welcome finance - confused

pamital

Hi

I am currently going through a PPI claim with welcome finance via one of those companies who do it for you (I'm rubbish at admin so I'm fine with their charges).

Just a little confused on what to expect. I originally took out a £14000 loan and then got a topup which meant they 'paid off' the original loan. On both occasions, PPI was added.

The first loan was 2547.49 (over 180 months, apr 17.88) and the second, 4103.68 (180 months with apr 22.20).

I still have the loan and my current balance is 22646.02.

If I am due a refund, do I receive this or do they just reduce the current balance? Or is it a little of both?

I have been paying this loan since 2007. The total amount borrowed was 17000.

Can anyone help?

di3004

pamital wrote: »

Hi

I am currently going through a PPI claim with welcome finance via one of those companies who do it for you (I'm rubbish at admin so I'm fine with their charges).

Just a little confused on what to expect. I originally took out a £14000 loan and then got a topup which meant they 'paid off' the original loan. On both occasions, PPI was added.

The first loan was 2547.49 (over 180 months, apr 17.88) and the second, 4103.68 (180 months with apr 22.20).

I still have the loan and my current balance is 22646.02.

If I am due a refund, do I receive this or do they just reduce the current balance? Or is it a little of both?

I have been paying this loan since 2007. The total amount borrowed was 17000.

Can anyone help?

Hi there

Normally if you taken out another loan, such as an advance, its normally rebated by reducing the first loan, but there should still be something due on both of them.
I would therefore deal with these as separate complaints, as they would I assume have 2 different account numbers, and you should have signed another new agreement for the loan advance, is that correct?

Good luck on your reclaiming.

amersall

If you need a calculation of your redress,then if you post up start date
(end date when 1st loan was settled and the rebate of ppi you got on that one) and ppi amount and ppi monthly payment on both loans, then i am sure robbedof or marshalka will help you. Does the company who are dealing with this just take the fee for the amount you actually get back,or on the whole ppi amount?. As when you win mis sell the total ppi amounts come off your loans and you may have to pay the fee on the whole ppi and not just what you get back, as in the ppi monthly payments to date with interest, some companys state they have won you the whole amount back as you will not continue paying the ppi, so you have saved. If you can find this out, then when you post up your loan figures and they have been calculated, you will know what you will be left with after your win. Good luck with your reclaim.

pamital

thanks..I will keep you posted on what's happening with it

tracys76

Please see this article on the FSCS website all claims to be done through them now due to them being in default. Hope this helps.

I just found the article on another website as am another unhappy customer with Unwelcome finance. They will be contacting ALL welcome customers with PPI policy's but if you don't want to wait you can give them a call to request an application form for your refund.