In this paper, a nonlinear problem corresponding to a simplified Oldroyd-B modelwithout convective terms is considered. Assuming the domain to be a convexpolygon, existence of a solutionis proved for small relaxation times.Continuous piecewise linear finite elements together witha Galerkin Least Square (GLS) method are studied for solving this problem.Existence and a priori error estimatesare established using a Newton-chord fixed point theorem,a posteriori error estimates are also derived.An Elastic Viscous Split Stress (EVSS) scheme related to the GLS methodis introduced. Numerical results confirm the theoretical predictions.