Welcome finance

KADGE_2

Hi
I am new to this forum so any help would really be appreciated, we have just filed a claim against Welcome for mis sold PPI, today we have received some forms which state any money which we may get back as compensation will automatically be paid against our existing loan, is this correct, we have continued to pay the loan with this additional cost for many years and I would have thought this money was ours, I have been through redundancy have never claimed as I did not know we had PPI. Any suggestions please.

pipz_2

i dont think i am much help but i too had claims against welcome finance (one pre 2005 and one post 2005), now i also had another loan with them which was just about to come to and end, only one payment left. I received money from the post 2005 claim minus the one payment that i had left to pay on a different loan with them & cheeky !!!!!!s also took that final payment from my bank account and i am still waiting for it to be returned (6 weeks later!). So im guessing yes they will take it off the loan you have with them but im sure someone else who knows more than i do can give you more detail on this. hope it all works out

Sykes1978

If there the same as the banks and your not in arrears with the loan then the money should be returned to you and your payments will reduce, I've done 2 claims with WFS pre 2005 £3404.70 and after both paided FSCS was just over £3000 but then only pay 95% so I got 2800, them two pay outs cover 6 loans in total with them all had been paid off before claiming, good luck not long till you get a response,

pipz_2

i wasnt in arrears with mine but they still took it, it was less than 50 quid but i am still waiting for it back as they also took it out by direct debit (typical WF, maybe i should charge them interest?)