Welcome Finance Loans

[ryan1509]

Hi Everyone,

 

New to this so bear with me!

 

A few years ago i took out a loan with Welcome Finance

 

after a few payments i couldn't afford to keep paying so stupidly i just stopped.

 

They decided to re finance my loan at a lower rate to help but lost my original agreement.

 

They decided to just re finance the loan but at a rate i still couldn't afford so i couldn't pay it.

 

After a year i moved and I've never heard nothing from them.

 

Not log ago i went onto my credit file and saw the welcome loan on my file,

now they have not defaulted me after 4 years of having the loan.

 

They keep registering late payments even 4 years down the line and they have added stupid amounts of interest against it.

 

Now i want to start sorting this out and getting it off my file.

 

I have been trying to contact them by telephone but cannot get through and the office where i took out the original loan has closed down.

 

I want to come to some sort of agreement to start paying this off

but the amount stating on my file seems to have added stupid amounts of interest and i know i was sold the PPI

so the amount stating i owe i know is incorrect.

 

The original loan i took out was £2,000

 

I guess I'm asking what the best way is to sorting this out??

 

Any help will be greatly appreciated!

 

Thanks

[BRIGADIER2JCS]

Hi welcome to CAG,

 

Welcome exist only to collect their outstanding book debt.

All correspondence must go the head office.

 

As to getting it off your file that is not going to be easy!!

 

I suggest a Subject Access Request under the Data Protection Act 1998

there is a stautory fee of £10 for this and Welcome have 40 days to comply,

this will provide you with all the data they hold on the account.

Use the template from the CAG library for the SAR, and address it to the Data Controller.

Do you think the PPI was missold?

[dx100uk]

never ever phone them

 

i'd send an sar and get reclaiming the PPI and PENALTY charges.

 

i've moved you thread to the welcome finance forum

 

have a good read here.

 

dx

[ryan1509]

Thanks for the fast response guys and for the advice!

 

I know getting it off my file won't be easy and that i have to pay it off! They haven't registered a default against it just late payments so presumably if i start to pay it off again after a a year of paying it should start to look better on my file the fact i am paying the debt off as they will register i am paying it won't they?

 

I don't even think i was offered the PPI i was more told to have it but to be honest its going back that far i can't really remember! When i first got it the office i got it from was where 2 friends worked so it wasn't really a standard application then i moved out of the area and had it transferred to another office where they lost my data. Both these offices have now closed so i have no idea where my data even is!

 

Can i claim on the penalty charges and PPI even though i haven't paid all the loan off?

[dx100uk]

if the ppi/PENALTY charges are the SOLE reason for all the markers

then they MUST be removed.

 

did you sign the refinance agreement ever?

 

dx

[ryan1509]

Some of the debt will be what i actually lent but i have no idea how much is actually correct. I think someone came round to my house and i signed the refinance agreement but again its that long ago i can't really remember.

 

I just want to start paying what i actually owe off so i can start to mend my credit file and its actually fair i pay what i lent but not a penny more and i don't want them hounding me or even coming to my house.

 

Do u think the SAR is the best course of action for me to get the ball rolling?

 

R

[dx100uk]

yes

 

knowing welcome

i suspect they owe YOU!!

 

what does your cra file say about this debt?

 

dx

[ryan1509]

On experian it just has the date they registered the loan,

the debt amount which is around £2700 apparently,

and then the number of missed payments which is 6+

and then last updated date which was recent.

 

So it looks like they are still registering the late payments but not defaulting me!

[BRIGADIER2JCS]

It's a ploy to keep debts on file as Welcome do not function

in the finance market any more and just collect old debts it

prevents entries falling off the credit files.

[dx100uk]

get that SAR off ASAP.

 

dx

[ryan1509]

I thought that because as it stands at the minute it looks on my file like I'm just paying late every month when i haven't made a payment on it since 2008!

 

Is there nothing i can log with Experian like a dispute or investigation to get to investigate it. Not sure if I'm opening up a can of worms if i do that as really they should have defaulted me back in 2008

[BRIGADIER2JCS]

You can place a notice of dispute on the entry (s)

any amendment MUST be made by Welcome.

The entry as it stands is a monthly update showing

no payments being made so is accurate.

[ryan1509]

Surely 4 years of no payments should register a default by now.

 

I'm trying to find a way of doing all of this without having any more of a bad impact on my file, if thats even possible

[ryan1509]

Thanks for your advice Dx i'll get it off to them!

[BRIGADIER2JCS]

Surely 4 years of no payments should register a default by now.

 

I'm trying to find a way of doing all of this without having any more of a bad impact on my file, if thats even possible

 

Registering a default is no automatic there is no obligation to default an account.At this stage I iwould not

worry about further impact.

[nicenurse1]

Hi, i've had the same problem with WF but they have been updating my credit report for 6+ years. I have complained to the Information Commissioners Office as the 'data protection technical guidance notes on filing of defaults with credit reference agencies' state that late payment markers should not be used in place of a default which is meant to be registered not more than 6 months after the late payment was made. WF are clearly breeching this.

 

I have written to WF 3 times with no reply.

 

Good luck you will need it with WF !!!

[BRIGADIER2JCS]

If everyone with a Welcome account that has not been defaulted would please

make a complaint to the ICO then the volume will improve the chance of action