Welcome Finance

itchybutt

Hi,

At the start of the year i agreed with Direct Legal Collections, who were acting on behalf of Welcome Finance to pay £10pm on my loan. At the time i was only working part time but now i have a full time job. Anyway i thought i should check my credit report and i found that the balance was going down but they are still updating my credit report with missed payments. Are they allowed to do this, as it stands i have 19 missed payments from them.

Thanks Justin

chanz4

if its true yes

steve1980

Why don't you offer to pay back more?

KingElvis

Yes, and they'll keep doing it until you pay the off. Then after six years, they vanish.

RichGold

itchybutt wrote: »

...they are still updating my credit report with missed payments. Are they allowed to do this, as it stands i have 19 missed payments.

So they are updating your credit report with factual information?

I don't understand what your problem with that is.

Apples2

You will continue to gather missed payment markers for every month you are failing to repay the amount you agreed to when taking the loan out.

If there were no repurcussions for reducing payments, everyone would take huge loans out and repay at £10 a Month.

The reduced payments are designed as a stop gap until you can bring the payments back up again, you aren't supposed to continue this forever.

If they haven't frozen the Interest, your £10 will be LESS than the interest each month so your overall debt is going UP each and every month you are making reduced payments.

If you now have a full time job, why haven't you increased your payments?

itchybutt

If you now have a full time job, why haven't you increased your payments?

I have only just started my fulltime job a couple of weeks ago. I was just waiting for my first wage to see how much more i can afford to pay off than the orginal agreement terms as I want this paid off sooner rather than later.