Companies in Default/FSCS Claims - Picture, London Scottish, Twopart

liverpool1966

No Mag it's variable from the start. That's what i don't get. Prob the same as credit cards.

cavalady

Hi everyone! I lurk much more often than I post but it's great to see people doing so well and so much encouragement and advice on here.

We've had success with Tesco C/C (£3,080) and 2 x Capital One C/C (£700) reclaims but I'm a bit confused about Welcome Finance/FSCS...

Filled out the forms FSCS sent everyone, back in September. They sent them back requesting a few things be filled in, so duly returned them mid October. Had a letter from Welcome Finance dated 23rd October saying they had received my application form and would be in touch within 30 days. I rang them this evening to see if there was any progress and my application is at 'stage 4 of 6' - awaiting transfer to FSCS for completion. Not sure what stages 5 and 6 are? Could anyone enlighten me? Also, is this good news? Wouldn't they have just declined my application if they didn't find in my favour? They couldn't tell me when it will be sent to FSCS either, even though it's ready to go?

Any help or advice would be so appreciated!

Thanks, Kate.

MagP

Hi cavalady, not sure what stages 5 and 6 are? I'm dealing with fscs direct so no other parties as such are involved as our broker is completely gone, but deloitte initially told me there is only 3 stages and at that point I was only at the first stage. However now they are just waiting for one last piece of info from my lender and hopefully they will have done that today. Deloittes told me this was so they could get all the interest rates that had been used. For me hopefully deloittes will complete their part this week and send it back to fscs. I would be quietly optimistic if I were you. Sounds like our timings are sorta the same. Good luck.

cavalady

Thank you MagP. I understood Welcome were going to be looking at all the applications before submitting to FSCS so I'm a little hopeful! I don't know who Deloittes are? Welcome was our broker and lender. It's frustrating because I can't remember any figures at all. We repaid the loan fairly quickly as we took another loan out with our mortgage company so didn't want another company with a secured loan on our home if not necessary. I just want a time frame but nobody can say. :-(

MagP

Deloittes are the people the fscs use to do all the leg work on their behalf. I think they do all the calculations then send them to fscs for approval and they then send the cheques. I think you might be different though as it sounds like welcome have done all that. I'm sure you will be fine and as I've been told by many a helpful person on here, no news is good news! You will hear soon I'm sure!

MagP

Hi all, spike to my case worker at deloitte this afternoon to find our if my lender had sent over the info he required and he clarified that they had. I asked him what the next step was and he said he had handed it over to the claims handlers. What does this mean? Does that mean it's gone back to fscs or another department in deloittes? I'm a bit confused cause when I asked how long it would take he said it might be another few weeks! I'm a bit lost as what to do next? Will I wait to the end of the week and phone fscs or should I be contacting deloittes again?

di3004

MagP wrote: »

Hi all, spike to my case worker at deloitte this afternoon to find our if my lender had sent over the info he required and he clarified that they had. I asked him what the next step was and he said he had handed it over to the claims handlers. What does this mean? Does that mean it's gone back to fscs or another department in deloittes? I'm a bit confused cause when I asked how long it would take he said it might be another few weeks! I'm a bit lost as what to do next? Will I wait to the end of the week and phone fscs or should I be contacting deloittes again?

Brill news!
The details are then sent to the dept within deloittes for calculation, and then once completed it will be sent to the FSCS, they will check this over just to make sure all is in order, and as long as it does not have to go back again to deloittes for any miscalculations, the FSCS will pass the details on to the team within their business to make the cheque out to you and arrange to send it out by post.

I would call the FSCS next, maybe this time next week and hopefully they will confirm they have received the details and a date of when to expect your payment, good luck.;)

cavalady

Sounds like you're getting there MagP! I worked out Welcome Finance have until 5th December to let me know if and how much my reclaim is worth and I'll be ringing them again on Friday to see if they've transferred my application to FSCS yet. I'm eagerly awaiting the postman today after realising I'm coming to the end of 8 weeks for all my reclaims so far.

Good luck to everyone for today.

cavalady

Postman brought nothing of any interest. I'm so impatient!

liverpool1966

Iv'e just phoned my case worker as that seems to be the way forward and he said they had one query with picture and that should be back today or tomorrow then it can go downstairs to the calcalations department