Welcome Finance help

Tremour-88

My mother in-law took out a Welcome Finance loan in 2006 and well she couldnt handle the repayments so stopped her debit card and we never heard anything from them for 2 years later (after they added £2,000 interest)

Anyway it got passed onto a Debt collection agency about 10 months ago and she's been paying £50 per month as they agreed however we just checked her credit files (all 3) and ALL of them report shes had 3 years of 6 missed payments which isn't true she's been paying perfectly fine for the past 10 months.

Also all of them report the wrong balance, according to CallCredit & Equifax she owes £3,900 yet Clarity Debt management is saying she only owes £2,400.

We phoned Welcome finance and they said they would correct it 6 weeks ago but all they did was alter the balance for 1 month and this month its jumped from 2.4k to 3.9k again and they never changed the missed payments.

What can we do about this? we've tried ringing them both (Welcome & Clarity) but neither will do anything

Wutang_2

Tremour-88 wrote: »

ALL of them report shes had 3 years of 6 missed payments which isn't true she's been paying perfectly fine for the past 10 months.

Is this 3 years of missed payments or 3 years of 6 missed payments??

Tremour-88

3 years of missed payments that all report 6+ missed in a row

Wutang_2

For 3 years, did she make payments?

Tremour-88

Wutang wrote: »

For 3 years, did she make payments?

For the past 10 months she's paid fine and as agreed but before that no, but because its saying she hasn't paid a penny for 3 years and is showing her balance increasing on the CRA's but on her Welcome Finance statement we got 3 months ago its showing 7 months of payments with frozen interest.

She wants to rebuild her Credit History but welcome finance don't seem to understand what they've done wrong when we call, there isn't even a Payment Arrangement plan showing which there should be.

Wutang_2

I am sorry but I am missing information here, she did miss 3 years of payments - what have they (WF) done wrong exactly?

chanz4

Because she is so far behind, it will show as arrears unless she bought upto date the missed payments

RichGold

Unless she pays up everything that she should have paid by now if she had been making the payments all the way through, it will always show as missed payment/in arrears.

I'm struggling to see the point you are trying to make?

Tremour-88

RichGold wrote: »

Unless she pays up everything that she should have paid by now if she had been making the payments all the way through, it will always show as missed payment/in arrears.

I'm struggling to see the point you are trying to make?

They setup an Arrangement plan with her to pay £50 per month, her current balance is £2,300 something but on all the Credit Ref agencies its showing as 3.9k which is almost double and as missed payments.

Surely it should be showing the correct balance and that a payment arrangement is in place?

RichGold

Tremour-88 wrote: »

They setup an Arrangement plan with her to pay £50 per month, her current balance is £2,300 something but on all the Credit Ref agencies its showing as 3.9k which is almost double and as missed payments.

Surely it should be showing the correct balance and that a payment arrangement is in place?

You say yourself that she has missed payments. 3 years worth if I read it right.

Just because you have an arrangement to pay in place it doesn't alter the fact that she is 3 years behind with her payments. The fact the balance is different could be down to her loan provider registering it with one agency and the debt collection company registering it with added charges with another agency.

I've said before, a credit history file is a record of what actually happened. Your MIL missed 3 years of payments, so it shows as in arrears. Simples.

Tremour-88

The arrears make sence in a way but the balances dont, both the Debt agency & Welcome say the balance is 2.3k but there reporting 3.9k? That isn't right