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PPI claim help against Welcome Finance
jenlib1
Posts: 1 Newbie
Hiya everyone
Sorry I am new here but was wondering if anyone could help
We took a 7k loan with Welcome in November 2007 and from checking on the internet we weren't the only ones who were told we couldn't have the loan unless we took the insurance.
Our monthly payments were £250 a mth for 15 years, we have missed a couple of payments but always caught up straightaway it was only due to pay going in late etc, now last month we got a call from Welcome asking if we wanted to increase our monthly payments to £300 which would mean we would only have 6 years left to pay I asked again if we could cancel the insurance and was told no so decided yes we would increase payments to try and get rid of the debt quicker.
Now upon looking on the internet after trying to find ways of becoming debt free I realised the the FSCS were dealing with ppi claims against Welcome so rang them and they are sending the forms out to claim.
Now when working out since 2007 we have roughly paid nearly 12k back to them already, now if fingers crossed our claim was successful am I right in thinking that the money we would get back would clear what we owed and have us money back in our bank, as from the way I worked it out the majority of our monthly payment is going against the insurance and not what we owed, also when Welcome asked if we wanted to up our payments they also asked if we wanted a settlement figure to see if we could pay it off early the settlement figure was 9k, so we have been paying since 2007 and still to settle we need to pay 9k, by the time this has been cleared in 6 years time we have paid over 33k!!!
Can anyone give me some advice as maths is not my strong point and I am panicking incase we don't win the claim
Thanks ever so much and sorry for the essay
Tracey
Sorry I am new here but was wondering if anyone could help
We took a 7k loan with Welcome in November 2007 and from checking on the internet we weren't the only ones who were told we couldn't have the loan unless we took the insurance.
Our monthly payments were £250 a mth for 15 years, we have missed a couple of payments but always caught up straightaway it was only due to pay going in late etc, now last month we got a call from Welcome asking if we wanted to increase our monthly payments to £300 which would mean we would only have 6 years left to pay I asked again if we could cancel the insurance and was told no so decided yes we would increase payments to try and get rid of the debt quicker.
Now upon looking on the internet after trying to find ways of becoming debt free I realised the the FSCS were dealing with ppi claims against Welcome so rang them and they are sending the forms out to claim.
Now when working out since 2007 we have roughly paid nearly 12k back to them already, now if fingers crossed our claim was successful am I right in thinking that the money we would get back would clear what we owed and have us money back in our bank, as from the way I worked it out the majority of our monthly payment is going against the insurance and not what we owed, also when Welcome asked if we wanted to up our payments they also asked if we wanted a settlement figure to see if we could pay it off early the settlement figure was 9k, so we have been paying since 2007 and still to settle we need to pay 9k, by the time this has been cleared in 6 years time we have paid over 33k!!!
Can anyone give me some advice as maths is not my strong point and I am panicking incase we don't win the claim
Thanks ever so much and sorry for the essay
Tracey
0
Comments
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Hi there
Hopefully someone will be along soon to explain in more detail.
There is also another thread for companies in default dealt with by the FSCS, its a rather long one lol, but it may give you an idea.
https://forums.moneysavingexpert.com/discussion/1897143
Wishing you luck on your case and I'm sure you will be fine, fingers crossed.
Also some details on the FSCS website.
http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/The one and only "Dizzy Di"
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