SB`s ????

[BammBamm]

I have seen the Phrase "SB" several times throughout the forum could someone please tell me what that means exactly , and what sort of period does it become in effect ?? also , my issue : I borrowed £1000 from Welcome Finance in 2007 , from that date until I allegedly defaulted , I had paid them back well over £2000 ( I think it worked out to be around £2075 in total ) I know this because they made the mistake of sending me a statement with all the payments that I had actually made , however , they have been continuously hounding me for a further £350 , saying that it is payment for having default charges applied , I have moved on at least 2 occasions yet they still seem to be hounding me some 7 years later , ( or 6 years IF you don`t include the initial payment period ) and now they have passed it on to KCRR or whatever they are called , i`m assuming they are a debt collection agency acting on behalf of Welcome , what can I do ? , what are my rights ?? i`m not to worried but would like to also know if this is affecting my credit score etc

[Amethyst]

Re: SB`s ????

It would be 6 years from the time you last acknowledged the debt ( or made payment and they could default you) sometimes that works out about the default date, sometimes it could be a few months before if they didn't default you as soon as the contract allows. So If you took out the Loan in say March 2007 and paid for a year? then had no further contact with them it could go statute barred in June 2014. Need a bit more detail on the dates.

Have you checked your credit file?

[Guest]

Re: SB`s ????

If this was an unsecured loan the statute barr date will run from the date of the default or the last payment made by you whichever is the latest and means that they cannot enforce the agreement if it has been six years. If the loan was secured on land the period is 12 years.

If this is a welcome loan the odds are that the agreement is unenforceable in any case so I would not worry to much. If you still have the agreement it may be worth having a look.

[BammBamm]

Re: SB`s ????

Thanks Guys , this has been very useful , however , they now have a company called KCRR debt recovery comming after the outstanding debt , should I just ignore KCRR or should I seek legal advice ?? , do I have any where to go from this point , my last contact from Welcome Finance was around July / August 2008 , Thus far I have had NO interaction with KCRR , excpt the letter they sent me saying that they were chasing the debt

[BammBamm]

Re: SB`s ????

yes it was UNsecured , I made NO agreement that It was secured on anything , not a car , not land , not property of any kind , and Thank you , most useful

[FlamingParrot]

Re: SB`s ????

Thanks Guys , this has been very useful , however , they now have a company called KCRR debt recovery comming after the outstanding debt , should I just ignore KCRR or should I seek legal advice ?? , do I have any where to go from this point , my last contact from Welcome Finance was around July / August 2008 , Thus far I have had NO interaction with KCRR , excpt the letter they sent me saying that they were chasing the debt

What sort of contact was that? Did you make any payments or acknowledge the debt in writing? If not, when did you last pay?

It doesn't sound like you need legal advice, however, it's probably best to reply to letters rather than just ignore them. Even if a debt is SBd, they can still issue proceedings.

yes it was UNsecured , I made NO agreement that It was secured on anything , not a car , not land , not property of any kind , and Thank you , most useful

That's fine, it's just that Welcome were known for both secured and unsecured loans. Depending on your answer to the above, you could send them the SBd letter. :thumb: