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Welcome Financial Services (WFS)

User Review

for Welcome Financial Services (WFS)
3 Stars A Not So 'Welcome Finance' Deal
25 of 26 Ciao Users found the following review helpful See ratings
Recommendable: No

Advantages there when you need finance

Disadvantages dont want to know, if you fall i'll

Detailed Rating

Efficiency of service
Competitiveness of charges/rates
Staff courtesy Good
Promptness of service Good
Online - Content/organization of site Average
Online - Reliability/speed of site Average
Online - Ease of applying for products Good
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The Author

dreamscancometrue

Author's newest reviews

Welcome Financial Services .
On my own Families personnel experience, I just cant bring myself to give Welcome Finance a good rating.
8 years ago now, we took out a personnel loan with them, and also financed the purchase of a second hand car through them as well.

My Husband was working full time and well paid, but because we had both gone through previous marriages which had left us both with financial difficulties, as far as a credit rating was concerned Welcome Finance was one of the few options available to us.

We took out Insurance cover encase of any mishaps along the way, including injury and redundancy cover, the Loan was to be paid back over 2 years and the Car over 3.
All was going well, until one day about a year later, my Husband, picked up my little girl, to put her on his shoulders, there was a funny cracking sound, and my husband shouted for me to get my Daughter of him quickly, We thought he had just twisted his back awkwardly, and with a couple of days rest, he would be okay, but this was not the case, he tried to struggle on for a couple of days, but could hardly stand up, but he wouldn't give up, eventually I found him on the bathroom floor in agony, enough was enough, I called an Ambulance, he hadn't twisted anything, he had broken his back.

When we finally got sorted, we contacted Welcome Finance about our dilemma, although they sounded sympathetic, we were horrified to learn, we were not covered for Back injuries and we would have to meet the payments.
Now on Incapacity Benefit and unable to get Disability allowance, because they say he might possibly be cured, our income took a dramatic nose dive, and we found it difficult to meet any of our financial obligations.
Welcome finance called us in, and said not to worry, they would Halve our payments, we tried to sustain these payments for about 6 months, but were still finding it really difficult, so they lowered our payments even further, we really struggled to meet them, but my husband was a proud man and wanted to try and pay of his debts.

4 ½ years of payments went by, the car had now stood for over 3 years as nobody could drive it, my husband asked me to make enquires as to how much we had left to pay.

The Car had only cost £2000, and the Loan was for £1000 and don't forget we had been making payments for 4 ½ years, I was told we still owed approximately £5000 on the car and about £800 on the loan, I couldn't believe my ears.
They said it was because we had defaulted on payback terms and were being charged a massive rate of interest, because of this, as it happens, the monthly interest was more than we were making in payments, so the debt was never coming down, but constantly increasing.

We called in the Citizens Advice Bureau, who put a lawyer onto the case, he his certain that what they have been doing isn't quite legal, and has been requesting, all the paper work from them so he can check all their alterations. Which to this date, they still haven't returned, after loads of requests, they have always managed some excuse or another.

A total of nearly 8 years have now passed by, and still no end result as yet, The Car is completely rotten and an Health hazard, We have asked Welcome finance on several occasions if we can scrap the car, but the only reply was, if we did, it would be deemed as stealing, as the car belong to them, until we had finished paying for it, so we asked them to fetch it back, but this they refuse to do, unless its in full working order.

My Husbands back has healed to a small extent, and with assistance he manages to hobble about a bit, but the break and healing process caused a lot of damage to his nervous system, which caused him to have a break down and hair loss, he suffers from panic attacks, and is finding all this pressure almost impossible to deal with, but do Welcome Finance Care? Not one bit, Until further notice, they have had to accept a £1.00 per month, which should take about 70 years to pay back, so it looks like our kids, may have to finish it off.

Welcome finance on the face of it, may seem to be the all helping company, but if you fall into any difficulties, be warned, they don't give a shit.

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Comments

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Previous page Next page Page 1 of 6 | 1 - 5 out of 27 comments
  • lou0506 19/02/2010 20:28

    A fantastic review, we too have used them to finance a car, but we didn't take out the payment protection... I hope ur husband is doing wel! Serves them right only having to accept £1 a month!!!

  • KateHurst 25/08/2009 17:36
    Rated this review as
    Very Helpful
  • greendaystar 30/10/2008 02:10
    Rated this review as
    Somewhat Helpful

    Sorry to hear about what you consider a bad experience. I worked for this company in the head office as a department trainer for 3 years (admin not sales) and although i do not feel that it is ethical to give out sub prime loans, you have got to remember one major factor; Read the small print. Read the T&C's. Read the leaflets. Ask questions before committing. Welcome are regularly audited by the FSA and the FSA are happy that they are fitting to rules and regulations. If all small print had been read initially, you would have been fully knowledgable of the worst case scenario. We all do it, im not gonna lie. When did i last read T&C's - i dont think i ever have. You need to realise also, although it is an awful situation that you are in, staff that work in the Welcome branches hear the same stories all the time, at the same time being fully aware that if the customer had read everything they received, they would realise that they signed away to the conditions. Welcome have let you cut your payments but you complain. If they cut them anymore, the term would be even longer and the overall cost would be more. Its a vicious circle but you were the people that signed that dotted line. I hope your situation improves soon.

  • sallycinnamon78 23/07/2007 02:45
    Rated this review as
    Very Helpful

    Oh my! That is appalling - sorry to hear about your bad experience.

  • tuftie 27/06/2007 15:27
    Rated this review as
    Helpful
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