welcome pulling the plug?

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hello guys have heard a rumour this morning that welcome are slowly pulling the plug and are only letting 3 or 4 of the uk's largest brokers package cases for them?

maybe pie in the sky have you heard anything,

[LoanMachine]

Hi,

Haven't heard anything myself - been on the phone to some smaller brokers this morning who haven't mentioned anything - doesn't mean it won't happen though!

Wouldn't be overly suprised... the likes of Central Capital and Bright Finance will still have them I'm sure.

Chris
Providing Secured Loans for Homeowners and Tenants including debt consolidation

[LoanMachine]

Apparently Welcome have not been at full speed for about 5 weeks now and are cutting some of their plans.

Chris
Providing Secured Loans for Homeowners and Tenants including debt consolidation

[bigjimmi]

Hi,

Yes, Welcome finance (HP) have stopped dealing with all dealers and brokers. Note, this doesn't effect welcome "car" finance.

A lot of car finance brokers will have or are going out of business.

A sad day for the sub prime hp market really, there will be thousands of people effected by this across the country, including the likes of ACF car finance who mainly lend welcomes money.

[john-pp]

Not sure where this is coming from really. I guess it's to do with Welcome "tightening" up on quality of late and some affiliates getting the boot.

There is obviously a lot of uncertainty due to "the crunch" but with the B.O.E's new initiative I reckon things should start to ease pretty soon.

Yes, Welcome finance (HP) have stopped dealing with all dealers and brokers.

bigjimmi - can I ask where you came by this information?

--
john-pp

[tuna-fish]

bigjimmi - can I ask where you came by this information?


john-pp

A communication from Welcome was sent to all their brokers yesterday mate.

[helpinhand]

from info arriving from different brokers i deal with welcome have not stopped dealing with all brokers, and finance companys, but merely tightening things up a little.

they are still letting 4 of the uk's biggest company package for them and also letting others but this will be a set amount each month until this crisis is got under control.

loads of rumours flying around about welcome and thats why i put it to you guys on here to see what you had heard, but saying that we have had 3 completed secured loans from welcome in the last 3 days?

so we will have to wait and see

[dunryc]

Hi,

Yes, Welcome finance (HP) have stopped dealing with all dealers and brokers. Note, this doesn't effect welcome "car" finance.

A lot of car finance brokers will have or are going out of business.

A sad day for the sub prime hp market really, there will be thousands of people effected by this across the country, including the likes of ACF car finance who mainly lend welcomes money.

First hello to all members here I have been a lurker for a while but not really had anything to offer of relevance to the posts. I have been informed today by ucan car credit (car craft) we can no longer hotkey to them due to the above information. Will this sort of problem also affect welcomes unsecured loans or are these pretty safe for the moment ?

thanks for listening

[nozza_784]

Dear Dunryc,

I am too a lurker so its good to see there are a few of us!!

It is my understaning that Welcome unsecured will remain unfazed by this but it does seem the HP stuff has been put to bed until the "crunch" subsides.

Interesting to note is that they may start to force large affiliates down the packaging route in order to cut margins. Just a thought of mine really.

anyone else like to add???

[bigjimmi]

Just to confirm what I know, Welcome finance (hp) has 100% gone no brokers or dealers - I personally know 5 of the largest welcome brokers who have to shed more than half of there staff to try and remain afloat.

This has not effected welcome car finance and the secured/unsecured side of welcome. As welcome hp didnt deal with affiliates - welcome car finance did, I doubt it will effect the affiliate side of thing just yet.

As they have pulled out of the biggest dealers such as approved car finance and car craft (ucancarcredit) this may effect there programs as there isn't anyone left that will write welcome sort of business.

No one is packaging welcome hp deals any more regardless of size.

Hope this helps, it will be interesting to see what happens in the next 12 months with subprime hp....

[Mike_M]

As they have pulled out of the biggest dealers such as approved car finance and car craft (ucancarcredit) this may effect there programs as there isn't anyone left that will write welcome sort of business.

I think both approved and ucan offer affiliate programs on multiple networks - does this mean that at the end of the month affiliates of these merchants will be stung with sky high rejection rates as a result of recent events?

Any network/agency dealing with these 2 companies care to comment?

[abc]

I can only confirm what i am sending to welcome and assume next month i will still be able to sell them..

Personal Loans..

Secured Loans..

but secured borrowing criteria changed from £50k to £20k last week for affiliates..

no decrease in payouts and i have had no problems..

but all i am is an affiliate and drive traffic to them so i dont get to know very much..

[JayFCF]

Rick you an "affiliate" or a "lead supplier"?

[abc]

Rick you an "affiliate" or a "lead supplier"?

BOTH.. and an "Introducer" and a Lead Generator

Rick