welcome finance ppi refund

moodyjack73

Hi there everyone,I have recieved my claim form this morning from the FSCS regarding a loan that i took out with WFSL.I am not sure if I can claim a penny off the PPI that i was apparently missold ,for I only made a couple of payments back on the loan that I had.I presume this a "default" on the loan.Does this mean my claim is not worth persuing,as I am unfortuantly unemployed at the moment???If someone could shed some light on this rather confusing matter It would be very much appreciated.Also on the claim form it asks me to fill in my bank details,is this safe? for I am very cautious about filling in bank details on forms that im not comfortable with.Hope someone can help me.Thanks.Moodyjack73

flyingpigeon73

Hi Im new here but hoping someone can help.

I have had 2 loans with welcome finance one in 2006 and the other in 2007. they were in joint names with myself and my (soon to be ex) husband. The last loan was cleared in Oct 2007 when I had to sell my house to a relative to pay off loans as we had got into financial difficulties. We were sold ppi as compulsory and at no time was the fact that my husband had a severe medical condition ever discussed and no checks as far as i am aware were ever made into either mine or my husbands work status.
This morning a letter arrived for my ex husband from the fscs saying he could claim compensation. However there was nothing mentioning me even though the loan was in joint names. Myself and my husband do not have any communication now except through solicitiors. he has failed to contact me with regards to the upkepp of our 4 children, 2 of whom are severly disabled. He left his job and now spends all his time drinking. I feel so bitter at the thought that he could potentionialy claim all this money at my expense. It was my home that cleared the loan when he failed to pay it through his drinking. So what I'm asking is should I just forget the letter or is it worth seeing if i'm eligable to make the claim myself. Thanks for any help or advice.

amersall

moodyjack73 wrote: »

Hi there everyone,I have recieved my claim form this morning from the FSCS regarding a loan that i took out with WFSL.I am not sure if I can claim a penny off the PPI that i was apparently missold ,for I only made a couple of payments back on the loan that I had.I presume this a "default" on the loan.Does this mean my claim is not worth persuing,as I am unfortuantly unemployed at the moment???If someone could shed some light on this rather confusing matter It would be very much appreciated.Also on the claim form it asks me to fill in my bank details,is this safe? for I am very cautious about filling in bank details on forms that im not comfortable with.Hope someone can help me.Thanks.Moodyjack73

Hi there, am i correct in thinking that you have not made any payments to this loan apart from the 2 you mention, also was this passed over to a collection agency?.
Give the fscs a ring and explain what you have posted here and they will help you.
You should fill the fscs form in and let them deal with this for you, if you are entitled to compensation then you will recieve this, regardless of what has happened with the loan since.
It is safe to give bank details on the form.

amersall

flyingpigeon73 wrote: »

Hi Im new here but hoping someone can help.

I have had 2 loans with welcome finance one in 2006 and the other in 2007. they were in joint names with myself and my (soon to be ex) husband. The last loan was cleared in Oct 2007 when I had to sell my house to a relative to pay off loans as we had got into financial difficulties. We were sold ppi as compulsory and at no time was the fact that my husband had a severe medical condition ever discussed and no checks as far as i am aware were ever made into either mine or my husbands work status.
This morning a letter arrived for my ex husband from the fscs saying he could claim compensation. However there was nothing mentioning me even though the loan was in joint names. Myself and my husband do not have any communication now except through solicitiors. he has failed to contact me with regards to the upkepp of our 4 children, 2 of whom are severly disabled. He left his job and now spends all his time drinking. I feel so bitter at the thought that he could potentionialy claim all this money at my expense. It was my home that cleared the loan when he failed to pay it through his drinking. So what I'm asking is should I just forget the letter or is it worth seeing if i'm eligable to make the claim myself. Thanks for any help or advice.

Hi there, have you the loan agreements at all, to show that the loans were in joint names?.
If you have not then give fscs a ring and ask them to confirm that the loans are in joint names.
Because the loans are in joint names, i am afraid you will both have to sign the Fscs form.
If you get compensated then you should ask for the compensation to be split 50/50 and paid to you seperately, i am sure if you explain the circumstances to them they may comply.
Just a thought, who is the first named borrower on the loan and ppi?.

moodyjack73

Hi there, am i correct in thinking that you have not made any payments to this loan apart from the 2 you mention, also was this passed over to a collection agency?.
Give the fscs a ring and explain what you have posted here and they will help you.
You should fill the fscs form in and let them deal with this for you, if you are entitled to compensation then you will recieve this, regardless of what has happened with the loan since.
It is safe to give bank details on the form.


Hi Amersall,thanks for replying.Yes you are correct the debt has been passed onto a collection service now.If i am owed compensation,will this just be deducted from the loan monies owed or will I get a sole payout?However I will fill the forms in and send off regardless.Do you know where i send the forms ?

amersall

moodyjack73 wrote: »

Hi there, am i correct in thinking that you have not made any payments to this loan apart from the 2 you mention, also was this passed over to a collection agency?.
Give the fscs a ring and explain what you have posted here and they will help you.
You should fill the fscs form in and let them deal with this for you, if you are entitled to compensation then you will recieve this, regardless of what has happened with the loan since.
It is safe to give bank details on the form.


Hi Amersall,thanks for replying.Yes you are correct the debt has been passed onto a collection service now.If i am owed compensation,will this just be deducted from the loan monies owed or will I get a sole payout?However I will fill the forms in and send off regardless.Do you know where i send the forms ?

Hi there, did they give you a prepaid envelope? if they did, use the address on that on a new envelope and send it recorded delivery. I think compensation may be taken off the loan, but you may get it back to you.
Keep us posted and good luck.

moodyjack73

amersall wrote: »

Hi there, did they give you a prepaid envelope? if they did, use the address on that on a new envelope and send it recorded delivery. I think compensation may be taken off the loan, but you may get it back to you.
Keep us posted and good luck.

Cheers amersall I will let ya know how i get on.Once again ty for taking the time to give me advice!!:)

di3004

moodyjack73 wrote: »

Hi there everyone,I have recieved my claim form this morning from the FSCS regarding a loan that i took out with WFSL.I am not sure if I can claim a penny off the PPI that i was apparently missold ,for I only made a couple of payments back on the loan that I had.I presume this a "default" on the loan.Does this mean my claim is not worth persuing,as I am unfortuantly unemployed at the moment???If someone could shed some light on this rather confusing matter It would be very much appreciated.Also on the claim form it asks me to fill in my bank details,is this safe? for I am very cautious about filling in bank details on forms that im not comfortable with.Hope someone can help me.Thanks.Moodyjack73

Hi there

I would still give it a go, if any problem they will let you know, and remember if your still paying for this on arrangement the ppi is probably still added within the loan, go for it and good luck.;)

di3004

amersall wrote: »

Hi there, did they give you a prepaid envelope? if they did, use the address on that on a new envelope and send it recorded delivery. I think compensation may be taken off the loan, but you may get it back to you.
Keep us posted and good luck.

LOL, sorry hun I missed your post, but great minds think alike!:D:rotfl: X

magpiecottage

I think there is some misunderstanding of how the FSCS works here.

It does not provide compensation simply because a firm goes bust - it is simply a "fund of last resort". It will, subject to specified limits, meet the liabilities of a financial services firm toward its customers if the firm itself is unable to do so. This could include savings it holds, insurance claims or compensation for misselling.

The firm may actually still exist - which is why it still appears on the Companies House register - but the FSCS may have determined that it will nevertheless not be able to meet the claims against it, so it will declare it in default in order to enable claims to be paid.

However, whilst the Financial Ombudsman Service will decide on the basis of what it thinks fair and reasonable in the circumstances, the Financial Services Compensation Scheme does not have that remit and will operate more strictly in line with what a court would do.

One of the problems with Welcome Finance is that, on the one hand, a borrower may be owed redress for the PPI but, on the other, they still owe the balance of the loan.

Strictly, in this situation, the borrower would actually be entitled to a straight set off of one debt against the other - i.e. the debt is reduced.

That, though, raises a question which I had not thought of until I started writing this post. Does the FSCS actually pay redress at all or simply arrange the set off? Strictly, I think it should be doing the latter.