WATCH OUT FOR WELCOME FINANCE AND YES LOANS - HotUKDeals
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WATCH OUT FOR WELCOME FINANCE AND YES LOANS

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I recently applied for a so called "no credit check" loan, with both welcome finance and yes loans via the internet. To start off, with welcome finance, all you do is fill in a short form, asking for … Read More
yogibear83 Avatar
8y, 1w agoPosted 8 years, 1 week ago
I recently applied for a so called "no credit check" loan, with both welcome finance and yes loans via the internet. To start off, with welcome finance, all you do is fill in a short form, asking for personall details, how much you want to borrow and how long you want to borrow it over, then as if like magic, you get a phone call from an operative, informing you that your application has been sucsessfull, and all the paperwork will be sent out in the post for you t5o check, sign and retutrn to them in believe it or not a pre paid envelope (so far so good, i thought, i will have the money for the car i wanted by next week).

So the forms arrived, i checked all the facts and figures where correct, signed it and returned it asap, as i wanted the money as quick as possible. so a week passed, and i hadnt heard anything from them (welcome finance), me being the inpatient type, rang them on a premium rate number to find out what was happening, and why i hadnt recieved my money like the advert stated-within 48 hours. i was informed that my application had been rejected by some of the companies that they deal with, how ever there was this one company who where willing to offer me the money i wanted but at a higher APR, what the hell i thought, i really wanted this car so i didnt mind paying a bit more APR than usual.

So within a couple of days i recieved a new agreement to sign and return, with this agreement however, was a letter from welcome finance instructing me to pay a sum of £49.75 for admin costs, once the payment had been recieved then i would get my loan money. So i paid the fee, and signed and sent off the agreemnent.

Over a week had passed now and i still hadnt had the funds put into my bank account. by this time i was getting very annoyed, so much for the 48 hour payout!! so i called them again, and again and again, all they did was pass me from pillar to post, finally i got put through to someone who i could understand, bear in mind that i am calling a premium rate number.

It turns out that my application had been diclined, because of my poor credit score. So i had wasted all that money on phone calls, and £49.75 on there so called admin charge, i was so angry, it was as if i had just been robbed.

There answer was that the admin charge was non-refundable wether a loan application was sucsessfull or not. So why tell me that i could have the money in the first place!!!

So my message is to all those who read this, dont have anything to do with welcome finance, they are all a bunch of robbing b£$T%Y^ds.

A similar thing happened with yes loans, they sent me a letter asking me to pay an admin charge, so i tore the letter up and put it in the bin!! so beware of this company too.

hope you all enjoy reading my post.

sorry if there any 5s or 6s any where, my keyboard is about on its last legs and when ever i press the letter "t" a 5 appears, if i press "5" a t appears, the same happens with "Y" and 6!!
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yogibear83 Avatar
8y, 1w agoPosted 8 years, 1 week ago
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#1
That is not good I hate it when companies do this sort of thing Scum all of them i say:x
#2
i used to work for a loan broker who used welcome as a lender....was never aware of the admin charge at all! but we did have to read a disclaimer to the customer about the credit checks...although we were also trained on objection handling to talk the customer round if there was any objections to the credit checks, is it possible someone told you but confused you into agreeing anyways?

Cant offer much more help, its mental how much companies like that rip people off, welcome were also renowned for the payment protection insurance being very high....in fact we used to organise loands with them for people, then call back in a couple of months to offer them another one (to cover the 1st one with a different lender....perhaps everything above was in the small print somewhere along the line.
would be careful with the yes company...you dont want the charge with the bailiffs :)
#3
yes loans have been operating without a licence for the last year too-saw it on the news yesterday.
#4
use
[url]www.saynoto0870.com[/url] in future for alternatives when calling premium numbers

sorry to hear this...it really is disgusting how low they will stoop
#5
Read about the "dodgy" side of Yes loans here

http://www.walesonline.co.uk/news/wales-news/2009/05/17/loan-boss-putting-the-public-at-risk-91466-23640596/

The guy running it even makes MPs look honest !
#6
guilbert53
Read about the "dodgy" side of Yes loans here

http://www.walesonline.co.uk/news/wales-news/2009/05/17/loan-boss-putting-the-public-at-risk-91466-23640596/

The guy running it even makes MPs look honest !



very interesting read, sounds like there is nothing the authorities can do, well if MPs are ripping off the system then whats stopping a non MP from doing so!!

thanks for the link.
#7
Just had problem with welcome finance , have been paying for a car for six years as had to reduce payments due to illness, all in all have paid 14.400 for a car which was only 9.000 when purchased then to be told we still owe 5.000 , welcome finance are robbers , every payment of 140 they take 50 interest which was already added on at start of loan??????
#8
jools64
Just had problem with welcome finance , have been paying for a car for six years as had to reduce payments due to illness, all in all have paid 14.400 for a car which was only 9.000 when purchased then to be told we still owe 5.000 , welcome finance are robbers , every payment of 140 they take 50 interest which was already added on at start of loan??????

with all due respect. read what you are signing when you buy a car/take out a loan. They offered to loan you the money at an interest rate that you deemed acceptable at the time.
1 Like #9
Sebas111
jools64
Just had problem with welcome finance , have been paying for a car for six years as had to reduce payments due to illness, all in all have paid 14.400 for a car which was only 9.000 when purchased then to be told we still owe 5.000 , welcome finance are robbers , every payment of 140 they take 50 interest which was already added on at start of loan??????

with all due respect. read what you are signing when you buy a car/take out a loan. They offered to loan you the money at an interest rate that you deemed acceptable at the time.

Yep. Also, for anyone stumbling across this thread by googling Welcome / Yes - never be tempted to part with your cash when applying to borrow some off someone else. It doesn't cost anyone £50 to do a credit search - they're simply praying on the desperate. If they 'wanted' to help you, they'd simply add the admin fee on to the loan.

Edited By: miikeyblue on Jun 19, 2014 15:31: .
#10
Hi I have been struggling with money as I'm a disabled man and can't work I got behind with my bills because I'm on ESA and I had to go for an atos health care cheque up and afterwards they told me that the department for works and pensions would be in touch and when I got the letter through i couldn't believe that atos told them I was OK to work and scored me no points . and they had stopped my money for 8 weeks I did start to get something because I appealed and then I took them to court and I won but my bills were messed up so I started lookw at pay day loans the problem is I have done so many and now I am not sure which one it is that is giving me 30 days free then afterwards they take £15 every month unless I ring and cancel I not sure if it's yes that has all my bank details and my visa debit card number .I only found out yesterday about the scamming because I got a call also from a company who said that I was entitled to £8000 pounds free called a government grant and then gave me a reference number and telephone number and said if I ring and quoted the reference number and my name I will have the money into my account within 45minutes the phone number is 02032392742 I never rang because my friend told me its a scandal and the people who rang are male and a female and were Indian. I'm
really worried I was also told they are to do with this yes company would any one no many thanks sorry its long winded regards littlejohn
#11
beardeddragon
Hi I have been struggling with money as I'm a disabled man and can't work I got behind with my bills because I'm on ESA and I had to go for an atos health care cheque up and afterwards they told me that the department for works and pensions would be in touch and when I got the letter through i couldn't believe that atos told them I was OK to work and scored me no points . and they had stopped my money for 8 weeks I did start to get something because I appealed and then I took them to court and I won but my bills were messed up so I started lookw at pay day loans the problem is I have done so many and now I am not sure which one it is that is giving me 30 days free then afterwards they take £15 every month unless I ring and cancel I not sure if it's yes that has all my bank details and my visa debit card number .I only found out yesterday about the scamming because I got a call also from a company who said that I was entitled to £8000 pounds free called a government grant and then gave me a reference number and telephone number and said if I ring and quoted the reference number and my name I will have the money into my account within 45minutes the phone number is 02032392742 I never rang because my friend told me its a scandal and the people who rang are male and a female and were Indian. I'm
really worried I was also told they are to do with this yes company would any one no many thanks sorry its long winded regards littlejohn

Sorry to hear about your situation.

I just googled that phone number, and it is indeed a scam, just have a read of some of the comments here:

http://whocallsme.com/Phone-Number.aspx/02032392742/3

They're another company that take money off you offering the promise of a government grant, which never materialises.

With regards to the rest of your post, it's a little confusing. Are you struggling to repay Yes?

Edited By: miikeyblue on Jun 25, 2015 06:38
#12
Yes I took took a loan out in June 2006 with Welcome Finance to consolidate debts for £20,000.00 and still owe them £16,000.00 after all this time. Bearing in mind I've been paying them £325.00 a month and never missed a payment. Still got six years to go too. Tried to get repayment of missold PPI but they just denied all knowledge so it got referred to FSCI and that may take up to 2 yrs to get a response apparently. Don't ever use them!!!!! They prey on the vulnerable.

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