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Help please

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  • #1

    Help please

    Hi can anyone give me some advise pleeeeease????
    ok, so I took a loan out with welcome finance about 6 yrs ago, I then got my PPI back in 2010 resulting in me having to resign paperwork. I still owe £8k and have been paying also never missing a payment. Today I checked my experian as we are trying to get a new mortgage and it says my welcome finance loan was satisfies/paid in full in 2010... I'm so confused????? There is nothing on my credit file under any name it literally says I am in no debt??????? Do I stop paying them? Honest opinions of what u would do please?????
    Tags: None
  • #2
    Re: Help please

    Hiya, welcome to LB.

    Firstly and I know this is the hardest bit of advice to take hun, but dont panic.

    Help is on the way, you have a few posts atm, are they all roughly about the same thing as it may be easier if we ask an admin to collate them all in to the same thread , then the experts can read exactly what is going on easier

    Comment

    • #3
      Re: Help please

      I suspect what has happened is they settled the original loan in 2010, thus it is marked as settled on your CRF. They would have then effectively started a new loan with new paperwork. It seems they haven't been reporting to the CRA's, or your payments would show. Have you checked all of them? They might be reporting to a different one to Experian.

      You know you owe the money and signed an agreement. You've been paying. Have you received your statutory statement of account? If not, you need to ask for those, as Welcome can be naughty with refinanced loans sometimes. I would certainly keep on paying them until you know exactly what the situation is.
      • 1 thank

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      • #4
        Re: Help please

        Thanks... Sorry I didn't know I could make my own post... Oops!!!!
        i can't understand why it wouldn't be on experian... I'm just thinking if I did stop payin, it won't go against me on my credit file, maybe I'm just wishful thinking???

        Comment

        • #5
          Re: Help please

          It is up to you at the end of the day. We can only say what we believe to be the right thing to do.
          • 1 thank

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          • #6
            Re: Help please

            Originally posted by Emmafox53 View Post
            Thanks... Sorry I didn't know I could make my own post... Oops!!!!
            i can't understand why it wouldn't be on experian... I'm just thinking if I did stop payin, it won't go against me on my credit file, maybe I'm just wishful thinking???
            Hi Emmafox

            I agree with labman

            You should not be in doubt as to the existence of the money owed.
            & Welcome will not forget it either!
            CAVEAT LECTOR

            This is only my opinion - "Opinions are made to be changed --or how is truth to be got at?" (Byron)

            You and I do not see things as they are. We see things as we are.
            Cohen, Herb

            There is danger when a man throws his tongue into high gear before he
            gets his brain a-going.
            Phelps, C. C.

            "They couldn't hit an elephant at this distance!"
            The last words of John Sedgwick

            Comment

            • #7
              Re: Help please

              IT wont show on experian . If I recall correctly its equifax . But check on all of the agencies. It may cost you a few more pounds but well worth it . Ask for your annual statement from welcome and check for strange fees including fees for calling you . Usually charged at £10 per call and charged if you don't answer. The Welcome policy was actually only to charge if contact is made with the customer and the customer then refuses to come to an arrangement or to discuss the account. However the bonus structure used to be such that each account manager was required to generate a certain amount of fees each month against their portfolio of clients .
              • 1 thank

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              • #8
                Re: Help please

                The OP should check everywhere to see if this is recorded if it is it may affect their mortgage application
                • 1 thank

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