think this is the current position, but hey were dealing with WF and i believe they will just knock the hell of your file, evidenced by the fact that even though they wont reply to your default notice they will still send default letters (at a cost of £25) demanding payment every month. It seems reasonable from this that they would also be contacting the credit reference agencies 28 days after you receive your WF default letter, if you haven't paid...

 

...YES its wrong and illegal but do they give a fcuk...

 

...i wouldn't worry too much from what i can gather from other posts they don't have the staff or resources they use to...meaning less trigger happy jobworths pressing the destruct button on their (unhappy) customers credit files.

[postggj]

evening al

 

just seen this on the cattles discussion board

 

seems our continued pressure on ppi is starting to upset quite a few people

KEEP IT UP

 

 

ets face it un suspention of the shares is pointless anyway the shares aren't worth the paper they are printed on ctt will most likely never make a profit again thee bad debt inside wfs is far worse than first expected £700 in extra provisioning is as at end of dec 08 there will be far more provisioning required for the period since then no matter what has been said everyone inside wfs knows that bad debt has got far worse since then and with no new lending since end of jan (almost none) the bad debt percentage must be well into the 50 if not fast approaching 60% mark ctt owe approx £2.8bill best way bad debt is 50% of £3.2bill even if it all pays back in the future (which it won't) then we would be £1.2bill short thats without all the PPI misale claims which we are currently stalling on and claims on un-enforceability of loans, unfair charges etc. Face it, its a case of collecting as much back in the next 3-6months to pay back as much of what we owe as possible then wind it down. Anyone that works in WFS operations should have realised that Wednesday when the new blueprint came out

Edited July 11, 2009 by postggj

[jdene]

I was lumbered with Welcome through an internet broker who was supposed to get me the best deal for car finance but stuck me Welcome and the rest is history, but dose anyone think it is worth sending a complaint to these jokers as they obviously worked in thier own interests not mine and then wiped thier hands of it all.

Just think I may be able to get back any commisions they recieved from Welcome.

jdene

[postggj]

If The Broker Got Commission For Which I Know He Did,

And It Was Not Declared On The Agreement

The Agreement Will Be Null And Void

 

Its Called Undisclosed Commission Payments

 

Have A Read And Join The Q

A Few Cases Are In Court At The Moment Where Disclosure Orders For The Underwriting/commission Sheets Have Been Requested

 

Its Just A Short Waiting Game Now But Get Your Complaint In Asap Before They Go Bust

 

THE COMPLAINT IS WITH WELCOME NOW BUT HAVE A FRIENDLY CHAT WITH THE BROKER

ASK HOW MUCH COMMISSION HE WAS PAID FROM WELCOME

IF HE GOES INTO DEFENCE MODE, SAY YOU WILL SAR HIM AND CLAIM BACK DIRECT FROM HIM

 

THEN SAY ITS WELCOME YOU ARE AFTER, NOT HIM BUT YOU WILL GO LEGAL IF NEEDS BE

[miziwizzi]

Post GGI will be able to comment on this better than i, as can alot of others, but i believe that under the CCA, the minute an account is brought into dispute by the consumer then it literally freezes until the "default can be remedied" if indeed it ever can be...

 

...That means any defaults appearing on your credit file by asaid company would be unlawful and would therefore be actionable by you. You could also apply for the defaults to be removed...

 

like I said i think this is the current position, but hey were dealing with WF and i believe they will just knock the hell of your file, evidenced by the fact that even though they wont reply to your default notice they will still send default letters (at a cost of £25) demanding payment every month. It seems reasonable from this that they would also be contacting the credit reference agencies 28 days after you receive your WF default letter, if you haven't paid...

 

...YES its wrong and illegal but do they give a fcuk...

 

...i wouldn't worry too much from what i can gather from other posts they don't have the staff or resources they use to...meaning less trigger happy jobworths pressing the destruct button on their (unhappy) customers credit files.

 

 

 

Hubby's file has been marked as defaulted march this year, in actual fact we had not paid them for 2 years prior, disputed gap insurance issue, but hubby against my advice made 2 payments this year, accepting wat welcome promised.

 

No default notice received,no statement of account for over 2 years but file marked as defaulted.

[jdene]

Hi Postggj

I have a complaint in with the FOS but it has been with them for months now and still waiting so was going to send a last chance to pay up letter to Welcome before they go through, then try the court route but afraid it will affect the FOS or the other way round a bit confused to be honest, as you know I have the evidence in black and white from the SAR documents they sent me, just trying to work out the next step to sort it before they sell the debts on or call recievers in.

 

jdene

[postggj]

miz

 

get the sar in quick

i mean quick before they go bust

 

never believe a single thing welcome say unless in writing

[traz39]

the systems werent able to calculate a settlement figure today he said they have problemss

[traz39]

i was going to pay up early get a reduction but might wait n c what happens

[miziwizzi]

miz

 

get the sar in quick

i mean quick before they go bust

 

never believe a single thing welcome say unless in writing

 

 

Its on route, I have all the original documentation from start of loan, bet they dont!!!

[postggj]

Hi Postggj

I have a complaint in with the FOS but it has been with them for months now and still waiting so was going to send a last chance to pay up letter to Welcome before they go through, then try the court route but afraid it will affect the FOS or the other way round a bit confused to be honest, as you know I have the evidence in black and white from the SAR documents they sent me, just trying to work out the next step to sort it before they sell the debts on or call recievers in.

 

jdene

 

give the fos a little more time

they are well aware of welcome

 

the prob i had when i took welcome to court was the judge said i should have gone through the fos first

no difference though as i still won but give it a little longer

 

the fos does take its time

[jdene]

Thanks postggj its good to have another perspective it helps enormously I will give them a bit more time nothing to lose as I havent paid them for months.

jdene

[postggj]

jdene

 

every complaint that goes to the fos from people who have been shafted by welcome has been upheld

thats a fact

 

its a pity it can take anything up to a year to be sorted

 

at least at the end they will have to ammend your credit file and take off all the crap they put on

 

on that note

welcome do it as routine, that is trashing your credit file

 

makes you keep going back to them

[postggj]

a little statistic for you

 

What's more, the Ombudsman reported that 80% of the PPI complaints it received from customers were being upheld. This compares with 32% for insurance complaints overall, 32% for buildings insurance, 43% for motor insurance and 34% for travel insurance.