Failed legal welcome finance -please help

[moses]

Welcome finance issued proceedings in 2009 that I successfully had set aside. (See attached) they were ordered to provide a copy of original agreement by the courts. They issued a notice of discontinuance shortly after having restarted the case. The loan was for £4.500 over 48 months starting 10.04.2007. They were never able to provide any original documents until months after the court order and when the one page agreement turned up it wasn't my signature and the office signature looks like the same writing! Anyway they have never issued a default and I just get statements of account now headed "FAILED LEGAL" - no demands for payment so all good BUT they continue to report to the credit agencies that my account is open and I'm like 5 years behind payments? Can I get this off please Help ALSO I don't mind making an offer to settle but to date I have not acknowledged the debt will this mess everything up?

[Celestine]

Re: Failed legal welcome finance -please help

You will not be able to get this data off your credit reference file I'm afraid, as reporting to a CRA does not count as 'enforcement'.

From the date of your last payment or acknowledgment of the debt, the debt will take 6 years (England) to become statute barred. Any reports on your credit file should also 'fall off' after 6 years.

So making an offer to settle now would reset the time clock, you may as well wait it out to be honest.

[FlamingParrot]

Re: Failed legal welcome finance -please help

Welcome finance issued proceedings in 2009 that I successfully had set aside. (See attached) they were ordered to provide a copy of original agreement by the courts. They issued a notice of discontinuance shortly after having restarted the case. The loan was for £4.500 over 48 months starting 10.04.2007. They were never able to provide any original documents until months after the court order and when the one page agreement turned up it wasn't my signature and the office signature looks like the same writing!

In view of the fact proceedings were started in 2009, I'd say this won't be Statute Barred till 2015 (your profile says you're in England).

Anyway they have never issued a default and I just get statements of account now headed "FAILED LEGAL" - no demands for payment so all good BUT they continue to report to the credit agencies that my account is open and I'm like 5 years behind payments?

They will continue to report to the CRAs for 6 years from the date the default was recorded, even if they failed to issue a default notice.

After the McGuffik v RBS case, it was established that reporting to the CRAs does not amount to enforcement, so even if the agreement is unenforceable (or there is no agreement), the default stays for 6 years.

Can I get this off please Help ALSO I don't mind making an offer to settle but to date I have not acknowledged the debt will this mess everything up?

It would be very unwise given you are over half way through to Statute Barred, to make an offer to settle at this stage, as that would reset the clock! :scared: :clock:

...and it won't make any difference, the default will still stand because it reflects the conduct of your account, even if it gets marked 'settled' or 'satisfied'. Having said that, as you say you were defaulted 5 years ago, it may not always show up when lenders do a search, in some cases they'll only search the last 3 years. Lenders don't see your credit file as you do, they get the data through their own software and how it's presented varies from lender to lender.

[dogtired]

Re: Failed legal welcome finance -please help

subscribe

[moses]

Re: Failed legal welcome finance -please help

Thanks for your advice @ dogtired - what do you mean by "subscribe?" x

[PlanB]

Re: Failed legal welcome finance -please help

Thanks for your advice @ dogtired - what do you mean by "subscribe?" x

Once you post on a thread you are automatically "subscribed" to that thread which means you will get email alerts each time the thread gets a new post even if you're offline (unless you choose to opt out). You can also do this by clicking on *Thread Tools* at the top of the thread and then click on *Subscribe Me*.

So if you see a blank post except for the word "subscribe" you'll know someone is interested in following the story

[moses]

Re: Failed legal welcome finance -please help

Thank you very much I wasn't getting notifications - sorted x