welcome finance ppi refund

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.

Hi there Amersall,Good news this morning I have recieved a letter from the fscs this morning saying I won my case.However they are taking the monies I won off the balance of the loan!If you remember me telling you I had defaulted on that loan and its obviously been sold on to a debt company down the line,so how can they take it off the loan that I owe?Obviously Im well confused,and extremley out of pocket I feel I have been given it in one hand just to have it snatched out the other.Any advice please well peed off.com.Thanks amersall.Moody.

amersall

moodyjack73 wrote: »

Hi there Amersall,Good news this morning I have recieved a letter from the fscs this morning saying I won my case.However they are taking the monies I won off the balance of the loan!If you remember me telling you I had defaulted on that loan and its obviously been sold on to a debt company down the line,so how can they take it off the loan that I owe?Obviously Im well confused,and extremley out of pocket I feel I have been given it in one hand just to have it snatched out the other.Any advice please well peed off.com.Thanks amersall.Moody.

Hi there,well done on the redress!.
This i am afraid is how the FSCS are doing this now,is the ppi still on the loan?,if it is i think you can cancel the ppi and have this ppi returned to you,give FSCS a ring and ask them.
If you can do this,then ring welcome and tell them if you put this to the loan ask if they will reduce the payments on the loan.
Give it a go,you have nothing to lose.
Other posters on here have got the ppi total back after the FSCS money.

melharv1

Hi.

I dont know if anyone can help me with ifo here, but it would be greatly appreciated if you could!!

Basically, we have completed and returned the claim form to the FSCS for miss sold PPI payments to welcome finance. We were told that our 2 previous loans, which we paid off within a year, had PPI on them therefore that we were elligiable to put in a claim for this to be returned. Now, we still have a loan with them that does not have PPI on it and yet we have been told over the phone that any refund due, would have to be paid off of our current loan. What i dont understand, is that, this is a completey different agreement, therefore in our opinion, this money should be paid directly back to us and not off of our current loan.

Does anyone know if this is right, or have had them same thing happen to them? We did send a covering letter with the claim form to say that, actually we would like this directly refunded into our account as it is a seperate agreement, but no doubt, this will be ignored!!

We do not have any arrears on our current loan so i am not sure if that makes a difference or not, but some advice if anyone has any would be great!

Thanks!!

magpiecottage

melharv1 wrote: »

Hi.
Now, we still have a loan with them that does not have PPI on it and yet we have been told over the phone that any refund due, would have to be paid off of our current loan.

There is a logic behind this.

If you had a single premium policy then your original loan was more than it should have been.

Consequently, when you replaced it, you took out a bigger loan than would otherwise have been the case.

The refund therefore brings your current loan down to what it would have been.

This follows the principle that the aim is to put you back into the position you would have been in if the missale had not taken place, (i.e. to redress the consequences) rather than simply give you money to compensate you.

melharv1

magpiecottage wrote: »

There is a logic behind this.

If you had a single premium policy then your original loan was more than it should have been.

Consequently, when you replaced it, you took out a bigger loan than would otherwise have been the case.

The refund therefore brings your current loan down to what it would have been.

This follows the principle that the aim is to put you back into the position you would have been in if the missale had not taken place, (i.e. to redress the consequences) rather than simply give you money to compensate you.

I get what you are saying, but our current loan was taken out after the others were payed off and is non related!! This is why i questioned the fact that the refund is being paid to our current loan rather than direct to us as the poilices are non related and our current loan has never had PPI!! Thanks

shellysexbomb

I am awaiting reply from FSCS on behalf of Welcome. 2 loans, one for 10,000 and one for 15,000 both with mis sold ppi. I got a letter april 27th sayin they aimed to deal with the claim within 30 business days. I have rung them every 2 weeks since the end of may and have had ''Its for such a large maount its gone to the head office for approval'' ''Not sure where the paperwork is now, we will be in touch within 2 weeks'' and todays was '' we are behind and i have asked a manager to locate the papers and deal with it within the next few days''. Now as I understand, if its post 2005, and the FSCS are dealing with it, I cannot refer it to FOS, is this correct? If so, what can I do to speed them up? Also of great concern to me is the fact that they will offset the compensation/refund/redress onto the outstandin loan. Is there any way round this? Does the PPI automatically get cancelled? Surely then if the amount is deducted from the original loan then the repayments would be lower and this is supposedly what needs to be redressed? Any advice greatly appreciated