Welcome Finance - FSCS Success

smuggs2009

Does this mean that if i win my case and still have an o/s balance i wont get the money and it will come off my balance?
If that's the case is there anyway of having the money rather than taking it off the balance as have other bills need paying.

amersall

smuggs2009 wrote: »

Does this mean that if i win my case and still have an o/s balance i wont get the money and it will come off my balance?
If that's the case is there anyway of having the money rather than taking it off the balance as have other bills need paying.

If you are in severe financial hardship and you have other priority debts, you could ring FSCS and let them know this as they may be able to help you.
Your argument could be, that had you not had the ppi, then that money is yours as you would not have paid it to Welcome so they should not have it back.
Give this a try, you have nothing to lose.

lem01uk

Do your monthly repayments drop if your claim is successful? I was under the impression that Welcome would still take the same monthly amount meaning that you were not "put in a position as if you had not taken PPI". I am struggling with my repayments so any reduction would be brilliant.

Thank you all for any help you can give.

Iain1983

If you still have the loan your outstanding debt will be reduced by 90% of the PPI mis-sold figure.

amersall

Shannon234 wrote: »

Hi - I have rang up for my application form today, I have paid thousands to Welcome over the years, I have about £500 outstanding, I understand if I am successfull then some of the compensation will be used to clear the balance, but will I recieve the rest back to myself does anyone know?? Thanks in advance : )

If you owe Welcome £500 then your compensation will be used to repay the £500, anything after that is yours.

amersall

lem01uk wrote: »

Do your monthly repayments drop if your claim is successful? I was under the impression that Welcome would still take the same monthly amount meaning that you were not "put in a position as if you had not taken PPI". I am struggling with my repayments so any reduction would be brilliant.

Thank you all for any help you can give.

Give FSCS a ring and ask them about this, they should be able to tell you.
If your compensation is taken off the loan then i would think that your loan repayment would reduce.

Blackcat1980

Hi

Just looking for some advice. I've had three loans with welcome finance totalling £8500. Two were pre 2005 and I have completed and returned the questionnaire to welcome. The other post 2005 I have written to the Fscs as directed by welcome to ask for an application form to reclaim that PPI.

Does anyone know my chances of getting PPI back and how much could I expect? The loans have all been paid off completely. How ling are welcome and the Fscs taking to process claims?

Any advice would be great. Thanks

scrappy04

Hi, Was wondering how you went about winning the amazing fights with WFS? I'm about to start one!

farcove54

Hello,
I sent my questionnaire off to Welcome on 5th May. They then requested my Driving licence for identification, they returned it in 3 days then 3 weeks later requested the licence and the counterpart.
When I sent them ( only last week) I wrote and said I hope this did not hold up my claim.
On Saturday morning I was credited with £1350 in the bank. I'm still awaiting something in writing but I'm not complaining.
The whole process took about 8/9 weeks including the fuss over identification.
Godd luck with your claim:)
Kay x

scrappy04

farcove54 wrote: »

Hello,
I sent my questionnaire off to Welcome on 5th May. They then requested my Driving licence for identification, they returned it in 3 days then 3 weeks later requested the licence and the counterpart.
When I sent them ( only last week) I wrote and said I hope this did not hold up my claim.
On Saturday morning I was credited with £1350 in the bank. I'm still awaiting something in writing but I'm not complaining.
The whole process took about 8/9 weeks including the fuss over identification.
Godd luck with your claim:)
Kay x

Hi Kay,

Thanks for the reply.
That's good to hear it's seemingly so simple. FSCS questionaire and covering letter was posted on Tuesday (14th June), so shouldn't be long until I hear back now I suppose.

Glastonbury festival next week, so that'll take my mind off things and make the time go quicker.