Welcome Finance Help!

Blaz

Back in summer 2004 i took a loan out for £1500 a few months after that i borrowed a further £1000 with my x girlfriend as a joint loan. We split in 2005 an i was devastated to find that with interest i owed them £6,000+ back! Since then although i paid my half of the debt for a couple of yrs she never paid a penny my credit got destroyed and still is. I never spoke or paid a penny to them for a few yrs now (out of protest that they've always harassed me for the debt an never her). So i havent spoken to or dealt with them since 2009 even then that was a debt collector (lewis i think?)

I want this thing gone, its been a ball and chain for too many years and ive realised im just goin to have to bite the bullit and get rid of it somehow.

I think i maybe too late for a PPI claim now although i know for definite i was sold PPI, why didnt you make a claim sooner you ask? Well in May 2005 they amended my loan and told me they knocked money off the the balance (around £6,000) which took the balance to around £4,900. I assumed they knocked the PPI off but now that i look at my credit score im not so sure as it says my default balance is £4,300. Here is my report taken from Experian below:-

Company name: WELCOME FINANCIAL SERVICES LTD Who's this?
Account type: Loan
Started: 31/05/2005
Default Balance: £4,314
Current Balance: £6,393
Repayment Period: Monthly Payment: £74 over 73 months
Defaulted On: 14/04/2007
File Updated for the Period to: 13/02/2011
Status history: [8]
[] brackets indicate most recent months status [ ] What's this?
Note: A defaulted account is removed from your report after six years whether or not you have paid the debt in full. If you have paid some of the debt off, the balance should show how much you still owe.

I want to know -
Is it definitely too late to claim PPI or am i even entitled to anyway as im not sure this balance of £4,000+ inlcudes PPI or not !?

Whats the best thing for me to do to get rid of this debt? It says it will be removed from report in 6 yrs after it went into default in 2007 (although I had contact with them in 2009) ... Should i wait? Or if i call up and offer them a settlement fee ??

What is a Default balance?!?!

Im really at a loss to get rid of this debt please help!

Thx!

Blaz

Also this might be important or not ... They said to me if i didnt take the PPI they wouldnt give me the loan, does this void the credit agreement?

Ive also read here - http://www.moneybright.co.uk/info/ppi-claims/articles/ppi-claims-time-limit that you can claim after 6 years as long as you have the original papers ... and that the 6 yrs only relates to how long they are required to keep the paperwork. Is this true can someone confirm this? But if they throw away the paperwork doesnt that void the credit agreement meaning they are unable to prove the debt??

Blaz

Well i jus spoke to some guy over at Financial Services Compensation Scheme who are dealing with PPI claims on behalf of Welcome Finance, he said although he can see that in 2004 the two loans had PPI on them but the amended loan in 2005 does NOT. Therefore because the 2 other loans in 2004 where before Jan 05 he cant help me and that i have to contact Welcome ... what can i say to them ? If i still have proof about the PPI in 2004 can i do anything about it ? Will they be more likely to settle the debt if i threaten them with PPI action ??

amersall

Hi there, you need to find out who the insurer was,you put a claim into them for the mis sell.As this was pre 14th jan 2005 Welcome will not help you,so you may as well just go for the insurer now.
You will owe more as you have not paid this so the arrears and interest are mounting up.
Get a claim in for mis sell and look here for reasons for mis sell that apply to you
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2


http://www.financial-ombudsman.org.uk/contact/index.html
If you ring the FOS
they should be able to tell you who the insurer was.

Blaz

Here is the proof of the original documents i have,

Okay here is my first agreement from July 2004 borrowed £1500



My 2nd agreement from Nov 2004 where we asked to borrow an extra £1000 on top of the £1500



Then almost a year after our first loan they generously knocked off some money and amended the agreement in May 2005 (note the lack of PPI in this one??)



So looking at these the 1st agreement has around £500 PPI, the 2nd agreement has around £900 PPI but the third agreement doesnt have any, did they deduct the £900 PPI ??
Is it worth me ringing welcome finance and talking to them about the PPI but instead of trying to get money out of them jus offer £500 settlement fee (the PPI they owe me is around the £500 to £1400 mark depending on whether or not that £900 was wiped in the 3rd agreement).

amersall

Hi there, you could ask them if they will do this,if it suits you,as you will have to go the insurer route if not.
Give them a ring and see what they say.
They are in strife at the moment!! so may just accept this,make sure you get it in writing and a letter to say the loan is ended,as they could come back to you later to pay this.

amersall

Blaz wrote: »

Back in summer 2004 i took a loan out for £1500 a few months after that i borrowed a further £1000 with my x girlfriend as a joint loan. We split in 2005 an i was devastated to find that with interest i owed them £6,000+ back! Since then although i paid my half of the debt for a couple of yrs she never paid a penny my credit got destroyed and still is. I never spoke or paid a penny to them for a few yrs now (out of protest that they've always harassed me for the debt an never her). So i havent spoken to or dealt with them since 2009 even then that was a debt collector (lewis i think?)

I want this thing gone, its been a ball and chain for too many years and ive realised im just goin to have to bite the bullit and get rid of it somehow.

I think i maybe too late for a PPI claim now although i know for definite i was sold PPI, why didnt you make a claim sooner you ask? Well in May 2005 they amended my loan and told me they knocked money off the the balance (around £6,000) which took the balance to around £4,900. I assumed they knocked the PPI off but now that i look at my credit score im not so sure as it says my default balance is £4,300. Here is my report taken from Experian below:-

Company name: WELCOME FINANCIAL SERVICES LTD Who's this?
Account type: Loan
Started: 31/05/2005
Default Balance: £4,314
Current Balance: £6,393
Repayment Period: Monthly Payment: £74 over 73 months
Defaulted On: 14/04/2007
File Updated for the Period to: 13/02/2011
Status history: [8]
[] brackets indicate most recent months status [ ] What's this?
Note: A defaulted account is removed from your report after six years whether or not you have paid the debt in full. If you have paid some of the debt off, the balance should show how much you still owe.

I want to know -
Is it definitely too late to claim PPI or am i even entitled to anyway as im not sure this balance of £4,000+ inlcudes PPI or not !?

Whats the best thing for me to do to get rid of this debt? It says it will be removed from report in 6 yrs after it went into default in 2007 (although I had contact with them in 2009) ... Should i wait? Or if i call up and offer them a settlement fee ??

What is a Default balance?!?!

Im really at a loss to get rid of this debt please help!

Thx!

Can anyone help with this please?. thanks.