loan company with FSCS

daffodil40

I finally got a form from Welcome finance which I duly filled in and sent off. About 4 weeks later I got a letter from then and the FSCS. Saying I was intitled to compensation which was very nice. but as stated before I still owed money to them via a debt collection agency. It was directly paid to them at least I am now nearly £2000 less in debt.
It took the debt collection agency about another 8 weeks for the money to register on they system. At first they didnt believe me, I just told them they need to check with Welcome finance. Still have not heard from them it has now been 4 weeks, I did ask for a statement so I would have something from them in writing to say what has been paid. Glad I dont have to ask for a refund, wonder how long what would take.
So it does pay to wait sometimes.
Happy form filling in.

dtsazza

oldbutnotwise wrote: »

Is anyone else disgusted at the Financial Services Ombudsman decision to use the £90,000,000 (provisioned to pay Welcome Finance customers PPI claims) to pay off any outstanding balance off any loan they may currently have!

Not really.

Initial situation is that the customer owes Welcome, say, £8,000.

If it's found that Welcome owes the customer, say, £2,000 then this nets out to the customer owing Welcome £6,000.

If anything, it would be more unusual to settle a line of credit to a customer while they owe you even more.

daffodil40

just to clarify. When I took out the loan I was working 25 hours a week, and my husband 20 hours a week . I loss my job first, we carried on repaying the loan which was taken out so we could move to a cheaper rented house closer to work, all to save money.I cantacted them when I was made unemployed and they saud as my husband was still working it didnt count. Not knowing much about any of loans or anything like that as this was our first (and last). When my husband was made unemployed they said nothing for about 2 weeks it was certainly less than a month.I told them we could not afford to repay them the amount aggreed at the begining of the lan and so they did reduce it after a while, it went to a debt collection agency, which accepted standing orders (which is perfect as Child tax credit is paid 4 weekly).During all this time PPi was not mentioned, didnt relise I had it.
When we heard about been able to claim PPi back I had a look at all the agreements I sign and there it was, so I stated a claim.
Yes it was very much miss sold to me because I was only working part time, Welcome finance should NOT of giving me the loan in the first place.
So please do not have a go at people how can not pay the orignal amount, we took out the loan in good faith, so we could save money on travel and rent. In the end it has cost us a lot more as we are still paying this of and will be for at least another year if neither of us get a job.
Anyway the orignal amount borrowed is still being paid less interest. So it is only Welcome finance who loses out and it is all their fault in the first place.
Stay Happy.

Tubbss

QUOTE "I cantacted them when I was made unemployed and they saud as my husband was still working it didnt count." "During all this time PPi was not mentioned, didnt relise I had it" - But you had asked if you could claim.
"Welcome finance should NOT of giving me the loan in the first place" - you applied for the loan and was not forced to take it

"We took out the loan in good faith, so we could save money on travel and rent" - so they helped you when you asked for a loan and reduced your outgoings....

So it is only Welcome finance who loses out and it is all their fault in the first place - their fault for giving you a loan that you applied for, helped reduce your outgoings that you then failed to pay back.....

Apples2

daffodil40 wrote: »

Welcome finance should NOT of giving me the loan in the first place..

GROW UP for goodness sake, you are admitting to being too stupid to make a decision.:mad:

daffodil40

When I applied for the loan we were looking for about £1000.00 so we could move they offered more, we decided to take the loan as then we could furnish the house straight away with out having to wait month after month. In hind sight wish I never did, but please do not call me stupid Apples2. I came here for advice not insults .

Who does read everyword in the small print unless you are a lawer. someone offering you money, at a time of need and then the situation changes does not make people stupid, it makes them able to deal with any little misshap that comes along, which we have time and time again.If anything this has made us stronger as a family, being able to deal with Debt Collection agencies and loan companies, Goverment organisions,and the like.


Tubbss, yes they did help when we needed it and they helped when we both came unemployed, but if they went by the goverment guidelines we would not be in this situation now, but then again still might be paying extremelly high rent and outgoings.and we do know live at the seaside which the kids love. So all in all I think we made a sort of good decision. Yes we are still paying it off but it be gone soon, and hopefully after I have been on my update course for caring I shall be back in employment. Yeah.
Roll on 2012.