hi, just joined these forums so forgive me i if i make any errors, im not going to cut a long story short because i want you to understand what has happened to me...... here goes.....
2004 i take out a £1000 emergency (to me) xmas loan with welcome, at the usual extortionate interest rates, over 24mths.
2005 august. i sustain a serious injury to my neck, not work related, and subsequently cannot work until the NHS have repaired me. i carry on with payments to welcome until my sick pay expires and i get laid of from my employment through unavailability for work.
2006 february. i can no longer afford the full payments on the loan so i attend a meeting at my local welcome office to arrange reduced payments until i can return to work, which i still havent done. the rate is set at £25 per month. i made every payment through direct debit not being late or failing at all.
2009 august/september. i recieve a letter from lewis debt recovery advising me that my welcome loan had been passed for collection and i must pay some £800+ remember my initial loan was only for £1000.
2009 october. i apply for a loan to clear this and i am refused point blankly, so i get my credit report from experian only to find that welcome have repeatedly scored against me since february 2006, effectively blacklisting me for the foreseeable, taking into consideration that i have never missed or been late on a payment wether or not it was a reduced amount. i contacted welcome who replied by saying the account was out of their hands, the lewis group simply say i must continue with the £25 repayments until it is paid.
2010 may/now. i am gong to be late with a payment this month as i simply cannot afford the £25, im still on incapacity benefit and its half term, my 6year old daughter is staying with me, thats why i cant afford the £25, i have borrowed from my parents in the past for xmas and other half terms, but its something i cant keep doing as they are pensioners on state pensions,i have contacted experian and asked them to help sort out my credit but they are of no use at all, £6.99 a month down the drain.
so.... any ideas how to sort out my damaged credit file? and reduce my payments even more as i simply cannot afford the £25 per month