Debt about to become sb'd but no yet been defaulted - Welcome debt sold to a DCA

[UncleB]

Hello everyone, just a quick question here. I'm trying to get everything in my credit file back into the green after recently viewing it for the first time.

 

I've found a debt for an unsecured loan with the balance outstanding of £2700 from Welcome finance.

 

The last acknowledgement/payment is coming up to the 6 year period in October (Don't know if this applies for loans as well as credit cards?)

but on my credit file in noddle it's showing as BB (payments up to 6 months late) and has been in the red since July 2008.

 

I don't know why the discrepancy between the last payment and the date they started reporting it on my credit file.

 

It has never been entered as in default.

 

I'm unable to pay it and as such it is likely to go over the 6 year period as I have recieved no contact from the loan company.

 

What will happen to this on my file?

 

If they can no longer enforce the debt I don't want them to continue to leave a trail on my credit file.

[citizenB]

Yes, SB will apply to this loan if it has neither been paid or acknowledged 6 years from the first missed payment.

 

If it hasn't been defaulted and they make an attempt this long after the first missed payment then you would have reason to complain to the Information Commissioner.

[UncleB]

Yes, SB will apply to this loan if it has neither been paid or acknowledged 6 years from the first missed payment.

 

If it hasn't been defaulted and they make an attempt this long after the first missed payment then you would have reason to complain to the Information Commissioner.

My concern is they will continue putting late payment reports each month and the other late payment reports will show even though it's never defaulted.. Though not sure how they still were doing it as Welcome Finance went bust I believe.

[citizenB]

TBH, I am not quite sure how this reporting works - despite seeing a lot of responses on the forums !!

 

Are you absolutely certain of the date of the last payment ?

 

We are still seeing Welcome issuing claims against people, so I am not sure that they have gone bust - just that they are no longer in the lending market.

 

I will try and find someone who can advise.

[BRIGADIER2JCS]

Hello everyone, just a quick question here. I'm trying to get everything in my credit file back into the green after recently viewing it for the first time.

 

I've found a debt for an unsecured loan with the balance outstanding of £2700 from Welcome finance. The last acknowledgement/payment is coming up to the 6 year period in October (Don't know if this applies for loans as well as credit cards?) but on my credit file in noddle it's showing as BB (payments up to 6 months late) and has been in the red since July 2008. I don't know why the discrepancy between the last payment and the date they started reporting it on my credit file. It has never been entered as in default. I'm unable to pay it and as such it is likely to go over the 6 year period as I have recieved no contact from the loan company. What will happen to this on my file? If they can no longer enforce the debt I don't want them to continue to leave a trail on my credit file.

I think you need to be wary of WF, they have been suddenly 'resurrecting' non defaulted accounts, defaulting them and selling them off with a recent default date.

 

In this situation when the debt becomes statute barred it will remain on the credit file as it is now.

 

Although the debt is SB in England & Wales it remains collectable.

 

You will need to write to WFs Data Controller when the debt reaches SB or just after stating that the matter is statute barred and you will not make payment.

 

At this point you can ask for the entry to be removed from ALL CRA files because of the status of the debt, if WF decline you may have to complain to the ICO.

[UncleB]

I think you need to be wary of WF, they have been suddenly 'resurrecting' non defaulted accounts, defaulting them and selling them off with a recent default date.

 

In this situation when the debt becomes statute barred it will remain on the credit file as it is now.

 

Although the debt is SB in England & Wales it remains collectable.

 

You will need to write to WFs Data Controller when the debt reaches SB or just after stating that the matter is statute barred and you will not make payment.

 

At this point you can ask for the entry to be removed from ALL CRA files because of the status of the debt, if WF decline you may have to complain to the ICO.

Thanks for the advice. I'll get a start on drafting the letter.

[UncleB]

The plot thickens. Just called up my experian report and it looks like it was settled by Welcome and sold to a DCA on the 1st August. Since it's been sold from Welcome I will immediately try and get these 6 month late payment notices removed as they should have issued a default within 6 months of my last payment.

[dx100uk]

opps theres your answer...welcome finance

 

never once on here have I ever seen a welcome debt not 90%

inflated with compulsory insurance & all manner of PENALTY charges

 

all of which can be reclaimed with interest at there rate.

 

I've moved you to the welcome finance forum

 

plenty here to read.

 

whos the dca - lowells I bet.

 

hope its not IND .

 

dx

[BRIGADIER2JCS]

As predicted I'm afraid.

 

Now you must be aware that the new 'owner' of the account is going to default this account in the very near future so that it gives another 6 years on CRA files.

 

As soon as the DCA contacts you please let me know I can help you deal with this as I've dealt with quite a number of these WF 'fiddles'.

 

Do not reply to the DCA, come back here!

[UncleB]

As predicted I'm afraid.

 

Now you must be aware that the new 'owner' of the account is going to default this account in the very near future so that it gives another 6 years on CRA files.

 

As soon as the DCA contacts you please let me know I can help you deal with this as I've dealt with quite a number of these WF 'fiddles'.

 

Do not reply to the DCA, come back here!

Ok, I will do. Thanks for the kind offer. Time is ticking away for them though.

[UncleB]

Right, I've just received a letter from Welcome informing me it has been sold to Cabot and probably the friendliest letter I've ever seen from Cabot confirming they've taken it over and informing me how to pay. Should I wait for a more threatening letter before responding? Having gone back through bamk Satements the last payment was actually 3rd december 07 so I have just over three months until it's statute barred.

[BRIGADIER2JCS]

Yes wait certainly, then ask Cabot to 'prove ' the debt!

[UncleB]

Will do. I'll post back when I hear from them again. I've only just recently sent a statute barred letter to Cabot over another old debt. They'll be sick of the sight of my name soon.