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"I've heard about it, but never witnessed it"

A review of Welcome Finance by Dresseduploansharks - Tuesday 31st of July 2007

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I was helping a mate move out of his house last week, when I happened upon a Loan Agreement, that has thankfully been voided. A representative offering a Welcome personal loan visited him. My mate explained that it was a strange kind of meeting, a guy came to see him, and didn't really talk about the loan, conditions or much about the finance. They seemed to have a lot in common, he did a lot of the same things in his spare time as my friend did.

Before he knew it, the document had been signed (which thankfully, is void if not signed at the business premises). The document reads as follows:

Amount of credit for cash advance: £1,000
Amount of credit for insurance and 'settle loan': £621.47 (consisting of £175.00 personal accident plan and £446.47 payment protection)
Duration of agreement: 36 months
Monthly payments: £86.64 per month
Number of monthly payments: 36
APR (variable): 61.49%

So, lets get this right...

1. A total of £3,119.04 repayable. So pay the original loan back to them, once a year for three years.

2. Pay 61.49% APR even though you are taking out 62% of the original £1,000 borrowed in financial insurances.

My advice on this is, do not borrow money from this company whatever your personal circumstances may be. If you are visited at home by a representative, then do not sign any agreements until you can gain advice from your Local Citizens Advice Bureau, a solicitor, or such like.

Another useful website it this:
http://www.moneymadeclear.fsa.gov.uk/
Published by the Financial Services Authority.

Due to the way it was attempted to be pushed on a unsuspecting friend and the sheer fact that I have now got this unbelievable document in my possession... the tenacity to also levy charges of a £15 setup fee, £10 per telephone call or letter, £20 non-payment, and £25 for a 'home visit'... I am going to make it my personal mission to totally discredit the company by publishing its own documentation on the internet... even at my own considerable cost.

Shame on the Directors of this organisation and the families that support them in their work.

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