PPI with Welcome Finance 2015

Nasqueron

Unless you post the figures of how much you borrowed + the PPI total + interest rate + loan length it's impossible to tell (I am assuming you have confirmed you did pay PPI hence the complaint)

They can offset against unpaid debt but anything else would be a bonus

For what it's worth you should NEVER EVER EVER refuse to pay back a debt because you disagree with the figure, you should keep paying under protest and instigate a formal complaint - that way you can always claim money back rather than destroying your credit rating

natwil82

Nasqueron wrote: »

Unless you post the figures of how much you borrowed + the PPI total + interest rate + loan length it's impossible to tell (I am assuming you have confirmed you did pay PPI hence the complaint)

They can offset against unpaid debt but anything else would be a bonus

For what it's worth you should NEVER EVER EVER refuse to pay back a debt because you disagree with the figure, you should keep paying under protest and instigate a formal complaint - that way you can always claim money back rather than destroying your credit rating

Thankyou for the reply yes welcome have confirmed both had ppi and that both would be dealt with by fscs. I don't know the details for the first loan no paperwork the 2nd loan II've got all the paperwork. I wasn't in a financial position to keep paying out £200 month it was struggle the last 12 months of the loan due to personal reasons so wasn't going to make extra, any outstanding balance with welcome finance accounts aren't been recorded on credit file due to the firm going into default and I know thats right as I checked my credit file on both experian and equifax nothing had been recorded.
Information for 2nd loan is as follows this is from the actual agreement forms so correct.
Amount of loan cash-£2,000. Amount of insurance £1129.82 = £3129.82 Total Amount of Credit
36 month agreement APR-73.10% Rate of monthly interest 4.5 PPI paid every month was £63.95
This is the one they've got down outstanding £1412.28. Presumably the figures will be similar for the first loan of £3,000 so even a rough idea of the second loan ppi amount due could give me an idea.

mwl78

hi i had a car on finance in 1998 and paid ppi i called the number and they told me that the reclaim of ppi only applies after 2004 when they where regulated .. that even tho i had the car on finance from welcome they have no records of the underwriters that funded the loan so there is nothing i can do ... is this correct

thanks in advance

s777lna

natwil82 wrote: »

Hi I'm new to this site so apologise if I do anything wrong. I've just started a claim with the fscs for 2 welcome finance personal loans the 1st was taken out April 2005 and the 2nd was August 2008. The problem is the 2nd loan according to welcome has £1,400 still outstanding. I ended up in dispute with them as I took a £2,000 loan over 36 months it was month £200 so the total amount I paid back should have been £6,900 but at 34 months they said that I had paid £6,500 and still owed £1,400 which was wrong so I refused to pay another penny. I received 2 letters when they went into default saying the debt had been passed on to another firm but didn't get another letter about the outstanding balance from anybody. The fscs I believe will deduct the £1,400 from anything I'm owed. the first loan was cash amount £3,000 paid in full at least £7,000. lf I combine both loans it is £2000+£3000 giving me a £5,000 loan and I paid at least £13,500 back in total. So really my question is if the fscs do deduct the £1,400 of the total I'm owed does anyone know how much I could end up with. I'm hoping someone has had a loan for a similar amount and that they've been successful with. Thankyou in advance.

Have you had any response from welcome yet hun as im in pretty much the same boat as you?

thanks

CRAZY:HORSE_2

s777lna wrote: »

Have you had any response from welcome yet hun as im in pretty much the same boat as you?

thanks

Hi , if you don't mind me asking but when did you start your complaint? Mine has been on going for about 6 weeks and they say they are still investigating.


Another question! I had a bit left owing which I believe was sold on to another company a few years ago! Now if I had a successful complaint would all the money come to me, the way I look at it is , if they sold the debt on (only a bit) then the debt with welcome was finished!

CRAZY:HORSE_2

Apparently my letter was sent two days ago, she said it was the final resolution letter! Am I right in thinking if my case is up held will there be a cheque in with the letter or will I have to wait longer for that?

WFSLNOMORE

Hi everyone, I'm totally new on here and not even sure if I am posting in the correct place. Situation is I have had three separated loans with Welcome Finance. The first loan had no ppi on it, the second did, and the last one again did not. Unfortunately before the third loan was complete I fell into financial hardship, and entered into a dmp (debt management plan), initallally the payments were going to Welcome, then they changed to PRA/Active Finance.
I submitted a complaint to Welcome/FSCS nine week ago regarding missold ppi, and got a response back yesterday, stating my complaint was withheld and compensation was due at £954, however they stated this would be used to setoff against the liability still owed on the final loan, which is in my dmp
I understand under FSCS rules they are able to setoff to recover monies owed to the original creditor, but on calling WFSL today I was advised that final loan had been sold to PRA/Active Finance, so surely the ppi should be paid directly to me as WFSL have no further rwecourse to this, and also the ppi claimed was against a different loan. Any thoughts.