Welcome Finance Please help

K1RST1E_2

Hi All,

I think the same has happened to me. I reclaimed my PPI back through the FOS in 2008 and the claim was awarded in my favour in November 2009. I spoke to Welcome Finance today who have sent me a cheque for £248.50, to which £200.00 of it is a compensation amount. Therefore, despite paying nearly £1800.00 in PPI, I am only being refunded £48.50 of it as they say I have arrears of £1415.00 even though I have made every payment.

The capitalisation charge makes absolutely no sense to me as it is the monthly charge for interest. Yet when I took out my loan, it was calculated at the start as being £2560.57. After adding every capitalisation entry in the 3 years of the loan, it amounts to £3359.68 which leaves a shortfall of £799.11. It doesn't explain the full arrears amount Welcome Finance say I owe but it definately explains a lot of it.

Surely this isn't fair?

di3004

K1RST1E wrote: »

Hi All,

I think the same has happened to me. I reclaimed my PPI back through the FOS in 2008 and the claim was awarded in my favour in November 2009. I spoke to Welcome Finance today who have sent me a cheque for £248.50, to which £200.00 of it is a compensation amount. Therefore, despite paying nearly £1800.00 in PPI, I am only being refunded £48.50 of it as they say I have arrears of £1415.00 even though I have made every payment.

The capitalisation charge makes absolutely no sense to me as it is the monthly charge for interest. Yet when I took out my loan, it was calculated at the start as being £2560.57. After adding every capitalisation entry in the 3 years of the loan, it amounts to £3359.68 which leaves a shortfall of £799.11. It doesn't explain the full arrears amount Welcome Finance say I owe but it definately explains a lot of it.

Surely this isn't fair?

Hi Kirsty

Did you get to speak to the FOS about this at all?

K1RST1E_2

Hi Di,

I spoke to the FOS about this but I don't think even they could get their heads around it hence them sending me down the 'mis-sold PPI' route which has now resulted in my being offered a refund of £48.49 when I am actually owed £1205.43 - but then that's another story!!

Damn WFS!!

chickencurry

I got letter from FOS saying that Welcome are upholding my complaint about missold PPI and will be in touch regarding a refund. My question is the PPI was £700 so what can I expect to be offered?
THanks

di3004

K1RST1E wrote: »

Hi Di,

I spoke to the FOS about this but I don't think even they could get their heads around it hence them sending me down the 'mis-sold PPI' route which has now resulted in my being offered a refund of £48.49 when I am actually owed £1205.43 - but then that's another story!!

Damn WFS!!

Hi there

Blimey!!!

So what is happening with this now?:eek:

di3004

chickencurry wrote: »

I got letter from FOS saying that Welcome are upholding my complaint about missold PPI and will be in touch regarding a refund. My question is the PPI was £700 so what can I expect to be offered?
THanks

Hi there

Well done:beer:, basically you should expect back all you have paid in PPI, interest etc, check this link below posted by Maxdp on how the FOS calculates PPI refunds......
http://forums.moneysavingexpert.com/showthread.html?t=1596473

chickencurry

Hi,
well, Ive won! Welcome have agreed to refund all ppi plus medicare insurance, a total of £1500!
The problem is this, there is still a debt of £2500 outstanding which is from a loan i defaulted on but am paying monthly payments on and they have said that the £1500 I have reclaimed will be going towards this debt? Can they do this or can I try and get a cheque for it?
Thanks for any advice x

di3004

chickencurry wrote: »

Hi,
well, Ive won! Welcome have agreed to refund all ppi plus medicare insurance, a total of £1500!
The problem is this, there is still a debt of £2500 outstanding which is from a loan i defaulted on but am paying monthly payments on and they have said that the £1500 I have reclaimed will be going towards this debt? Can they do this or can I try and get a cheque for it?
Thanks for any advice x

Hi there and well done to you, Congratulations.:beer:

Unfortunately, yes they are able to do this, but you do have the right to argue this, due to being out of pocket in the first place, where the PPI made the debt worse.

No harm in just giving it a try, good luck.X

chickencurry

Grr, how annoying. Is it worth me writing do you think and saying that I am in hardship?? Or should I just be grateful and accept that the debt has been significantly reduced and be thankful I got one over on them??!

BigCraigJohn

Hi, might be worth looking over on consumer action group in regards to the other charges, there are plenty of threads on there about these cowboys.