please help!

ihatewelcomefinance

seriously need a little bit of help, i took a loan out 5/6 years ago with WELCOME FINANCE, the loan was to pay off credit cards, when i got the loan i noticed i was paying for payment protection, i never stated once i wanted it, they told me i put a X in the box and signed for it, so after a week of arguments i gave in and agreed to pay my loan with p/p.

A month later i loose my job, welcome finance said the p/p didnt cover me for job loss so i snapped (at the time i was 21 and had a terrible attitude) and i refused to pay the loan, i had many letters over the next 6 months with threats of bailiffs and court action but nothing ever happened. i havent heard from them in years...... until 30 minutes ago...


a guy just rang me stating that welcome finance has been taken over by a new company and that i owe them 5,000 (original loan was 3000)
and they want it asap!


i know this is my own fault, i was young and stupid, and im going to try and come to a compromise with them but just wondered if anyone had any advice for me as too were i stand? and is there anything i can do many thanks, wayne

Consumerist

Firstly, wait to hear from the company in writing. As things stand the guy who rang you could be anyone. If he/they call you again, you have the right to insist they contact you only in writing.

Do not admit any liability to anything at this stage (very important) and refer to the debt as an alleged debt.

Ask them to provide you with a true copy of the alleged agreement with Welcome Finance and a copy of the Notice of Assignment of the debt from Welcome Finance to them, whoever they are.

This should keep them occupied while you investigate your rights.

Go to the Debt-free Wannabe forum and post there to get all the advice you will need to assert your rights - and probably a lot more help and encouragement.

Secondly, you may have a claim for PPI mis-selling if the policy did not cover you for job loss. What did it cover you for ? Leave this aspect until the company has proved that you are liable for the debt. Claiming mis-selling of PPI now will effectively be an admission of liability. So don't do it. YET.

CLAPTON

do you know exactly when you last paid anything?
if its over 6 years then the debt should be covered by the limitation act