Welcome Finance rewriting agreement?

[tedmaul72]

I took out a Welcome loan in July 2004 - 36 months @ £112. I ran into some financial difficulty in March 2005 and agreed reduced payments of £67 a month. Or so I thought...

 

I've now paid over £3,500 to this loan (amount borrowed was £2,100) but Welcome still insist I owe over £1,500.

 

I've just received a copy of my Experian credit report. Welcome have marked the July 2004 loan as 'satisfied in 31/03/05' and have created a new entry for a 60-month loan with payments of £67 starting on 31/03/05.

 

I still have the original agreement for the July 2004 loan but don't have any paperwork relating to a 'new' loan in March 2005. It's unusual for me not to have some paperwork and I can't believe I wouldn't have retained it, let alone have been stupid enough to sign any agreement. 8)

 

I've sent a Subject Access Request off to Welcome to see if I can track down this missing agreement. I've also written to try and claim back PPI, certainly on the original loan and possibly in this 2005 loan but I don't know that for sure.

 

Is this a regular Welcome tactic? I presume that if they can't produce the 2005 agreement then I can tell them where to go? But will my monthly payments of £67 have acted as an acknowledgement of the debt?

 

I shall post their replies as and when I receive them.

[The wife]

hi ted,

 

i don't know if its common but it has happened to my OH too, we have asked for the credit agreement via a CCA and as we don't have the original true copy just a print out off the computer (of the alleged scanned agreement) we have put the account into dispute, to speed things up I would suggest you do a CCA request with the £1 fee for it asap...send recorded or (my personal favourite) special delivery they have 12+2 days to send you the contract.... go from there and keep us informed

[tedmaul72]

I will do. I'll get the CCA sent off today to Welcome.

 

I do remember having a couple of phone conversations with them around March 2005 about the reduced payments. I certainly don't recall going into their offices to sign anything. I guess the ball is in their court now.

[andie_303]

YES IT IS COMMON

 

I have seen at least 15 experian accounts saying a new agreement was started WITHOUT paperwork.

[worbster]

This is the same thing thats happened to me, i also got landed with a mystrious personel loan!, Iv sent of a S.A.R request with the fee will this get me true copies of the credit agreement or will i need to send a CCA, Also what is a CCA.

[The wife]

the CCA is the quickest way to get the true copy, the SAR will give you that again but also show you what they rebated for previous PPI and interest...cough!

 

i would suggest you send the CCA request, you should recieve it in 12+2 days or you can default the loan and cease payments until the true original is sent. it will cost £1, send by recorded or special delivery

[worbster]

the CCA is the quickest way to get the true copy, the SAR will give you that again but also show you what they rebated for previous PPI and interest...cough!

 

i would suggest you send the CCA request, you should recieve it in 12+2 days or you can default the loan and cease payments until the true original is sent. it will cost £1, send by recorded or special delivery

 

Thanks for that the wife, i think in my case i will need every bit of info i can get from them, i should if what they say is correct have 3 seperate credit agreements! one for the original hp one for the rewritten and on for this mysterious personel loan, plus i want to see exactly how much iv paid total and how much they`v charged me for various bits an bob`s, anyway sorry to thread hijack lol dont seem to be getting anywhere with my thread lol.

[The wife]

I would suggest worbster that you too send the CCA request, that way if they don't respond you can then put the account into dispute properly rather than with the SAR.

[worbster]

I would suggest worbster that you too send the CCA request, that way if they don't respond you can then put the account into dispute properly rather than with the SAR.

 

 

Wife could you jump over to my thread please as feel a bit bad for jumping on teds.