Hello people. I’m new to this and need some advice

[London 78]

I took out a loan with welcome finance in 2006 for £1,500 and a year later I topped up with another £1000, so I borrowed £2500. I paid about £1500 back and split with my gf and I had to quit my job so no way of paying my debt. So I’ve not made any payment since 2008. But I found out they wanted around £17000 off me just for borrowing £2500 off them. When I disputed the PPI they have now dropped it down to around £14500. So I’ve not paid a penny to them or contacted them what so ever in any shape or form since 2009 when I disputed the PPI. I’m so scared I’m going to get bailiffs banging on my door and make me pay something I can’t afford. Surly the law shouldn’t be letting welcome finance charge me nearly nearly £16000 interest for the little I borrowed. I was young and stupid and dumb. But welcome finance still send a letter now and again asking me to pay the remains of the debt, I’m just living on my nerves on this. I’ve never had a CCJ put against me for this debt with welcome finance and had no contact with them since 2009. Can you please give me some advice that will put my mind at rest please. I feel sick and can’t sleep,

[Debt Camel]

Re: Hello people. I’m new to this and need some advice

when did you claim PPI?

[London 78]

Re: Hello people. I’m new to this and need some advice

when did you claim PPI?

I applied for the PPI around august 2009.

[Debt Camel]

Re: Hello people. I’m new to this and need some advice

Applying for PPI would have "reset the clock" for when a debt becomes statute barred. Do you know when the PPI refund was paid, presumably by reducing your balance?

[London 78]

Re: Hello people. I’m new to this and need some advice

Applying for PPI would have "reset the clock" for when a debt becomes statute barred. Do you know when the PPI refund was paid, presumably by reducing your balance?

It was paid either end of 2009 or start of 2010. No later.
But welcome started sending letters out the last few months for payment. Not debt collection agency’s but welcome finance. So since the end of 2009 or start of 2010 I’ve not had any contact what so ever. Is there any way I can stop them harassing my mums house. My mum is in bad health and she’s stressing someone is coming to kick her door is and take her stuff for the money because I live there

[Debt Camel]

Re: Hello people. I’m new to this and need some advice

Tell your mum bailiffs can't come unless you have a CCJ. Even then they are not allowed to break in. Before that happens you will have received court papers and can defend the case it is statute barred, so Welcome Finance have left it too late to sue you.

If you are very sure about the dates - so it is well over 6 years since you received the PPI refund and you haven't written or emailed them since then - then you could write to them and tell them the debt is statute barred and you will not be paying it.

But if you aren't very sure it may be better to just put the letters in a pile and ignore them.

The point where you must not ignore them is when you receive a Letter Before Action - this is a formal letter saying they are about to start court action, it has to have a lot of stuff enclosed with it including a Reply Form. See https://debtcamel.co.uk/letter-before-claim-ccj/ for more about this and come back here if you get one?

[London 78]

Re: Hello people. I’m new to this and need some advice

Tell your mum bailiffs can't come unless you have a CCJ. Even then they are not allowed to break in. Before that happens you will have received court papers and can defend the case it is statute barred, so Welcome Finance have left it too late to sue you.

If you are very sure about the dates - so it is well over 6 years since you received the PPI refund and you haven't written or emailed them since then - then you could write to them and tell them the debt is statute barred and you will not be paying it.

But if you aren't very sure it may be better to just put the letters in a pile and ignore them.

The point where you must not ignore them is when you receive a Letter Before Action - this is a formal letter saying they are about to start court action, it has to have a lot of stuff enclosed with it including a Reply Form. See https://debtcamel.co.uk/letter-before-claim-ccj/ for more about this and come back here if you get one?

The letter just say that they want the money and the balance. But But they didn’t pay me the PPI, they took it off the balance I owed them. It’s disgusting that they borrowed me £2500 and wanted around £18k from me. Maybe more as can’t remember the total figure. But I’m just a bag of nerves not knowing if they are going to break into my mums house. I don’t even want to write to them incase I open another can of worms. And I don’t apply for any credit incase they find out and send me threatening letters.