Quick question- welcome finance

calgeo

Hi guys,

I have tried trawling the thread and there is so many of them full of fantastic information...................

I sent of a PPI miselling claim to Welcome Finance yesterday as at the time of taking the loan we were told no ppi= no loan and have since found out that i only work part time so did not qualify for the ppi anyway................. anyway back to the point lol............ I understand the process and 8 wk wait etc and i used Martin's template for the letter so am ok with all that................ If Welcome find in my favour what will happen to the refund.............. We are still due around £2000 on the loan and it has been paid via payplan for the last year or so (although we had never missed a payment before then)........... the ppi total on my original agreement is just over £1500........... Will this be taken off the total owed or does it get paid directly to us?.............. I am not to fussed either way as it will be used for the same purpose but it would be nice to feel a little clearer on the whole process.........

Many thanks
Lisa x

di3004

calgeo wrote: »

Hi guys,

I have tried trawling the thread and there is so many of them full of fantastic information...................

I sent of a PPI miselling claim to Welcome Finance yesterday as at the time of taking the loan we were told no ppi= no loan and have since found out that i only work part time so did not qualify for the ppi anyway................. anyway back to the point lol............ I understand the process and 8 wk wait etc and i used Martin's template for the letter so am ok with all that................ If Welcome find in my favour what will happen to the refund.............. We are still due around £2000 on the loan and it has been paid via payplan for the last year or so (although we had never missed a payment before then)........... the ppi total on my original agreement is just over £1500........... Will this be taken off the total owed or does it get paid directly to us?.............. I am not to fussed either way as it will be used for the same purpose but it would be nice to feel a little clearer on the whole process.........

Many thanks
Lisa x

Hi Lisa and the very best of luck with this.;)

I take it Welcome Finance was the ones who sold you the loan and the lender of the loan?
If they arranged this for you then your correct in writing to these, if you used a broker then you write to them.
Just thought I should mention this to you in case but not a problem.

This can vary, as they can differ from one an another but mostly if there are any arrears, they do aim to pay towards this and anything remaining directly to you.
Hope this gives you an idea, fingers crossed for you.

Di
Xx

calgeo

Thankyou for the prompt reply Di.............. the loan was taken with Welcome directly........... there was no broker involved at all and thankyou very much for the well wishes and luck it is very much appreciated................. We only have around £3000 of debt so if they take this towards the arrears then that would be fab as we could save the rest (thanks to MSE top tips lol) and be debt free within the next few months!!.......... finger crossed x

Lisa x

di3004

calgeo wrote: »

Thankyou for the prompt reply Di.............. the loan was taken with Welcome directly........... there was no broker involved at all and thankyou very much for the well wishes and luck it is very much appreciated................. We only have around £3000 of debt so if they take this towards the arrears then that would be fab as we could save the rest (thanks to MSE top tips lol) and be debt free within the next few months!!.......... finger crossed x

Lisa x

Your very welcome Lisa.;)

Good one, you have everything in good order then.:T

That would be lovely, to clear the amount and the rest of it will be yours, fantastic.:T:T:beer:.
Yes of course fingers crossed, look forward to hearing the outcome of this.

Di
Xx

spacehopper1

Any refund would be taken towards the outstanding balance and you would be required to sign new contracts that would be backdated to when the original loan was taken out but at the lower payment without the PPI, how this will work with your debt management company im not sure so you may want to speak with them in advance but wouldn't rush on this as they are currently dealing with complaints received in September 2009 due to the sheer volume of claims being received.