Tweet
another WELCOME finance moan!!!
hey guys,
I really hope someone can help me out here as im at my wits end now.
So basically, when I was 18 ( im now 26) I took out a loan from welcome finance for £1,500....I paid back the repayments for the first few months, but being a stupid 18year old I stopped paying them back. Never had any letters from them and to be honest I just completely forgot about it..... till now. I have just checked my credit report with Experian and the welcome finance loan is there. now I took this loan out in 2006.... stopped paying early 2007 and haven't heard or had any contact with them since then. I have moved house once in the mean time, but have had all my mail redirected to my new house, (moved in 3years ago!) and have been back to the old property but nothing there. anyways. when I was checking out the details on the Experian credit report it is saying that I only defaulted in 2012?? but the loan should of come off my credit report by then surely?
also...something else that is confusing me is, the original loan was for £1,500... it shoots up to a few quid short of £9,000 but then the following month it goes back down to £3,784.... I don't understand what is going on?!
it has taken them 6years to mark the account as defaulted.....can a lender "chase" someone for money for 6years before they mark the account as defaulted? I was under the understanding that after 6missed payments an account was automatically defaulted.
any advice would be amazing!!!!
I have raised the issue with Experian and they are going to contact welcome finance, but want advice on how to deal with it should welcome refuse to correct the errors.
I really hope someone can help me out here as im at my wits end now.
So basically, when I was 18 ( im now 26) I took out a loan from welcome finance for £1,500....I paid back the repayments for the first few months, but being a stupid 18year old I stopped paying them back. Never had any letters from them and to be honest I just completely forgot about it..... till now. I have just checked my credit report with Experian and the welcome finance loan is there. now I took this loan out in 2006.... stopped paying early 2007 and haven't heard or had any contact with them since then. I have moved house once in the mean time, but have had all my mail redirected to my new house, (moved in 3years ago!) and have been back to the old property but nothing there. anyways. when I was checking out the details on the Experian credit report it is saying that I only defaulted in 2012?? but the loan should of come off my credit report by then surely?
also...something else that is confusing me is, the original loan was for £1,500... it shoots up to a few quid short of £9,000 but then the following month it goes back down to £3,784.... I don't understand what is going on?!
it has taken them 6years to mark the account as defaulted.....can a lender "chase" someone for money for 6years before they mark the account as defaulted? I was under the understanding that after 6missed payments an account was automatically defaulted.
any advice would be amazing!!!!
I have raised the issue with Experian and they are going to contact welcome finance, but want advice on how to deal with it should welcome refuse to correct the errors.
Comment