Welcome Finance-PAP

Scorpio49

Back in 2008 I took out a much needed loan with Welcome. When the form arrived for me to sign there was a pre-crossed box for a PAP. I said I wasn't sure I wanted it, well I was talked around to signing it, although it always irked me.
Well, in April this year I finished paying for the loan early but the question of the PAP annoyed me still. I wrote a letter to Welcome and after an eight week period and a couple of phone calls I was told that they would repay me £403.16.
I was happy with this and sent off my bank details and waited and waited. No money appeared in my bank account so, I rang them up and was informed that it would takes between 10-15 days. So, I waited again and the 10-15 passed and still no money.
I rang Welcome up again and they informed me that the pay-out dept had put a stop on the money but they weren't sure why. I was asked to ring back the next day for an explanation. Well I was told, in a vague way, that Welcome weren't sure who was going to pay the money out. It may be Welcome or the FSCS and that a letter was going into the post and I'd hear from them in a couple of days.
Well, two weeks later and no letter so I've sent two e-mails to the FSCS but heard nothing.
I've sent a form to the Financial Ombudsman Service but have heard nothing from them either.

I am so fed-up and angry. Can anyone give me any advice on what to do next or should I just give up?

Thanks.:mad:

di3004

Scorpio49 wrote: »

Back in 2008 I took out a much needed loan with Welcome. When the form arrived for me to sign there was a pre-crossed box for a PAP. I said I wasn't sure I wanted it, well I was talked around to signing it, although it always irked me.
Well, in April this year I finished paying for the loan early but the question of the PAP annoyed me still. I wrote a letter to Welcome and after an eight week period and a couple of phone calls I was told that they would repay me £403.16.
I was happy with this and sent off my bank details and waited and waited. No money appeared in my bank account so, I rang them up and was informed that it would takes between 10-15 days. So, I waited again and the 10-15 passed and still no money.
I rang Welcome up again and they informed me that the pay-out dept had put a stop on the money but they weren't sure why. I was asked to ring back the next day for an explanation. Well I was told, in a vague way, that Welcome weren't sure who was going to pay the money out. It may be Welcome or the FSCS and that a letter was going into the post and I'd hear from them in a couple of days.
Well, two weeks later and no letter so I've sent two e-mails to the FSCS but heard nothing.
I've sent a form to the Financial Ombudsman Service but have heard nothing from them either.

I am so fed-up and angry. Can anyone give me any advice on what to do next or should I just give up?

Thanks.:mad:

Hello there

So sorry to hear this and how annoying.:mad:

I understand WF are in default but in regards of the messing around is not being fair on you, hope this is sorted out soon, good luck.

amersall

Ring FSCS and they will take your claim and send you a form out,the FSCS are not too quick in responding to e mails.
http://www.fscs.org.uk/contact-us/

Scorpio49

Today, at last, I have finally received the fabled letter I was told to expect two weeks ago. No wonder they, the staff at Welcome, were evasive when I asked what the contents of the letter were about.

The repayment has been revoked! Apparently my claim had been reviewed under 'Welcome's' rules BUT it should have assessed under the 'FSCS' compensation rules. I have a horrible feeling that, although the FSCS are looking into this, my chances of getting my money back are null and void.

I am so deflated by their attitude. I feel as though I have been lead on a merry dance by both Welcome and the FSCS. Welcome knew back in March,2011 that they were in default and yet in May, they sent me details on how much compensation I was due.

I guess all I can do now is wait and see the outcome but I not holding out much hope.:mad:

amersall

Hi there, the FSCS will get you this dont worry.

amersall

Hi there,what was the total of the pap? that does not seem a lot of a refund for a loan that lasted that long!!.

Scorpio49

Well, I'm still waiting to hear something from 'Welcome' & the 'FSCS'. My £403.16 has been revoked and they'll be in touch. Well, surprise, surprise I've heard nothing. Not a dickie bird, zilch. I feel so let down by both parties. I've written them a letter today asking that they look into my claim but I won't hold my breath. This has been going on since April and I am totally fed up of chasing them the whole time.

What can I do?

amersall

If i were you,i would sit back and wait for either to respond to you.
There is nothing you can do to speed things up,
just go with the flow for now.