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Wellesley Loans Reviews & Analysis 2022

Borrowing / Bad Credit Loans
Wellesley Bank Loans

Update: In September 2020, Wellesley Finance Limited announced plans to launch a Company Voluntary Arrangement, a form of insolvency.

Information correct as of 22/04/21 (Wellesley)

Are you considering a loan with Wellesley Bank? Or perhaps you already have one, and you’re looking for further information about the company. Either way, we’ve compiled the most important, in-depth information about Wellesley Bank for you in this loan guide.

About – Who are Wellesley Bank?

Headquartered in London, Wellesley Bank is a UK finance provider. The company was founded in 2013 and also offered peer-to-peer lending and property investment bonds.

Were you looking for Wellesley Bank Loans Login Page?

Lots of people land on this page looking for the Wellesley Bank Loans Login page. If you’ve done the same, don’t panic! There’s lots of useful information on this page. Their website is found below, in the Company Information section.

Government cap on loan interest and other charges

As a result of irresponsible lending, the Financial Conduct Authority introduced a price cap which were designed to protect borrowers from excessive charges. These include:

  • A cost cap of 0.8% per day on the amount of loan borrowed – this also includes both interest and all fees charged.
  • A cap on default fees of £15 – lenders are still permitted to charge interest after a default is issued, but it should not be higher than the original rate of 0.8% per day.
  • A complete cost cap of 100% – you should not be asked to repay more than 100% of the money you have borrowed.

The limits are relevant to all credit agreements with an interest rate of 100% or more a year and that are expected to be fully or substantially repaid within a year.

There are other regulations which came into force in May 2017. With these regulations, the lenders must provide details of their products on a price comparison website, which must be authorised by the FCA. Lenders must also provide borrowers with a summary of the cost of borrowing.

Continuous Payment Authority – what you need to know

Although you may not be familiar with this, you should know that many loan companies will request that you repay the debt using a Continuous Payment Authority (CPA). This is used as it gives the lending company permission to take money from your account.

Thankfully, new regulations have been put in place, which mean that if the CPA fails to be paid on two occasions, the lending company are no longer permitted to make further requests to take the money from your bank account.

There are also new rules around the amount of money that they can take using a CPA. They are no longer permitted to take partial payments. If there is not enough money in your account to cover the full amount of the payment due, the lending company cannot take any anything. However, you can give them permission to do this, if you would like them to take partial payments to clear the debt.

What to do if you simply can’t afford to repay the loan?

The law states that lenders have a responsibility to:

  • Indicate what options you have for receiving free debt advice.
  • Always time for you to develop a repayment plan that works for your situation, and with a debt advisor, where necessary.
  • Give you time to pay back the loan, freezing interest and charges if possible.

Getting debt help

If you are facing serious financial hardships, you should seek help. Thankfully, there are lots of organisations out there who offer free debt advice. These are just some of them:

References

CONC 2.1 Application

CONC 5.2A Creditworthiness assessment

CONC 13.1 Application

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  • Reduce pressure from people you owe
  • Stop interest and charges from soaring
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