Welcome Finance.....Help required

star71

Hi

I wonder if anyone can help me out?

I took out a loan years ago with Welcome Finance, and still owe around £1,000 on, stupidly I defaulted on it. Lona was from approx 2001
Anyway, I have not heard from them in years, I think the last time I spoke to them was 2004 or early 2005.
They have contacted my friend who was named as an emergency contact on my file, asking for my home details (I have since moved house and got married) they referred to me by maiden name. My friend refused to give details, but took their number, she was told it was a matter of urgency.
LMB Finance, which is how I discovered it was Welcome, by doing a Google search
I don't know what to do, as if I ignore it are they going to keep calling my friend?
and if I contact them they will want my new address, new name etc.
I am debt free apart from this and am worrying myself silly over it.

What do you suggest? And why has it taken them so long to chase me up over this??

Help!

BigBother

Hi Star71 welcome-
Try not to panic. Now the good news is it mightonly cosst £1.00 to get you out of this mess. You see Loans and Credit Cards are covered by the Consumer Credit Act 1974. If as you say it was 2001 when you last made a payment then chances are the Loan IS STATUTE BARRED! This is because of the six year rule that if you've had no contact for six years and no admission of the debt, then without a true copy of the original agreement, then they cannot collect or process your data. Send a £1.00 crossed PO to LMB Finnance, Mark on the PO and letter "for use only with CCA request" Do not sign letter in your normal sig, DCA's have been known to be creative with photoshop! I did the same with one of mine for a large debt and it went into a black hole. You have 12+2 working days from the day you sent the letter(recorded) . Then if no response send another letter telling them that the account is in dispute. This is what those nasty companies do who advertise to get rid of your debts for £500. You can do it yourself.
Its probably taken so long because they are getting desperate for cash!
I am not a legal eagle or finance expert - just someone who has learnt a lot through desperation!

star71

Hi Big Brother

Thanks for your reply.

What worries me is that I would then have to give them my new address, and does that mean they will then hound me or blacklist me?

I have no debt other than a credit card which is always paid each month, and a littlewoods catalogue which is up to date.

I have read once they get you they don't let go.

But I don't want them calling my friend again, as not fair on her getting calls, she gave me the number they left, but not rung it yet.

Terrified!

PNPSUKNET

hate to say but your credit file will have both names on it, ( alias)

star71

Yeah, I realise old credit under 6 years will have maiden name on it.

My concern is to I ignore this, or call them.

Why has it taken so long for them to try and contact me. It has been at least 4 years not sure exactly when I last spoke to them but I am sure it was 2005.

In Scotland it is 5 years then Statue barred if no contact etc. Could this be why sudden contact?

Can someone please advise if I should call them? I'm not keen on writing to them and furnishing them with my address.

olly300

star71 wrote: »

Yeah, I realise old credit under 6 years will have maiden name on it.

My concern is to I ignore this, or call them.

Why has it taken so long for them to try and contact me. It has been at least 4 years not sure exactly when I last spoke to them but I am sure it was 2005.

In Scotland it is 5 years then Statue barred if no contact etc. Could this be why sudden contact?

Can someone please advise if I should call them? I'm not keen on writing to them and furnishing them with my address.

If you call them unless you withhold your number they are going to call you back on it and if they don't speak to you someone else may give them your details.

Do you have the money to pay them back plus interest in one lump sum?

star71

No, afraid not. My husband was made redundant and there is no way I can pay them.
We are just about coping paying bills and thank God we have mortgage PPI.

I have thought about calling them and asking them for dates etc, so I know the lay of the land.

I just feel confused as to why now, after all these years?

olly300

star71 wrote: »

No, afraid not. My husband was made redundant and there is no way I can pay them.
We are just about coping paying bills and thank God we have mortgage PPI.

I have thought about calling them and asking them for dates etc, so I know the lay of the land.

I just feel confused as to why now, after all these years?

To prevent it being statue barred.

The real issue is how much you value your friendship as they will repeatedly phone up your friend.

star71

She is my oldest friend, so I know if I call them it will stop the calls to her, but after reading old posts on here, it seems if they know it bothers you, they will divulge more info to whoever they choose to.

At the moment they have gave their name and said they were from LMB finance, and left their number.

They contacted her 2 weeks ago, but it was her daughter who answered as she was out, so they called again on Friday, she took the number and said she would get me to call her.

To be fair, I have not rung yet, for 2 reasons, 1. My son was ill and in hospital and 2. I am scared stiff

BigBother

Hi Star me again.
Welcome are well known for not having true copies of the original agreements. They are also in deep financial trouble. Their parent company is Cattles PLC who have just failed to repay 200million pound loan- so they may be looking too you for support.
Keep smiling -it can only get better.

BigBother

Hi The point about writing to them is that you have a paper trail should it go as far as court. On the phone they lie -cheat - promise the earth and then when you say so and so the next operator deny all. that's how they work trying to confuse you.
No -set it out in a letter do not give a phone number, and tell them all comunication in writing only - they don't like that- because it cuts into profits.