getting late payments removed from my credit file for an old welcome finance loans

phatdan1978

Hi guys,

my first post here so bear with me please.

I took out a loan with welcome finance back in 2007, i moved abroad for a few years and after a while i started toi pay back the loan on the understanding that it would come off the balance. after paying back over a £1000 i got a statement from them and the balance hadn't change stating capitalisation on the balance.

I called them and they said that they didnt say that and the loan worked like a credit card. i refused to pay unless they removed the interest like they stated they would but they refused.

At the time i was living in new zealand and i told them if they didn't i would stop paying, they in turn said that they would just default the account.

that was 4 years ago and i have returned to england to obtain a mortgage, having checked my credit file and it shows up as late paymenst to date.

i have been informed by a mortgage broker that i need the late payments removed from my credit file to be able to obtain a mortgage .

i have been informed that the companies can do this but its at there discretion.

is this true?

if they refuse i am in trouble (my fault i know) but i'm just looking for some advise on how to deal with this because if they refuse to remove late payments and i pay it , it will remain on my credit file for another 6 years and i cant wait that long.

Any advise much appreciated

Thanks

pauletruth

itsnot going to happen.

phatdan1978

Forgot to mention that i am going to pay the full balance of the loan.

Gordon_Hose

Chances are slim, even if you do pay the full balance.

You can ask though. Worst they can say is no.

Apples2

I think when you take a loan out you are supposed to repay it.on their terms. Not whenever and however you decide to, might be wrong of course.

gb12345

Apples2 wrote: »

I think when you take a loan out you are supposed to repay it.on their terms. Not whenever and however you decide to, might be wrong of course.

Strange concept, don't think it will ever catch on personally.

DCFC79

phatdan1978 wrote: »

Hi guys,

my first post here so bear with me please.

I took out a loan with welcome finance back in 2007, i moved abroad for a few years and after a while i started toi pay back the loan on the understanding that it would come off the balance. after paying back over a £1000 i got a statement from them and the balance hadn't change stating capitalisation on the balance.

I called them and they said that they didnt say that and the loan worked like a credit card. i refused to pay unless they removed the interest like they stated they would but they refused.

At the time i was living in new zealand and i told them if they didn't i would stop paying, they in turn said that they would just default the account.

that was 4 years ago and i have returned to england to obtain a mortgage, having checked my credit file and it shows up as late paymenst to date.

i have been informed by a mortgage broker that i need the late payments removed from my credit file to be able to obtain a mortgage .

i have been informed that the companies can do this but its at there discretion.

is this true?

if they refuse i am in trouble (my fault i know) but i'm just looking for some advise on how to deal with this because if they refuse to remove late payments and i pay it , it will remain on my credit file for another 6 years and i cant wait that long.

Any advise much appreciated

Thanks

Apples2 wrote: »

I think when you take a loan out you are supposed to repay it.on their terms. Not whenever and however you decide to, might be wrong of course.

Yes indeed a very odd concept, was always wondering how loans were repaid.

_Andy_

You won't get them removed - that's the whole point of credit files.

_Andy_

phatdan1978 wrote: »

Forgot to mention that i am going to pay the full balance of the loan.

Not relevant