welcome finance on credit report help

[lettie33]

Ok we can challenge the LP markers now if you wish, will draft a letter for you over the weekend.

 

that would be super ,thank u

see if we manage to sort it what would happen? as its had late marker for over 4 years now and wondering if it goes to default would it be six yrs ,or six yrs from 2009

[BRIGADIER2JCS]

I look all through the thread to see when the default should have been placed, so far I think it before the VT.

[lettie33]

:-Dgreat let me knew when u do draft

no hurry thou and thank u for ur time

[BRIGADIER2JCS]

:-Dgreat let me knew when u do draft

no hurry thou and thank u for ur time

 

It will show here.

[Peterbard]

HI Just reading through your thread.

If you VT'd your car and there was no arrears at the time of termination, and you had paid over one half of the contract price, you would not have been liable for any further payment. It is irrelevant how much the car made at auction. There should be no further entries on your credit file.

 

The only scenario where the re-sale value of the car would be a factor would be if the car was voluntarily surrendered, that is terminated by the creditor, this is an entirely different scenario to termination under section 99 of the consumer credit act.

 

Do you have any record of your request to terminate under section 99 of the Consumer Credit Act.

[lettie33]

HI Just reading through your thread.

If you VT'd your car and there was no arrears at the time of termination, and you had paid over one half of the contract price, you would not have been liable for any further payment. It is irrelevant how much the car made at auction. There should be no further entries on your credit file.

 

The only scenario where the re-sale value of the car would be a factor would be if the car was voluntarily surrendered, that is terminated by the creditor, this is an entirely different scenario to termination under section 99 of the consumer credit act.

 

Do you have any record of your request to terminate under section 99 of the Consumer Credit Act.

Hi yes got paperwork some were wheni VT car told we were quits until about month latet

I did ho to citizens advice shortly after it and they also said it wasn't right they tried sort it but was nitemare I gave up as family member had died and I wasn't coping good so just left it

But now want it sorted

[Peterbard]

Hi

Yes as said you need to write to the data controller at welcome and state that the car was terminated under section 99 of the act, and that there as therefore no further sums due under the contract. I would photo copy the VT paperwork you have and enclose it with the letter, I think someone is doing a letter for you, you just need to ensure that this is included. in the mean time you could contact the credit reference agency and get a note put on your file to say that the entry is disputed.

[lettie33]

Hi

Yes as said you need to write to the data controller at welcome and state that the car was terminated under section 99 of the act, and that there as therefore no further sums due under the contract. I would photo copy the VT paperwork you have and enclose it with the letter, I think someone is doing a letter for you, you just need to ensure that this is included. in the mean time you could contact the credit reference agency and get a note put on your file to say that the entry is disputed.

 

Hi yeah thanks for that

Yeah brig is going write a draft up for me .it so frustrating that this is onl bad thing on my credit file and hopefully I get it off and resolved

Thanks

[BRIGADIER2JCS]

Ok, #

 

To:

 

The Data Controller

Welcome Finance Ltd

 

 

Date:..................:

 

Ref: Account No..................:

 

Sir/ Madam,

 

Formal Complaint:

 

I refer you to account No.xxxxxxxxxxxxx, which Welcome is reporting to credit reference agencies, the entries are showing a series of late payment markers which appear to be being placed instead of a default entry. I have attached a screen print of the offending entry (s).

 

I am sure Welcome Finance is fully aware of the ICO Technical Guidance on Defaults which Clearly states that late payment markers must no be used as a substitute for a default.

 

Therefore I require Welcome finance to correct error immediately to the date of the last payment or acknowledgment of this alleged debt.

 

A further matter arises in regard to this account which was Voluntarily Terminated in line with the terms of the Consumer Credit Act 1974 (as amended) there is therefore No Outstanding Balance Owed by me under this agreement.

 

I cannot be held responsible for the fact that Welcome Finance failed to achieve a proper price for the vehicle after the agreement was lawfully terminated.

 

Welcome Finance will now remove all reference /entries from all credit reference files to which it has reported the non existent account.

 

I require Welcome to confirm in writing that it has fully complied with these instruction.

 

Once I receive the companies response I will consider the amount of financial redress that Welcome Finance must pay to compensate me for the long term damage its actions have caused to my credit profile.

 

This letter is NOT an admission of any liability to Welcome Finance, and is a Formal Complaint regarding the conduct of the company in regard to the alleged debt. Welcome Finance is required to fully investigate this complaint and respond within 56 calendar days from the date hereon, failure to comply will result in a complaint to the ICO regarding the incorrect data that Welcome has caused to be displayed on credit reference files.

 

 

Send this recorded/signed for post, check delivery date.

[Peterbard]

Ok, #

 

To:

 

The Data Controller

Welcome Finance Ltd

 

 

Date:..................:

 

Ref: Account No..................:

 

Sir/ Madam,

 

Formal Complaint:

 

I refer you to account No.xxxxxxxxxxxxx, which Welcome is reporting to credit reference agencies, the entries are showing a series of late payment markers which appear to be being placed instead of a default entry. I have attached a screen print of the offending entry (s).

 

I am sure Welcome Finance is fully aware of the ICO Technical Guidance on Defaults which Clearly states that late payment markers must no be used as a substitute for a default.

 

Therefore I require Welcome finance to correct error immediately to the date of the last payment or acknowledgment of this alleged debt.

 

A further matter arises in regard to this account which was Voluntarily Terminated in line with the terms of the Consumer Credit Act 1974 (as amended) there is therefore No Outstanding Balance Owed by me under this agreement.

 

I cannot be held responsible for the fact that Welcome Finance failed to achieve a proper price for the vehicle after the agreement was lawfully terminated.

 

Welcome Finance will now remove all reference /entries from all credit reference files to which it has reported the non existent account.

 

I require Welcome to confirm in writing that it has fully complied with these instruction.

 

Once I receive the companies response I will consider the amount of financial redress that Welcome Finance must pay to compensate me for the long term damage its actions have caused to my credit profile.

 

This letter is NOT an admission of any liability to Welcome Finance, and is a Formal Complaint regarding the conduct of the company in regard to the alleged debt. Welcome Finance is required to fully investigate this complaint and respond within 56 calendar days from the date hereon, failure to comply will result in a complaint to the ICO regarding the incorrect data that Welcome has caused to be displayed on credit reference files.

 

 

Send this recorded/signed for post, check delivery date.

 

Not sure what is meant by the bit highlighted in red. the credit file should just show that the agreement was VT'd(if that) there should be no mention of any default, as there was not any. I would suggest something like

 

"This account was terminated at my request under section 99 of the consumer credit act. There was no default or arrears on the account and all requirements under section 100 of the act were met. No further sums were due. Please amend my credit file to reflect this position."

[BRIGADIER2JCS]

There are two separate issues that have to be addressed the fact that Welcome are substituting LPMs for defaults.

Which is has damaged the OPs credit profile for a considerable time.

The VT has to be addressed separately.

Sorry if it's to complicated for you to comprehend.

 

Welcome are fully aware of the Act and section 99 so quoting odd sections is unlikely to be of any use.

 

Suggestion rejected:lol:

[Peterbard]

There are two separate issues that have to be addressed the fact that Welcome are substituting LPMs for defaults.

Which is has damaged the OPs credit profile for a considerable time.

The VT has to be addressed separately.

Sorry if it's to complicated for you to comprehend.

 

Welcome are fully aware of the Act and section 99 so quoting odd sections is unlikely to be of any use.

 

Suggestion rejected:lol:

 

There really is no need to be rude.

 

The facts are , if the OP voluntarily terminated the agreement, there was no default, so no D should be on his file. This is not an "odd section" this is the method that the OP used to terminate his agreement. It is entirely relevant as without it the creditor would be entitled to default his account.

Edited October 6, 2013 by Dodgeball

[Peterbard]

In addition , there are not two different issues . The late payment markers were a direct result of the creditor not accepting the VT, if the VT had been correctly recorded the late payment markers wold not have occurred, as for you rejection of the suggested amendment, that is rather for the OP to decide, we can only offer opinion.

[ims21]

Thread tidied.....please behave.

 

It is unwise for people to simply copy and paste letters and make the assumption that they are an "absolute".

 

In this case, if the VT was carried out correctly (which according to the OP it was) then there should have been no default and no other detrimental markers placed on the file.

 

If that is the case then the OP should amend the suggested letter to suit their particular circumstances. In this case it would seem that references to substitution of LP markers for defaults should be removed completely.

 

The company should be advised that the VT was conducted correctly and therefore no negative data whatsoever should be recorded on the credit file and it would not hurt to send copies of any documents confirming that things were done correctly at the time.

 

A failure by the company to deal with this should result in complaints to the appropriate bodies and court action if need be.

 

Unless there is other information on this which the OP hasn't shared as yet.

[Peterbard]

There are two separate issues that have to be addressed the fact that Welcome are substituting LPMs for defaults.

Which is has damaged the OPs credit profile for a considerable time.

The VT has to be addressed separately.

Sorry if it's to complicated for you to comprehend.

 

Welcome are fully aware of the Act and section 99 so quoting odd sections is unlikely to be of any use.

 

Suggestion rejected:lol:

 

When an agreement is subject to a Voluntary Termination in circumstances such as these, where the figure stated on the credit agreement has been exceeded, the finance company (Welcome) should cease reporting. Full stop.

 

There should be no late payment markers. There should most definitely be no default. There should not really be any note of a VT having taken place, though this is done occasionally.

 

The agreement is terminated voluntarily, as suggested by the words, 'Voluntary Termination.' Terminated, of course means finished, ended, ceasing to exist. If no agreement exists and no arrears are owing on it, then what exactly would Welcome report on? A non-existant agreement? I don't think so.

 

A Voluntary Termination is initiated by the purchaser, not by the Finance Company. I wonder if this is where the Brig is getting confused?

[lettie33]

Hi soz for late reply was working

Thanks for drawing up draft letter

If welcome finance change late marker to default would that be for six yrs

So I aware shouldn't have nothing as there was no arears on account when id vt it

Thanks

[ims21]

lettie....please see the other subsequent posts.

[lettie33]

lettie....please see the other subsequent posts.

 

???

[ims21]

???

 

The ones after the suggested letter.

 

There is more information there which you need to take on board before sending anything.

[lettie33]

The ones after the suggested letter.

 

There is more information there which you need to take on board before sending anything.

 

Sorry just saw them.must have came on when was writing my post

Im bit confused here

On what to send as im terrible at this sort of thing

[Peterbard]

This is all that is needed, but please anyone who wishes to add or amend, all suggestions helpful to the OP welcome

 

To:

 

The Data Controller

Welcome Finance Ltd

 

 

Date:..................:

 

Ref: Account No..................:

 

Sir/ Madam,

 

I refer you to account No.xxxxxxxxxxxxx, which Welcome is reporting to credit reference agencies, the entries are showing a series of late payment markers.

This account was terminated at my request under section 99 of the consumer credit act. There was no default or arrears on the account and all requirements under section 100 of the act were met. No further sums were due.

I attach information relating to the Voluntary Termination

Since no sums would be due and there was no arrears on the account please amend the credit record to show the account as being settled.

 

Send this recorded/signed for post, check delivery date.

[ims21]

Yes I believe that would do it.

 

The OP might like to add a paragraph the effect that

 

" If you believe the data you are recording is correct, please provide a full, written explanation as to why"

[Peterbard]

Yes I believe that would do it.

 

The OP might like to add a paragraph the effect that

 

" If you believe the data you are recording is correct, please provide a full, written explanation as to why"

 

Yes

[Peterbard]

Excellent!

[lettie33]

Sorry for late reply ive been unwell again

Its been few months and still nothing back from welcome .cheque not been cashed

Was too ill sort it in nov dec but lot better now so going push forward

But what do I do now