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Unrecorded Loan!!

Mango_11
Mango_11 Posts: 5 Forumite
in Loans
Hi All,

This is my first time in here and I urgently need help with unrecorded Loan.

I bought an expensive watch about 3 months ago and they offered me loan to pay for the watch in 9 instalments. Now I have recently checked my bank statements and there is no money coming out for this agreement. I went to the shop and they told me to call up the bank which I did. However the bank said they have no records of me holding an agreement with them. Should I keep this quite or this will hunt me severely in the future?

I would appreciate any replies..

Comments

  • DCFC79
    DCFC79 Posts: 40,610 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    I wouldnt kep it quiet, id sort it out, you should have noticed it before now though
  • Tixy
    Tixy Posts: 31,455 Forumite
    Do you have a copy of the agreement you signed in store? Who does it say finance is provided by?

    If no agreement was set up then you will still owe the shop the money for the watch. Whether you owe the money to the shop or a loan company they will almost certainly chase you for it at some point in the next 6years (which is how long they have to chase you or to take legal action).
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • DarnIt_3
    DarnIt_3 Posts: 294 Forumite
    What was the shop....I could do with a new watch :D
    29th June -Beginning Credit Score 422 :( £2575
    12th July - Credit score 471 :p
    22nd August - Credit Score 550 :p Still very poor just but only just!
    Remaining to pay off: £1370.95
  • Mango_11
    Mango_11 Posts: 5 Forumite
    Thank you for the quick responses.

    Yes Tixy, I have the copy of the agreement and it financed by the Santander bank. I think the customer advisor in the shop took the first payment but did not set up direct debit. Would that affect my credit score tho?? I assume it won't as it's not my fault!
  • DarnIt_3
    DarnIt_3 Posts: 294 Forumite
    On a serious note....put the monthly payment into another account each month and when they demand it back you have it!
    29th June -Beginning Credit Score 422 :( £2575
    12th July - Credit score 471 :p
    22nd August - Credit Score 550 :p Still very poor just but only just!
    Remaining to pay off: £1370.95
  • Tixy
    Tixy Posts: 31,455 Forumite
    It might, depends on how far the agreement got - have you checked your credit files to see if there is any record of the account on there?

    I also wouldn't necessarily trust santander over the phone with a 'no record of your agreement' Knowing santander they may decide they have got it at a future point in time. Might be worth writing to santander.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • Mango_11
    Mango_11 Posts: 5 Forumite
    Thanks folks,

    I think I have to go to the branch with my agreement and find out what is going on..

    Have a pleasant day...
This discussion has been closed.
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