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FAQs

Welcome Financial Services Limited (trading as Welcome Financial Services and Welcome Finance) (“Welcome Finance”)

I’ve seen notice that Welcome Finance is going into liquidation

  • What is liquidation?

    Liquidation is the process by which a company’s remaining assets are realised and distributed to creditors to satisfy, as far as possible, their claims. The term winding-up is also used. Liquidation is a terminal process, resulting in the dissolution of the company at the end of the liquidation.

  • Why is Welcome Finance being placed into liquidation?

    As part of a wider restructuring of its financial obligations in 2011, Welcome Finance entered into a scheme of arrangement with certain of its creditors (the “Scheme”), which became effective on 2 March 2011.   Since then, Welcome Finance has complied with the terms of the Scheme and wound down its business (including by completing the sale and collect-out of parts of its loan book (the “Loan Book”)).

    As a result of taking those steps, the directors of Welcome Finance recently concluded that the next and final phase of the restructuring was for Welcome Finance to enter Liquidation.

  • Who are the proposed liquidators?

    It is proposed that Ed Boyle and Ben Leith of KPMG LLP, 15 Canada Square, London E14 5GL and Sarah Rayment of BDO LLP, 55 Baker Street, London, W1U 7EU be appointed Joint Liquidators. Ed, Ben and Sarah are licensed insolvency practitioners.

    Ed Boyle and Ben Leith are authorised to act as insolvency practitioners by the Institute of Chartered Accountants in England & Wales.

    Sarah Rayment is authorised to act as an insolvency practitioner by the Insolvency Practitioners Association.

  • What do the liquidators do?

    The liquidators realise the assets of the company and distribute them for the benefit of the creditors as a whole; acting in the best interests of all such creditors. In addition, the liquidators have a number of statutory duties set out in the Insolvency Act 1986, as amended and the Insolvency (England and Wales) Rules 2016.

  • When will the liquidation commence?

    A meeting of creditors is being held at the offices of Freshfields Bruckhaus Deringer LLP, 65 Fleet Street, London EC4Y 1HT on 16 December 2019 at 2pm (London time) to approve the appointment of liquidators and to form a liquidation committee. The notice of the meeting, proxy form and proof of debt claim form necessary in order for creditors to vote can be found at www.wfs.co.uk/liquidation.

  • How do I vote at the meeting of creditors on 16 December 2019?

    A creditor can vote in person by attending the meeting, or by proxy (i.e. where someone votes on his or her behalf). A proxy form and a guide to completing it are available to download at www.wfs.co.uk/liquidation If you intend to attend the meeting to vote, please notify us in advance by emailing liquidation@wfs.co.uk stating that you intend to attend and vote at the meeting in person. You will still be required to complete a proof of debt form and a voting form in order to submit your vote, so please arrive early so that we may assist you with this if necessary.

  • How do I complete a proof of debt form in order to submit my claim?

    A proof of debt form and guide to completing it are available to download at www.wfs.co.uk/liquidation.

  • I am a customer or former customer of Welcome Finance and have/believe I have a complaint against the company and am owed redress. What should I do? How do I calculate my potential redress claim?

    Customers who have already made a complaint seeking redress against Welcome Finance before the company enters liquidation should receive notice of the creditors’ meeting to be held on 16 December 2019 together with a proxy form and proof of debt form. These forms are also available to download at www.wfs.co.uk/liquidation. If you wish to continue your complaint against Welcome Finance once it is in liquidation, you must complete and submit a proof of debt form (either now or before the claims submission deadline which the liquidators will announce once they are appointed).

    If you believe you are a creditor and would like Welcome Finance and/or the Joint Liquidators (when appointed) to calculate any claim for you, do not enter an amount in box 4 on the proof of debt form.

  • How can I obtain a paper copy of the directors’ report and statement of affairs?

    If you would like to receive a paper copy of the directors’ report and statement of affairs, or any other document which is published on www.wfs.co.uk, please contact the Welcome Finance Customer Relations Team using the below contact details:

    Phone: 0333 999 9510

    Email: liquidation@wfs.co.uk

    Post:
    Customer Relations
    Welcome Finance
    Mere Way
    Ruddington Fields Business Park
    Nottingham
    NG11 6NZ

  • I have submitted my proof of debt form and/or proxy form but want to amend it – can I do so?

    If you want to amend your claim form, please contact the customer service centre at liquidation@wfs.co.uk or on 0333 999 9510 to provide them with your amended details.

    Please note, if you wish to change your voting form in relation to the creditors’ meeting being held on 16 December 2019, you may only do so prior to the expiry of the voting period which is detailed in the notice (the notice can be downloaded from www.wfs.co.uk).

    In order to change your voting preferences, please email the customer service centre at liquidation@wfs.co.uk to provide us with this information. Your voting preferences will not be updated if you resubmit your preferences using the voting form, and they can only be updated by emailing the customer service centre directly.

  • I have missed the deadline for voting on the liquidation resolutions – can I still vote or claim?

    The deadline for voting on the resolutions to be considered at the creditors’ meeting on 16 December 2019 is 16:00 hours on 13 December 2019. Only proxy forms which are received before this deadline, together with a valid Proof of Debt form, will be counted. Proxy forms and Proof of Debt forms are available to download on this website (www.wfs.co.uk).

    If you miss the deadline for voting and submit your vote afterwards, it will not be counted. However:
    - IT IS NOT NECESSARY FOR YOU TO VOTE ON THE LIQUIDATION RESOLUTIONS IF YOU DO NOT WISH TO DO SO, and
    - IF YOU DO NOT WISH TO VOTE, BUT DO WISH TO MAKE A CLAIM AGAINST WELCOME FINANCE, IT IS NOT NECESSARY TO SUBMIT YOUR PROOF OF DEBT FORM BEFORE THE VOTING DEADLINE OF 16:00 HOURS ON 13 DECEMBER 2019.  ONCE THE LIQUIDATORS HAVE BEEN APPOINTED THEY WILL SET A SEPARATE DEADLINE FOR THE SUBMISSION OF CLAIMS FOR DIVIDEND PURPOSES.

  • I was a supplier to Welcome Finance – how can I vote on the liquidation resolutions?

    If you were a supplier to Welcome Finance and have a claim for unpaid invoices (per Welcome Finance’s records), you will be contacted by post to invite you to submit your unsecured claim in the liquidation and to vote on the liquidation resolutions.

    If you have not received any correspondence from Welcome Finance inviting you to submit a Proof of Debt claim form or proxy form, but believe you do have an unsecured claim in the liquidation and wish to vote, please email liquidation@wfs.co.uk to request a Proxy Form and Proof of Debt form, through which you will be able to provide details of your claim. Alternatively, you can download the forms at www.wfs.co.uk.

  • I am a Scheme Creditor – how does the liquidation affect me?

    Welcome Finance remains bound by the terms of the Scheme of Arrangement, and the Scheme of Arrangement will remain in place in parallel to the liquidation. The liquidation is a “Scheme Certified Liquidation” as defined in the Scheme. You will continue to receive notifications from the Scheme Supervisors in respect of any further distributions payable to you in respect of your Ascertained Scheme Claims. You will also receive notifications from the liquidators following their appointment regarding the liquidation of Welcome Finance.

  • I am a Scheme Creditor – can I vote on the liquidation resolutions?

    If you are a Scheme Creditor with an Ascertained Scheme Claim, and have a claim in the liquidation in respect of your Ascertained Scheme Claim, you will be contacted by post and/or email to invite you to submit your claim in the liquidation and to vote on the liquidation resolutions.

    If you do not wish to vote on the liquidation resolutions, it is anticipated that your Ascertained Scheme Claim will be admitted into the liquidation on your behalf, and no action required by you. Further communications will be sent to you in this regard during the liquidation.

  • What is happening with my complaint against Welcome Finance that is currently with the FOS?

    Welcome Finance is aware that the Financial Ombudsman Service is working to resolve as many outstanding complaints against Welcome Finance as possible prior to the commencement of the liquidation. Following the commencement of the liquidation, the liquidators will enter into dialogue with the Financial Ombudsman Service to agree what impact the liquidation has on any new complaints referred to the Financial Ombudsman Service during the liquidation, and on any existing complaints that it may still be dealing with.

  • Can I use a Claims Management Company to bring a redress claim on my behalf?

    If you are currently using a Claims Management Company (“CMC”) to assist you in relation to a complaint or redress claim against Welcome Finance, please make sure that you consider the scope of their services, how much it will cost you and whether this is needed. If you believe you are a creditor and would like Welcome Finance and/or the Joint Liquidators (when appointed) to calculate your claim for you, please do not enter any amount in box 4 on the proof of debt claim form.

    Customers should note that any fees which a CMC may charge them for handling their complaint will not be reimbursed by Welcome Finance, nor can they be included within the value of any claim against Welcome Finance.

My Welcome Finance or Shopacheck account has been sold to a new Company

  • Why was my Welcome Finance account sold?

    As part of the close down of Welcome Finance, periodically certain loan balances accounts were sold to other finance companies. Welcome Finance was allowed to sell these loan balances under the terms and conditions of your agreement.  The new finance company is bound to continue to manage your account in full accordance with your original terms and conditions.  You should have received a letter from both Welcome Finance and the new finance company advising of this change and you should contact the new finance company if you wish to discuss your account further.

    If you have not received any correspondence from Welcome Finance inviting you to submit a Proof of Debt claim form or proxy form, but believe you do have an unsecured claim in the liquidation and wish to vote, please email liquidation@wfs.co.uk to request a Proxy Form and Proof of Debt form, through which you will be able to provide details of your claim. Alternatively, you can download the forms at www.wfs.co.uk.

  • Why was my Shopacheck account sold?

    As part of the close down of Welcome Finance, in March 2014 Shopacheck was sold to Perpignon Ltd. Welcome Finance was allowed to sell Shopacheck under the terms and conditions of your agreement. Perpignon Ltd will continue to manage your account in full accordance with your original terms and conditions, via a company called Morses Club.  You should have received a letter advising of this change and you can now contact Morses Club on 0330 045 0713 or write to them at the following address to discuss your account further:

    Morses Club, Kingston House,
    Centre 27 Business Park,
    Woodhead Road,
    Birstall, Batley
    WF17 9TD

    If you have not received any correspondence from Welcome Finance inviting you to submit a Proof of Debt claim form or Proxy Form, but believe you do have an unsecured claim in the liquidation and wish to vote, please email liquidation@wfs.co.uk to request a Proxy Form and Proof of Debt form, through which you will be able to provide details of your claim. Alternatively, you can download the forms at www.wfs.co.uk.

I am a Welcome Finance customer

  • What is happening with Welcome Finance and the FSCS?

    On the 2nd March 2011 the FSCS (Financial Services Compensation Scheme, a government agency) declared Welcome Financial Services ("WFSL") in default. This was because the firm was unable, or likely to be unable, to pay in full claims against it in relation to PPI and other Insurances. WFSL sold a substantial number of PPI and other Insurance policies to its customers, and a declaration of default opened the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim against the FSCS.

    The FSCS is responsible for PPI and other Insurance claims against WFSL for all policies sold on or after 14th January 2005. The FSCS is responsible for all decisions on claims, which are made in accordance with FSCS rules.

    Any PPI and other Insurance claims against WFSL for policies sold on or after 14th January 2005 that are submitted to Welcome Finance will be admitted for voting purposes only. Thereafter your claim will be passed to the FSCS. The FSCS is responsible for all decisions on claims, which are made in accordance with FSCS rules. If you do not wish to vote, but believe you have a claim to make please contact the FSCS Customer Services Team directly on 0800 678 1100 or 0207 741 4100.

    If you have not received any correspondence from Welcome Finance inviting you to submit a Proof of Debt claim form or Proxy Form, but believe you do have an unsecured claim in the liquidation and wish to vote, please email liquidation@wfs.co.uk to request a Proxy Form and Proof of Debt form, through which you will be able to provide details of your claim. Alternatively, you can download the forms at www.wfs.co.uk.

  • What should I do if I have claims relating to policies both before 14th January 2005 and after 14th January 2005?

    If your claim relates to a policy sold before 14th January 2005 you should contact us directly on 0333 999 9510.  If you also have a claim relating to a policy sold on or after 14th January 2005 you may vote as above and will then need to contact the FSCS Customer Services Team on 0800 678 1100 or 0207 741 4100.

  • How does the liquidation of Welcome Finance affect my loan?

    Welcome Finance ceased collecting outstanding loans on 31 October 2019 (this only relates to loans which have not been sold/transferred to a third party) and the Welcome Finance bank account has been closed. No further interest or charges are accruing. You should not make further payments against your loan.

    If you submit a valid claim in the liquidation, any outstanding loan balance will be automatically set-off against your valid claim and only the net amount (if any) of your claim will be accepted in the liquidation.

  • Can I continue to pay off my loan by bank transfer or standing order?

    Welcome Finance ceased collecting outstanding loans on 31 October 2019 (this only relates to loans which have not been sold/transferred to a third party) and the Welcome Finance bank account has been closed. You should not make further payments against your loan.

    If you submit a valid claim in the liquidation, any outstanding loan balance will be automatically set-off against your valid claim and only the net amount (if any) of your claim will be accepted in the liquidation.

  • I'm moving home, what do I need to do?

    You should let us know your new contact details as soon as you know you are moving house. You can do this by contacting us.

  • Can I access my personal information?

    Yes. We understand that sometimes paperwork goes missing. So, whether you’ve moved house and your filing is hidden under a pile of boxes, or it’s just plain lost, you should know that you have the right to get a copy of the information that we hold about you – all we need to know is what you would like.

    You can contact us in a number of different ways to get information about your accounts:

    Contact method

    What can we provide?

    Phone:
    0333 999 9510

    Our Customer Relations Team can give you verbal confirmation of your account details; things like your payment information, whether you purchased Payment Protection Insurance with your loan, updates on complaints / queries etc.

    Post:
    Customer Relations
    Welcome Finance
    Mere Way
    Ruddington Fields Business Park
    Nottingham
    NG11 6NZ

    You can also write to us and request paper copies of documents related to your account.

    E-mail:

    info@wfs.co.uk

    Just like when you send us a letter through the post, we can consider information requests by e-mail – so long as it’s secure.

    If you’re writing to us to request your information, to avoid any delay in us responding to you, please bear the following in mind:

    What information would you like?

    Request

    Fee

    Response Time

    A copy of the Credit Agreement for your personal or Hire Purchase loan and an up to date statement of account.

    Consumer Credit Agreement Request (CCA)

     

    £0.00

    12 Working Days

    (regulatory response time)

    A copy of the Regulated Mortgage Contract for your secured loan and an up to date statement of account.

    Regulated Mortgage Contract Request

     

    £0.00

    12 Working Days

    (usual response time)

    Everything we have.

    Data Subject Access Request (DSAR)

    £0.00

    30 Calendar Days

    (regulatory response time)

     

    What information do we need to identify you?

    To make sure there are no delays processing your request, please supply a minimum of three of the list below when you contact us:

    -       Full name (if you have changed your name since you had your loan with us, make sure to include proof of this)

    -       Your date of birth

    -       Your most recent address, and a list of any previous addresses that we may hold (this could be up to 20 years of address history)

    -       Any of your account numbers or customer numbers (if your request is specific, make sure you let us know which loan you would like information on - you can always call us if you’re not sure)

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