Back in summer 2004 i took a loan out for £1500
a few months after that i borrowed a further £1000 with my x girlfriend as a joint loan.
We split in 2005 an i was devastated to find that with interest i owed them £6,000+ back!
Since then although i paid my half of the debt for a couple of yrs she never paid a penny my credit got destroyed and still is.
I never spoke or paid a penny to them for a few yrs now (out of protest that they've always harassed me for the debt an never her).
So i havent spoken to or dealt with them since 2009 even then that was a debt collector (lewis i think?)
I want this thing gone, its been a ball and chain for too many years and ive realised im just goin to have to bite the bullit and get rid of it somehow.
I think i maybe too late for a PPI claim now although i know for definite i was sold PPI,
why didnt you make a claim sooner you ask?
Well in May 2005 they amended my loan and told me they knocked money off the the balance (around £6,000)
which took the balance to around £4,900.
I assumed they knocked the PPI off but now that i look at my credit score im not so sure as it says my default balance is £4,300.
Here is my report taken from Experian below:-
Company name: WELCOME FINANCIAL SERVICES LTD Who's this?
Account type: Loan
Default Balance: £4,314
Current Balance: £6,393
Repayment Period: Monthly Payment: £74 over 73 months
Defaulted On: 14/04/2007
File Updated for the Period to: 13/02/2011
I want to know -
Whats the best thing for me to do to get rid of this debt?
It says it will be removed from report in 6 yrs after it went into default in 2007
(although I had contact with them in 2009) ..
. Should i wait?
Or if i call up and offer them a settlement fee ??
What is a Default balance?!?!
Also this might be important or not ..
. They said to me if i didnt take the PPI they wouldnt give me the loan, does this void the credit agreement?
Im really at a loss to get rid of this debt please help!