Welcome Finance

Oeillade

I got my equifax credit report and checked it and Welcome Finance says I defaulted and owe them £271. I borrowed £1000 over 2 years and it shows that I made 26 payments and none of them were late! They didn't write to me and tell me that I still owed them more money. I was paying them about £70 per month so I've paid them rather a lot of money already and then to get a default on my credit report!

What should I do?

Thanks

matam2k

Oeillade wrote: »

I got my equifax credit report and checked it and Welcome Finance says I defaulted and owe them £271. I borrowed £1000 over 2 years and it shows that I made 26 payments and none of them were late! They didn't write to me and tell me that I still owed them more money. I was paying them about £70 per month so I've paid them rather a lot of money already and then to get a default on my credit report!

What should I do?

Thanks

Hi
i had same problem with welcome, just finished a loan with them in july, they said i still owed £153, Called my local branch and they could not see where this £153 came from as i had made the agreed 24 payments on time. So they wrote the balance off. Last week got a warning from equifax that welcome had marked my loan as settled but only with partial settlement. So not happy called my local office again and complained, They said it was the banking dept fault and they would sort it out. 4 days later got letter from compliance about my complaint saying they had changed it to settled in full wich they have as i just got my weekly update from equifax online.
So give your local office a call and complain ask them to check the payments etc and for them to get their compliance to sort it out.Or if you want the number for their compliance dept it is 01159849200
Trevor

Oeillade

Thank you Trevor, that is very helpful. I will ring them today and get it sorted.

Hippocampus

Letter Before Action time. Just tell them the circumstances, and give them 14 days to rectify the fault, otherwise you will be issuing court proceedings, where you will be seeking, but not limited to, damages for defamation due to their erroneous placing of a default with the CRAs.

Tell them there will be no further warning.

No point involving the FOS in this. It is damaging your ability to get credit NOW, and you shouldn't need to wait 8 weeks for a final response, plus however long it took for the FOS to get their finger out.

loshypops

I think there is something fishy going on at Welcome Finance at the moment. a few months back i asked for an extra £1000.00 on top of my existing loan. The guy i spoke to took me through everything and i was accepted over the phone and was told they would send the documentation out in the post. He also said that there would be a delay in getting the money as Welcome had a set amount they could lend out in one month and i would have to wait until end of August/September to actually get the money through (i spoke to them in April!).

Anyway, nothing turned up in the post and when i called a week later i was told they had 'forgot' to send the forms out and that i would not have been accepted for the loan anyway as their criteria had changed and they had upped their 'living allowance' cost they add to each account and that i wouldnt be able to afford it! lol

Kinda dodgy and strange but i'm glad i didnt get the loan in the end anyway....my existing loan finishes in july next year - they better not say i owe them extra when i know they are struggling!

Oeillade

Hippocampus wrote: »

Letter Before Action time. Just tell them the circumstances, and give them 14 days to rectify the fault, otherwise you will be issuing court proceedings, where you will be seeking, but not limited to, damages for defamation due to their erroneous placing of a default with the CRAs.

Tell them there will be no further warning.

No point involving the FOS in this. It is damaging your ability to get credit NOW, and you shouldn't need to wait 8 weeks for a final response, plus however long it took for the FOS to get their finger out.

Thank you for this. I have done the court thing before, one successful reclaim of bank charges and one on hold, but I don't know how to do it with just damages. Do you just do the same thing on MCOL and then let the judge decide?

Thanks

Hippocampus

You could do so. Just put "at the Court's discretion"

What you are really after is the removal of the wrongful default, and that will stand you in good stead with the juadge, as it is clear you are not trying for a punative measure, merely rectification of their incompetence.

Hippocampus

loshypops wrote: »

I think there is something fishy going on at Welcome Finance at the moment.

There certainly is... they are going down in a big way. Just do a Gogle for their parent company Cattles, and you'll see exactly why.

They have no money to lend, and are trying to claw back as much cash as they can before the ship finally goes down.

Oeillade

More advice please!

I faxed a letter and copy of my credit report to Welcome on 26 August but I haven't heard anything back from them yet!

What should I do now?

Thank you

Oeillade

Anybody any ideas?

Thanks

dizzybuff

Should have sent it recorded . A fax they can always say they never recived...