Welcome finance fscs ppi forms submitted!

nich1

audster68- sorry no good with calculations but good luck with the claim and keep us updated

Audster68

Thanks nich1 - will do!

ClaretBob

My partner had a FSCS letter out of the blue too and sent it back, we recently had a response saying they had received our questionairre and would be in touch within 30 days with a decision.

first, does this sound right? how long does it normally take? the full 30 days i presume?

also, she seems to think she had 2 loans from Welcome, should she fill in more than one form or will FSCS treat her account as a whole?

Audster68

Not sure about how the loans will be treated - it seems to hinge on the fact that my loan was taken out after 2005. I think that will be the main factor IMHO

nich1

claretbob- from what i've read on here you fill in a form per loan and also about the 30 day thing, i think thats right as well, they have 30 days to deal with it. this is only from what i've read so keep us updated. this is the official we hate welcome thread!

lafaux

I was just wondering if anyone has any experience with taking a loan out in 2004 with a top-up in 2005 (which was written up as a new loan with even more PPI etc)?

I'm not sure whether this will be considered as one or two seperate cases by the FSCS. The PPI on the first loan and other factors (such as early settlement) would directly affect the figures used on the top-up loan but if they only consider that then it could be a HUGE difference.

If anyone has any similar experience as this and made a claim then I'd really appreciate your input.

Thanks

dgwebster

The top up is a new loan. It effectively is a loan for however much you are wanting, plus enough to your existing loan early. When the final payment for you existing loan is calculated,the ppi should be reactively reduced in line with the reduction of cover term (i.e. The second loan should not include any costs for the first ppi service).

amersall

lafaux wrote: »

I was just wondering if anyone has any experience with taking a loan out in 2004 with a top-up in 2005 (which was written up as a new loan with even more PPI etc)?

I'm not sure whether this will be considered as one or two seperate cases by the FSCS. The PPI on the first loan and other factors (such as early settlement) would directly affect the figures used on the top-up loan but if they only consider that then it could be a HUGE difference.

If anyone has any similar experience as this and made a claim then I'd really appreciate your input.

Thanks

Hi there, you claim for ppi on both loans,when you settled the first loan,you would have had to repay the remaining ppi on that loan,less the rebate they gave for early settlement of the ppi.

The second loan you had,would have been the previous loan balance including the remaining ppi and the new ppi,so both should be claimed back.

Phils_debt

Hi all dont want to takeover someone elses thread but does one know they got charged ppi on a loan ;does it mean looking through paperwork overpast loans ...what if you couldnt find the paperwork can you not tell if they charged ppi

Many thanks phil

amersall

Hi Phil and welcome,you need to find the agreement i am afraid,what year were the loans taken out?,you could try ringing the banks involved and asking if they still hold details on you.

If you paid these loans by dd then if you have interenet banking this should enable you to go to your dd payments list and the loan number should be there and the company you paid to.

If this fails,you can send a request for your info that they hold on you but this will cost £10 for each bank.