Welcome Finance PPI Reclaim Success? I Think Not!

di3004

K1RST1E wrote: »

Thanks guys

I contacted the adjudicator at the FOS and he basically said the same as what you have advised; contact Welcome and speak to them about the double interest charge.

I'm just deciding whether or not to phone or write a letter ... I guess calling would be quicker!

Thanks again all for your help!

Hi there
Thanks for your update.
Yes it would probably be quicker if you ring them, but maybe they could send you details via email attachment on request as well, if they do not discuss this over the phone, its a quicker method, if they do this that is, good luck.:)

Bluescarab2010

Hello Kirstie and everybody else. I've never posted here before and was just taking a read so thought I would stick my beak in.:D

I have had more than 1 loan with Unwelcome finance and the first loan went fine, all payments made on time etc.

They sent me a letter offering more money and so I paid off what remained on that loan and took a cash advance with a new loan. Due to unforseen circumstances I missed a payment and they told me it would be no problem I was allowed to take a payment break and I could increase my monthly payment accordingly. Over the 3 year course of the loan I did this 3 times but for 2 years payed an extra £35 a month to "catch up" and when it got 2 the end of the loan I thought I might have to pay a small amount and was horrified to be told I still owed over £3k!

I asked why this was and they told me it was "interest and charges" and they made me take out a new loan to cover it. Anyhow, I intend on asking for a full breakdown of that account including charges and will pursue it when I get that info. Just be careful if you use them to make all payments on time!

Now, on to the reason why I posted in the first place, I used a 3rd party company to claim back mis-sold PPI insurance and have won the case for the 2 loans it applied to, they have paid £4055 out to the company I used and after they have taken their fees I will receive approximately £2900 by the middle of next week.

So Kirstie I would recommend getting that claim in for PPI as they are one of the worst culprits for mis-selling it. Good luck.

K1RST1E_2

OMG! I can't believe the cheek of them.

I called Welcome Finance last night to discuss my account and was on the phone for over half an hour. The woman I spoke to was very helpful but basically told me to call the Complaints Department during normal working hours (Monday to Friday, 9 til 5) which happens to be the same hours I work ... go figures

I have drafted a letter up indicating my unsatisfaction at the refund amount and given a full breakdown of how I come to the conclusion that I am owed a lot more. I would prefer to e-mail as it's quicker but they never respond so I guess I'll post the letter tomorrow morning and wait for a reply.

Thanks for all your advice!

K1RST1E_2

Evening All,

I have sent my letter to the person who dealt with my PPI claim at Welcome Finance. I have deposited the £248.49 cheque as advised by the adjudicator at the FOS.

She should recieve the letter tomorrow morning so fingers crossed I get a response back quickly. I suppose the upside to all of this is that I no longer owe any money to them and this damn loan will show as settled on my credit report.

:T

K1RST1E_2

I'm really at the end of my tether with this now.

I have recieved a Default Notice in the post today from Welcome Finance for £1446.90, the made up arrears on the account that has been cleared by the PPI refund. I called them and they have told me that the arrears still stand and the account is now with a Debt Collection Agency!!

On top of that, they are refusing to look into these arrears after I disputed them the other week and will not update my credit file. The FOS have told me that they can't advise me further and have past my case onto another team which could take up to another 6 months to be seen by an adjudicator. I've had enough now. It's taken me almost 2 years to get to this point.

What options do I have now?

K1RST1E_2

Hi All,

Sorry to drag this post back up again but I thought I would provide an update of what has happened since March with my Welcome Finance claim.

I complained back to the business about my disappointment about the ridiculous refund I recieved and they told me that there was nothing they could do; that was the calculation. So I contacted the Financial Ombudsman again who passed my claim onto the 'Banking' department and I recieved a reply from them about 4 weeks ago saying that the calculations were correct. I replied back saying that I was not happy for the case to be closed unless I had an explanation telling me why I was wrong.



I recieved another e-mail on Monday from the adjudicator at the Financial Ombudsman telling me that I was due monies back as follows:

• Refund of £160 in charges, agreed by the business
• Rework of the arrears they claim I had to show what would have accrued under the lower payment had the PPI policy not been sold and refund the difference between the payment I had been making
• Refund £151.30 that was due back had the PPI refund been made to me on time rather than 6 months after the claim had been upheld
• Pay 8% interest on all of the above

Unfortunately, Welcome Finance have disagreed with the above apart from the charges and therefore this has now had to go to a different adjudicator to fo through the whole file again which could take another 6 months!!!