Help dealing with Welcome Finance debt

[austinphillips]

Hello,

 

I'm new to forum so apologies if posting in wrong place.

Debt free wannabe just getting his head out of the sand. I've recently recieved my CRA reports and have the mess below caused by myself to clean up.

 

My Problem

£2000 loan taken out 2007 - I then lost job the same week and Ive never made a single payment

Welcome Finance have been reporting 6 payments late for 5 years

debt showing currently at £3930 however on CRA file it states it was £8332 6 months ago?

Loan date 04/10/07 £183x25

I have no paperwork for the above only the info in CRA reports.

Ive not received any letters from Welcome and would like advice on how to contact/deal with this mess.

In an ideal world I'd like to pay the debt off and get the 6 payments late changed to a default or something with a time line.

 

Regards

 

Austin

[dx100uk]

hi AP

 

i've moved your thread to the welcome finance forum

 

1000's of stories here to read..

 

in october this year your debt will be statute barred

not owed!

 

is there no default date on the file?

 

have you tried another CRA

dont rely on ONE

 

see below

 

dx

[austinphillips]

hi AP

 

i've moved your thread to the welcome finance forum

 

1000's of stories here to read..

 

in october this year your debt will be statute barred

not owed!

 

is there no default date on the file?

 

have you tried another CRA

dont rely on ONE

 

see below

 

dx

 

Hi dx

 

Thank you for reply.

The debt is marked as 6 payments late and is marked delinquent on CRA report experian and not been marked default. I want to apply for mortgage ASAP so need to deal with quickly.

[dx100uk]

whatever you do it will not be quick

 

paying the debt wont even resolve the issue

as

it is a true reflection of how you have dealt with the debt.

 

ok it should have been defaulted after the first missing payment or atleast within 6mts.

 

i cant see how

 

even in welcomes little world, they can inflate £2k to +£8k!!

 

even if you get allthe 6's removed to a default say 1month after the 1st missed payment

it'll still show till 6yrs from that date.

 

have you moved since the loan?

 

dx

[renegadeimp]

Also mortgage lenders are looking for a good few years of a clean record. your default falls off in october so it will be a few years from now unless you find a compassionate lender.

 

 

What you can do is sar welcome, reclaim all charges. or you can keep your head down, wait till the debt is sb, the reclaim charges without risking losing sb status.

[austinphillips]

whatever you do it will not be quick

 

paying the debt wont even resolve the issue

as

it is a true reflection of how you have dealt with the debt.

 

ok it should have been defaulted after the first missing payment or atleast within 6mts.

 

i cant see how

I

even in welcomes little world, they can inflate £2k to +£8k!!

 

even if you get allthe 6's removed to a default say 1month after the 1st missed payment

it'll still show till 6yrs from that date.

 

have you moved since the loan?

 

dx

 

Yes I have moved since loan was taken out it is showing under my previous address on CRA

 

As is stands with 6s showing since 2007 on CRA the file will it not drop off after 6 years

 

I need to get a mortgage ASAP my wife is getting 30k deposit from grand parents

 

I don't mind where I get the mortgage or what rate I get stuck with for now. I'm in stable employment etc

 

I just want clear this old debt off my file ie marked as satisfied without resetting the 6 year clock

[austinphillips]

Also mortgage lenders are looking for a good few years of a clean record. your default falls off in october so it will be a few years from now unless you find a compassionate lender.

 

 

What you can do is sar welcome, reclaim all charges. or you can keep your head down, wait till the debt is sb, the reclaim charges without risking losing sb status.

 

I cannot wait another year unfortunately I require the fastest resolution for my debt

 

I have a good deposit 25% ltmv for mortgage

 

My problem I know but any help would be great

[renegadeimp]

Any particular reason why you need it clean quick? or are you just looking for a clean slate? Remember, almost all markers, unless you negotiate their removal, will stay for 6 years from the date of addition.

[dx100uk]

http://www.consumeractiongroup.co.uk/forum/showthread.php?350859-HFC-issued-Default-with-wrong-date&p=4112921#post4112921

[austinphillips]

Any particular reason why you need it clean quick? or are you just looking for a clean slate? Remember, almost all markers, unless you negotiate their removal, will stay for 6 years from the date of addition.

 

Yes I want a clean slate and once cleared ill owe zero money to anyone. I want to apply for a mortgage with zero debt.

 

As the debt stands it will never fall off credit file as its still showing as 6 payments late.

[renegadeimp]

Unless you find a very relaxed mortgage lender, or you have a wealthy guarantor, lenders are looking for 3+ years of clear credit history. A lot are looking for 6+ now.

[austinphillips]

Unless you find a very relaxed mortgage lender, or you have a wealthy guarantor, lenders are looking for 3+ years of clear credit history. A lot are looking for 6+ now.

 

I will apply through my bank this time applied 6 months ago with 9k debt defaults all cleared and off CRA appart from welcome £3930 which is delinquent account from 2007

 

All other accounts are in good order with available credit larger than this debt.

 

We also have 30k deposit house we are looking at 120k

[austinphillips]

Unless you find a very relaxed mortgage lender, or you have a wealthy guarantor, lenders are looking for 3+ years of clear credit history. A lot are looking for 6+ now.

 

How do I get the account defaulted it is not currently and have been marking 6 payments late for 5 years

[renegadeimp]

The lender should default it ideally within 6 mts of the last time payment was due. I'm not too savvy with CRA markers, but i think that entry will also drop off after 6 years too, unless you have paid something, or acknowledged it in writing within the last 6 years, upon which the SB timer would have been reset.

[dx100uk]

erm,, 6mts..

 

typo?

 

dx

[renegadeimp]

Yea i changed it

[austinphillips]

Thank you for replies

 

No i have not contacted them or made any payments since start of loan 04/10/07

 

So if i pay the debt as it stands the 6 year clock will reset

 

If the account was marked default i could of paid it off and it would of fallen off CRA report after 6 years

[dx100uk]

you need a brig letter

 

see that other thread

 

is should not be marked as it is

 

dx