Welcome financial services - 6 mths missed payments for years

[Mike1976]

Hi Guys

1st time ever done this..

I have an issue with welcome finance. Are they able to keep me at 6mths missed payments for over 4 years and the suddenly put it in default. Long story short. Borrowed 2k from them back in 2006 paid over £2k back and then had financial problems. when i checked my credit file from both Experian and Equifax they had me owing them over 12k. I have since spoken to them and they said this was all charges. They have changed the balance to £ 6,478. and then put it as a default amount on the 13/06/2012. I contacted them regarding this and they are unwilling to come to any amicable arrangement. They want £6478.or nothing?? I was wondering the last time i made a payment was May 2008 does this mean that in May 2014 that this debt would become statue barred? Also they owe me quite a substantial PPI payment from 3loans prior to this one that are over ten years old. and also the one above. that is still outstanding - If they pay the PPI to the above account will this be classed as a payment from me and cancel the may 2008 date as a last payment. Apparently they will pay any PPI off this account i wont be given the option.

Welcome finance are currently only open to pay mis-sold PPI claims FSCS are dealing with all claims relating to them.

Any advice would be great and appreciated.

Thanks Guys

Mike.

[Kafka]

Re: Welcome financial services - 6 mths missed payments for years

The Limitation Period for unsecured loans is 6 years in E&W, 5 years in Scotland. You haven't said if the loans were secured (where the Limitation Period is twice as long) so I'm assuming they weren't. The period is passed if you go for the time without either paying towards the debt or formally acknowledging it. Either of these will start the Limitation clock again for another 6 years.

It is possible to claim PPI back beyond the Limitation Period on the grounds that it was mis-sold (I'm assuming it was but you haven't provided details), but I don't think the FOS helps you beyond 6 years, so if you needed to fight that you would have to do it through the courts if they won't pay up.

If they have placed a default last year then they appear to be in breach of CCA rules as that should have been done within a certain period of defaulting, not years later. Its hard to comment because you haven't provided a timeline of events with full details.

You also mention charges and that's not surprising with Welcome, who rarely send out statements so they can try to hide these. If you don't have details then the first thing you need to do is send SAR to Welcome with £10 to obtain all the data they hold on you. Quote all the account numbers. When you have that the picture regarding charges and PPI will be much clearer and you can decide how best to approach all the issues.

[gravytrain]

Re: Welcome financial services - 6 mths missed payments for years

I think I would send them an SAR, and get a full history of the account.(It will cost you £10)

Have you commenced the claim for the PPI ?

You are correct in that they will repay their outstanding balance first, however it would be as well to examine the agreements and statements for the periods in question as there may also be other items that could be reclaimable.
The statute barr period would commence form the last time you acknowledged the debt , so if you have written to them chances are they will maintain SB date will commence from that date

[Kafka]

Re: Welcome financial services - 6 mths missed payments for years

Crossed with you GT :tea:

[dogtired]

Re: Welcome financial services - 6 mths missed payments for years

subscribe

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Thanks for your replies.

Just to answer a few of the points in the above replies.

• The debt was unsecured.
• Welcome Finance never give an option to opt-out of the PPI - Its was always advised in order to borrow i had to take the PPI etc.
• Welcome are still dealing with older PPI Claims its just ones after roughly 2006 -
  On 2 March 2011 the FSCS declared WFSL in default. This is because the firm is unable, or likely to be unable, to pay claims against it in relation to PPI. WFSL sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim.
  The FSCS will now be responsible for PPI claims against WFSL. To assist in its handling of claims, the FSCS has arranged to use WFSL's claims handling resources. However, the FSCS will remain responsible for all decisions on claims, which will be made in accordance with FSCS rules, and will closely oversee and monitor all steps in the handling of claims. This arrangement will enable claims to be processed more quickly and efficiently.
  
  The older claims are past loans that were paid in full. for example borrowed £1k payed back £3.5k in roughly a 7 mth period.
  
  I have copied the equifax report regarding this one below.
  
  
  Payment History
  This table shows how you have kept your account over time, for infomation about individual months pass your mouse cursor over the coloured block
  
  
  Loan from Welcome Financial Services Plc (I) / XXXX389P
  

  37 @ £ 156 (Monthly)	Defaulted
  £ 6,478	£ 0
  £ 0	£ 6,467
  30/10/2006	02/08/2012
  13/06/2012

  Am i correct in thinking that. By claiming the PPI back from the debt above this has started the clock again? If so gutted!! only done this originally to try and bring the balance down. As i knew that all money paid by them would come of my balance, this was before i was aware of Statue Barring..
  
  Will deffo ask them for that SAR thingy.. Also Kafka, they appear to be in breach of CCA rules?? What could this meen.
  
  Thanks for the speedy reply guys- Well impressed!! Can u make donations on this site?
  
  Mike

[dogtired]

Re: Welcome financial services - 6 mths missed payments for years

remove your personal details in the above!

[Kafka]

Re: Welcome financial services - 6 mths missed payments for years

Thanks for your replies.

Just to answer a few of the points in the above replies.

• The debt was unsecured.
• Welcome Finance never give an option to opt-out of the PPI - Its was always advised in order to borrow i had to take the PPI etc.
• Welcome are still dealing with older PPI Claims its just ones after roughly 2006 -
  On 2 March 2011 the FSCS declared WFSL in default. This is because the firm is unable, or likely to be unable, to pay claims against it in relation to PPI. WFSL sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim.
  The FSCS will now be responsible for PPI claims against WFSL. To assist in its handling of claims, the FSCS has arranged to use WFSL's claims handling resources. However, the FSCS will remain responsible for all decisions on claims, which will be made in accordance with FSCS rules, and will closely oversee and monitor all steps in the handling of claims. This arrangement will enable claims to be processed more quickly and efficiently.
  
  The older claims are past loans that were paid in full. for example borrowed £1k payed back £3.5k in roughly a 7 mth period.
  
  I have copied the equifax report regarding this one below.
  
  
  Am i correct in thinking that. By claiming the PPI back from the debt above this has started the clock again? If so gutted!! only done this originally to try and bring the balance down. As i knew that all money paid by them would come of my balance, this was before i was aware of Statue Barring..
  
  Claiming back PPI is surely an acknowledgement of the debt.
  
  Will deffo ask them for that SAR thingy.. Also Kafka, they appear to be in breach of CCA rules?? What could this meen.
  
  If an account is defaulted then it is terminated, so the agreement no longer applies and your credit file gets marked to reflect this. The CCA rules require that the default is actioned within a certain period of the first payment default (6 months I think?), so they can't default the account a long time later. We has a acse a few days ago where a statute-barred debt was eventually bought up by a DCA that registered a default as of about 2 years ago. Now you can't restart the Limitation clock once its statute barred (despite what DCAs tell you), but by placing that default as 2 years old, it creates the impression that its not statute barred and noone would believe you seeing that. If you provide the timeline of all events relating to this account it'll be easier to see what has happened.
  
  Thanks for the speedy reply guys- Well impressed!! Can u make donations on this site?
  
  There is a donate button along the top bar of the page!
  
  Mike
  

....

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Thanks i will send of for the SAR. shall i then just scan it to a document and paste it here?

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Sorry - Didnt think about my details..

[Kafka]

Re: Welcome financial services - 6 mths missed payments for years

there is a standard SAR application letter that's always the same apart from your personal details and the accounts. Its your statutory right to have this personal data they hold for the £10 fee, under the Data Protection Act.

If you haven't checked this before (as it seems), then you will be pleasantly surprised when you see the charges Welcome have added on. These are charges for phone calls, letters and late payments, but they also have a habit of adding on 100s of pounds just listed as charges, which don't form part of any agreement. That's how come Welcome customers are surprised that an account still has a lot owing when they thought it was close to clearing. In my case they had added about £900.

The SAR will reveal a lot, but bear in mind that a firm is only obliged to hold data going back 6 years, so they may have destroyed anything earlier. Get the SAR sent and we can take stock of the options, but they have 40 days to respond.

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Thankyou Kafka. Will post once i have heared back.

[dogtired]

Re: Welcome financial services - 6 mths missed payments for years

Good luck (if thats the right thng to say) think you may need it!
This lot have not complied with a CCA and paid it into the alleged account, after a SDAR they sent back documents that was for another address and loan number and have sent it to two DCAs!

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Just a quick question guys. I have an account from HSBC from roughly 8-9 years ago. I completely ignored it it eventually had a CCJ and a default connected to it - they have both fell off my credit file now for quite some time. I have recently been getting chased from Lowell for the balance. i have not acknowledged this debt like EVER.... Are they just trying it on. or do i need to worry about this one again??

Mike

[Mike1976]

Re: Welcome financial services - 6 mths missed payments for years

Regarding the above Welcome finance thread : I have attached the SAR request im about to send to welcome : Is this ok? is there anything missing.

Data Protection Act 1998

Subject access request[IMG]file:///C:\Users\Mike\AppData\Local\Temp\msohtmlclip1\01\c lip_image001.gif[/IMG]
Dear Sir/Madam

ACCOUNT NUMBERS: 23**9 - 1***9 - 1***0 – And any other relevant numbers

Please supply me with all data that you hold on me. This includes in particular, but is not limited to, the following:-

1. The original signed, executed credit agreement and any terms and conditions that applied to the account at the time of default and at the time the account was opened.
2. Transcriptions of all telephone conversations recorded and any notes made in relation to telephone conversations by your company, or by any previous creditor
3. Where there has been any event in my account history over this period which has required manual intervention by any person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my account formerly held with ORIGINAL CREDITOR.
4. True copies of any notice of assignment and/or default notice or enforcement notice that you or the original creditor sent me, with a copy of any proof of postage that you hold.
5. Documents relating to any insurance added to the account, including the insurance contract and terms and conditions, date it was added and deleted (if applicable).
6. Details of any collection charges added to the account; specifically, the date it was levied, the amount of the charge, a detailed financial Breakdown[IMG]file:///C:\Users\Mike\AppData\Local\Temp\msohtmlclip1\01\c lip_image001.gif[/IMG] of how the charge was calculated, and what the charge covers.
7. Specific details of the fees/charges levied by any other agency in respect of this account and a detailed breakdown of said fees/charges and what each charge relates to and on what date said fees/charges were levied.
8. A genuine copy of any notice of fair use of my data as required by the Data Protection Act 1998
9. A list of third party agencies to whom you have disclosed my personal data[IMG]file:///C:\Users\Mike\AppData\Local\Temp\msohtmlclip1\01\c lip_image001.gif[/IMG] and a summary of the nature of the information you have disclosed.
10. Copies of statements for the entire duration of the credit agreement.


I enclose the statutory maximum fee of £10. You have 40 days in which to comply.
If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.



Yours faithfully,




Mr Michael Stevenson