"restructured a debt" without permission?

Pistolpov

Hi,

My partner has had a loan with Welcome Finance since 2003. In 2007 they "restructured" her loan without her permission.

Having spoke to them they say they DO NOT have any off the paperwork from the original loan because it is over 5 years old.. Now am I being stupid but if the loan is still outstanding wouldnt the loan paperwork be kept?

Does anyone know were she stands with getting loan written off etc? Also she has never missed a payment since 2003 - February 2010 and still owes 3k... hence why we are now questioning the loan...

Any help would be grateful

Tixy

What do you mean by restructured?

Have they produced a credit agreement from 2007? Have you asked for a breakdown/explanation of the outstanding balance?

Yes they should still have the paperwork for the old loan (unless she signed a new agreement in 07)

Pistolpov

They changed the amount payable per month and changed the interest to a better rate tbf. NO signature was given in 2007 they have confirmed this.

They have also confirmed that they do not have ANY paperwork for the original two loans (first loan and first top up) they say that she has 4 loans in total my partner is adamant she has only had two. They have only got TWO loans with signatures on.

What are our options? Thanks

Wutang_2

So they improved her loan by giving her a better rate?

Tixy

Has she tried doing a subject access request for all the information they hold on her? Costs £10 but might be worthwhile in this case.

Does she not have her own copies of her original loan paperwork?

Pistolpov

yes effectively they have given her a better rate, but the loan as tripled in value (ie) borrowed £1000 now after 7 years off payment it is still £3084 she owes?

They have admitted they do not have any of the original paperwork. No she only has the latest top up in 2005 paperwork for £400....

tigga_1961

hi sounds like welcome being naughty, i would fire off a cca request letter in templates fi they cant produce this fire off another letter cos no cca = no agreement= no payments, this cost £1,also fire off the sar requesting all info held this as said previously cost £10 but well worth getting to see what welcome has done, if you wife definitely didnt sign a new agreement id get expert advice from cab or try these sites there is a load of info on welcomes dirty dealings.keep us updated

Xbigman

To be honest your partner has not done herself any favours. From your post she had two loans and topped them both up at some point. Thats four agreements which could be why they are saying she has four loans.
Topping up like this is one of the fastest ways to p*ss money away and you end up with loans that go on forever, which is why she still owes 3k despite years of payments. The first step is to make sure she never does this again.
The second step is a subject access request to establish what information is held and get an explanation of where this 3k balance comes from.

That will determine what you do next.
Regards




X

Pistolpov

Sorry, didnt make myself clear. She as only had one loan with one top up (not 2 seperate loans sorry) We dont mind paying what we owe but after 7 years to see a balance off 3 k for 1k loan we are a bit worried and dubious about this. I will defintely look into firing those letters off and going from there. Thanks for all your help