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9 replies

sanAndreas · 29/09/2008 11:40

Has anyone had any dealing with this company?

I applied for a loan with them about 5 wks or so ago. Signed the forms etc and sent all my proof of income. However, they contacted me to say they needed proof of my child benefit and tax credits. I told them i would send my next bank statement when it arrived showing these details. I was told that was all i needed to do and my loan was accepted and as soon as they had this info they would pay out.

Anyway, then it all went wrong. I got my statement about 2 wks ago and i sent it straight off, stupidly i sent the original statement and not recorded delivery. What an idiot. I also sent it to the wrong office. Anyway, i have rang basically everyday and asked if they have recieveed it but no they have not. I was assured that even though it went to the wrong office it would get to them but there would be a delay.And that was all they were waiting for to process my loan. AT the end of last wk one of the people at Welcome finally agreed with me that it appeared that the statement had got lost in the post and could i send another one. So i have requested another statement from the bank and am still waiting for this to arrive.

Then Saturday i receieved a letter from Welcome returning all my proof of income and telling me my loan had been declined as i dont meet the criteria! What the hell has gone on? I tried ringing to see if they had recieved the statemnt and then declined my loan, but no, they still havent got it. Im really confused now. Have i been turned down because they havenet recieved that statement, or have they somehow changed their mind?? I am not getting any joy when i ring them all they say is write for an explanation. I am furious. Please can someonme who knows about this stuff help me?

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NotDoingTheHousework · 29/09/2008 11:44

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whoops · 29/09/2008 11:46

I had a loan with them years ago and from what I remember they charged a stupid amount of interest so they may have saved you from paying back well more than you borrowed

sanAndreas · 29/09/2008 11:48

Oh i know that the interest rates are high but i have no choice really i wont be able to get a loan from the bank, no chance. Im just nad they led me to beleive it was all sorted.

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nervousal · 29/09/2008 11:52

Is there a credit union/CDFI you can use? Your local council welfare advisors might be able to point you in direction of cheaper lenders?

sanAndreas · 29/09/2008 11:56

oH I dont know nervous. I ahvent looked into that.

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sanAndreas · 29/09/2008 12:10

Does anyone who maybe works in this business have any idea why i might have suddenly been declined??PLease!

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sanAndreas · 29/09/2008 12:32

Anyone please?

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ExtraFancy · 29/09/2008 12:45

Hi, I worked as a temp for this company in 2005. I can't remember much about the application process (was only there for 2 months, on the phones dealing with remortgage quotes) but I think they might automatically decline an app without proof of income after 28 days. So basically because they hadn't seen proof of your tax credits, it got declined.

I agree with the previous posters though...they are nasty shoddy loan sharks

amazonianadventure · 29/09/2008 13:03

I was with them a few years back and id stay away,they used to turn up at the door looking for payments,i had just had my son and their office was up stairs so it would be half four time so i could get someone to stand with the pram while i ran upstairs.

Have paid them off and wont be back

M y most recently loans have been from the creit union but you have to be with them 13 weeks before being elegible for a loan

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