Welcome Finance I think are taking the p!

lattir

Hi I am new to the forum,

Always read never posted anything but would like some help. I have received my final response from welcome and also a full refund of my PPI but they claim to have sent me a new loan agreement for the original loan without the PPI but I have never seen it. This has been 9 months ago and now they claim sent it to me. Has any one ever seen what a new loan agreement without PPI from Welcome look like, if so can someone let me know where I can see a template or example.

Regards,

New to the forum

di3004

lattir wrote: »

Hi I am new to the forum,

Always read never posted anything but would like some help. I have received my final response from welcome and also a full refund of my PPI but they claim to have sent me a new loan agreement for the original loan without the PPI but I have never seen it. This has been 9 months ago and now they claim sent it to me. Has any one ever seen what a new loan agreement without PPI from Welcome look like, if so can someone let me know where I can see a template or example.

Regards,

New to the forum

Hi and welcome (no pun intended) lol.:D

Well done on your reclaim.:beer:

I'm sure someone will post up who have had dealings with this company, but on request they should be able to send you a copy free of charge if you claim it did not reach you.

Good luck.

Andy_Boro_2

i dont understand why the consumers are having to wait for refunds as the offending bank is having I.T troubles, does the FOS need to know about thiss?

new_to_the_game

Hi Lattir,
Had a similar issue with them and even though the new loan agreement was dated Feb 2010 I did not sign it, I made initial enquiries with the FOS and my debt management company for advice and also spoke to Welcome, and to be honest I got a quicker more polite answer and advice actually from the lady at Welcome.
I contacted Welcome as to the confusion and non comunication regarding the settlement amount, how it was calculated and what exactly happens next. The lovely lady actually said she would do the calculations and get back to me with the workings out etc by the end of the day.:o
Well she did get back to me with the calculations and told me what would happen next, she advised me of the amount of refund of PPI plus any rebate etc (coming off the original loan) the little bit of compensation + interest which I would recieve in the form of a cheque (as this is not part of the loan and is for me) and that the loan would not be re written but would be recalculated as if it had been taken out without the PPI from the initial date the loan was taken.:cool:
My case may be different from a lot of others, possibly yours as my debt is with a debt management company, the only good thing is that the debt owed via the DMC method has now been reduced by £1500:T, which is over a 1/3 of the debt so I am happy with that as the reduction = 8% interest is more than the PPI cost originally.
I did have my doubts as to whether Welcome were playing with the figures hence the last contact with the FOS to which they assured me was correct (something to do with possible fines if any descrepencies found). So I would say that Welcome have to re write the loan as if it didnt have the PPI on it, so if youre original loan amount was £3500 and the PPI was £1200 then the total amount would be £4700 borrowed BEFORE any interest added to the loan. Therefore the new loan agreement would only have the actual monies borrowed which would be £3500 + the interest adde/calculated on the £3500 NOT the £4700. Confused, boy so am I:eek:, but it is right, they have to rewrite the loan agreement, but the start date of the loan should be based on the original start date and NOT the recalculation date as was in my case.:cool:
I hope I havent lost you in my explination, and suggest you contact Welcome for an up to date time scale of when they are expecting to send you your refund as I got my cheque within 3 days of the phone call. If it has been dealt with via the FOS tell them and they will push them for you as I did not get any indication there was an IT issue with my payment.:p

Good Luck

Stay fresh peeps

regards
chopper

Stupot29

i think its about time the fsa told the banks to stop messing around i have been waiting nearly 6 months for an ombudsman to look over my claim as the company involved rejected the decision made by an adjudicator. The law is the law so how can they still flaunt it and get away with it?