welcome finance and fcsc ppi

RMTOM44

coldozer wrote: »

Hi RMTOM44,it was about 8 weeks in total,so not to bad. I'm thinking of contacting them but I'm just wondering if it is just set in stone or if there is some flexibility. The money would be an enormous help and virtually put me back on track.

Give them a ring 0845 373 0386. Explain your situation , will they reduce your payments on your current loan ? or are they just offsetting your refund off the balance . ??

coldozer

just offsetting it says,it doesnt mention the payments

RMTOM44

coldozer wrote: »

just offsetting it says,it doesnt mention the payments

I would certainlt give them a call to ask . If they are defo going to off set it then ask for reduced payments until your in a better postion .

8 weeks is what they advise , Mine has been about 5 weeks and at stage 3 of 5 ??

Got a funny feeling though they will drag there heels.

Had 2 loans too , 1 car 6k and 1 personal 11 k . So wondering will it take longer . Hope if it is sucessful i get a nice amount

coldozer

thanks for the advise,fingers crossed for you!

dunstonh

I have been put into financial difficulty due to this and am still struggling.

It is highly improbable that the extra monthly payment of the PPI has put you into financial difficulty.

Is it worth challenging this to pay me the money or would I be wasting my time?

This is how the FSCS works with their payments. They do not follow the way mandated for companies that are not in default. Welcome is in default. It is not Welcome that is refunding you. It is the FSCS and the payment they make has to go via the product.

coldozer

Hi ,

My query is, is it legall for welcome finance to reduce the balance down and not discuss or even inform me of changes to my loan terms.

Welcome have stated they expect me to continue to make my full pre claim monthly payment and that the account will be paid off sooner than orignially stated on the credit agreement. I have not been informed of any new terms and have so far been unable to get an answer from welcome re - the new closing date.

Does anyone know if changes to the credit agreement as above are legal? should welcome not first come to me and ask if i would like to reduce the term OR the monthly payment? as would be done if making additional mortgage payments.

And finally if im still upset with the outcome can i escalate it further?

dunstonh

My query is, is it legall for welcome finance to reduce the balance down and not discuss or even inform me of changes to my loan terms.

legality has nothing to do with it. Welcome are not paying the money as they are in default. The FSCS are paying the money. You are lucky you are getting a penny as in most other industries, no such safety net exists.

Does anyone know if changes to the credit agreement as above are legal?

You are welcome to spend the money to challenge it in court. However, the FSCS take legal advice before deciding these things.

And finally if im still upset with the outcome can i escalate it further?

you seem to be under the impression that it is Welcome that is paying you the money and it is them deciding. It is not. A financial services safety net is paying the money and is correctly handling it due to the default position of Welcome. Its not some clerk making it up as they go along.