Welcome finance statute barred?

[Kafka]

Re: Welcome finance statute barred?

Elwinston
This is actually someone else's thread and by putting details of yours on here you are separating it from the main details. Advice is based on what's on the thread so you run the risk of not getting the best advice by posting on someone else's thread. It also confuses their thread as well.

[Elwinston28]

Re: Welcome finance statute barred?

Sorry, first time I have used a forum so not sure of the etiquette. Will start a separate thread!

[labman]

Re: Welcome finance statute barred?

Don't worry - we've all done it! lol

[ASL3212]

Re: Welcome finance statute barred?

Does the 6 year statute barred time limit only apply to unsecured loans? Is it 12 for secured as it is essentially a mortgage?

[Kafka]

Re: Welcome finance statute barred?

Secured loans are 'contracts under seal' and the Limitation Period is double that for unsecured loans - 12 in E&W, 10 in S

[CleverClogs]

Re: Welcome finance statute barred?

Kafka thanks for clarifying that. I had assumed when they pulled out of my local office and failed to contact me, and the debt was registered as settled that this was the case, but their threatening letters had my partner worried.

These people are bottom feeders - don't let them get to you.

Does that mean you consider them to be coprophagic?

The relevant statute in Scots Law, if yon numpties need a clue, is section 5 (link), Schedule 1 (link) and Schedule 2 (link) of the Prescription and Limitation (Scotland) Act 1973.

They may have supposed that the Limitation Act 1980 also applied to Scotland, or they may simply not have bothered...

[CleverClogs]

Re: Welcome finance statute barred?

Secured loans are 'contracts under seal' and the Limitation Period is double that for unsecured loans - 12 in E&W, 10 in S

Are you sure it is not 20 years in Bonnie Scotland?

[Kafka]

Re: Welcome finance statute barred?

It looks like you are right Cloggy, having looked at the amendments in the legislation. Where 'property' is concerned it is 20 years and I'm assuming that property in this sense means 'contract under seal' or any secured loan.

[CleverClogs]

Re: Welcome finance statute barred?

Im having issues with welcome finance/mkrr

I'm having fun tracking your posts:

in 2007 i borrowed £2000 naievely from welcome... After almost a year and i think i was roughly half way through the term, i began understanding the terms of the loan and apr etc and realised i was being totally ripped off.

I went to complain but their offices were closing down. I was told they would be writing to me. Which they didnt.

I took out a loan in april 2007 and paid it for 4 months,

Were those the same or different loans?

If they were the same loan, your repayments have decreased by 14 months in about as many weeks.
By the middle of March, will they have paid you to borrow from them - or should one not extrapolate? msl:

[Petemcc]

Re: Welcome finance statute barred?

haha cleverclogs, name suits you :-p

it is the same loan, ive discovered more information as i went through my paperwork from 2007, i was halfway through repaying the borrowed amount when i discovered the 40 million percent increase in repayment (ok was just over double borrowed amount but welcome exaggerate charges, its only fair i do) amount. This was my first and still remains my only loan that i took out under complete ignorance.

Im also, admittedly, really poor at explaining myself.

I had enquired about a loan before christmas and done something about it in april. Sorry for p1@s poor details, it was a long time ago and i have been through a lot of life changes since

[Petemcc]

Re: Welcome finance statute barred?

ok heres an interesting turn of events if anyone is interested,

I sent to MKRR regarding my debt being statute barred as it shows as "settled" on my credit report, the origional account that is, and now MKRR or MKDP as they appear to be here have "opened" an account on 28/6/08 and had it in default since 02/01/2010

Now i havent heard anything from them until late last year, despite a few attempts in 2007 to welcome finance.

Can anyone offer me any advice as to what i should do?

[labman]

Re: Welcome finance statute barred?

If it was defaulted with Welcome, you cannot be defaulted twice for the same debt.

[CleverClogs]

Re: Welcome finance statute barred?

I sent to MKRR regarding my debt being statute barred as it shows as "settled" on my credit report, the origional account that is, and now MKRR or MKDP as they appear to be here have "opened" an account on 28/6/08 and had it in default since 02/01/2010

Now i havent heard anything from them until late last year, despite a few attempts in 2007 to welcome finance.

Why might you ever have wished to welcome those varmints?

Can anyone offer me any advice as to what i should do?

If you're sure it's SB, tell them to get bent.

[Nibbler]

Re: Welcome finance statute barred?

ok heres an interesting turn of events if anyone is interested,

I sent to MKRR regarding my debt being statute barred as it shows as "settled" on my credit report, the origional account that is, and now MKRR or MKDP as they appear to be here have "opened" an account on 28/6/08 and had it in default since 02/01/2010

You are not the only one I recall them doing that to.

If they genuinely have added a 2nd later dated default and/or account, and you are sure the debt is statute barred, then enter a dispute via the CRAs and also write to dispute with MK.

[Petemcc]

Re: Welcome finance statute barred?

Im pretty sure it would be statute barred. There was no payments since 6 august 2007 and the loan was recorded as "settled" by welcome finance on my credit account.

I havent heard from anyone regarding it until last year in october and even Willen collections, i refused to accept the debt to them.

Surely this would mean the debt is statute barred? Or recorded as settled?

The debt was never recorded as default with welcome finance, nor did it appear on my credit file until February 24 this year!!

Sorry but this is all reasonably new to me and i must seem like a complete idiot