Welcome finance ppi debt sold on

allpine99

Hello
I recently found out that I had ppi and I know it was missold so I am now in the process of claiming the compensation .

I have details of the loan as

I took out the loan in February 2004 and was misold!PPI

I defaulted on the loan and in July 2006 the loan was written of and closed by welcome finance and sold to dlc hillesden a!debt collection!agency .
So given that the loan was written off and sold by welcome finance would I get the ppi compensation paid to me ?
Thanks in advance

[Deleted User]

Any redress will be offset against any remaining debt.

allpine99

Deleted_User wrote: »

Any redress will be offset against any remaining debt.

Are you sure about this as I have heard different . So who would get the money surely not welcome finance as they don't own the debt anymore as they have sold it on ?

[Deleted User]

Was it definitely sold, or just passed over for collection?

allpine99

Deleted_User wrote: »

Was it definitely sold, or just passed over for collection?

I spoke to welcome finance and they told me it was sold and they had written of the debt in 2006

dunstonh

If it was actually sold (and not contracted out) and the there is nothing in the contract to reclaim the debt (which wasnt common then but since an HSBC ruling some years back firms have been putting in place). then the redress should come to you.

Sometimes (quite frequently) the word "sold" is used whenver a third party complany is used. However, if that company was just handling the collection, then the redress can be set off against the debt.

if it was sold and there is a clawback agreement, then the redress can be used against the debt.

allpine99

dunstonh wrote: »

If it was actually sold (and not contracted out) and the there is nothing in the contract to reclaim the debt (which wasnt common then but since an HSBC ruling some years back firms have been putting in place). then the redress should come to you.

Sometimes (quite frequently) the word "sold" is used whenver a third party complany is used. However, if that company was just handling the collection, then the redress can be set off against the debt.



if it was sold and there is a clawback agreement, then the redress can be used against the debt.

Well when I spoke to the person at welcome finance they looked at my details and said it was sold and said it was written off , if it was only passed on for collection why would it have been written off the person who I spoke to also said they may buy the debt back so surely that would mean they had sold it on .
How would I know if they had a clawback agreement surely I would have to see evidence of this .
I did read somewhere on a different forum that anything after 2005 welcome finance could offset the debt but pre 2005 they could not offset it , but I'm not sure if that's true but it's what I read .

dunstonh

Well when I spoke to the person at welcome finance they looked at my details and said it was sold and said it was written off , if it was only passed on for collection why would it have been written off the person who I spoke to also said they may buy the debt back so surely that would mean they had sold it on .

And telephone call centre staff don't know all the nuances. Did they also tell you that it was sold with or without clawback?

How would I know if they had a clawback agreement surely I would have to see evidence of this .

It has nothing to do with you. it is a commercial agreement between the lender and the collection agency.

I did read somewhere on a different forum that anything after 2005 welcome finance could offset the debt but pre 2005 they could not offset it , but I'm not sure if that's true but it's what I read .

If the debt falls under the FSCS (which only covers post 2005 sales) then the FSCS will look to set off.

McKneff

What makes you so sure it was miss sold. Do you have evidence to prove it.

Surel a debt taken out with ppi was pre regulation

allpine99

dunstonh wrote: »

And telephone call centre staff don't know all the nuances. Did they also tell you that it was sold with or without clawback?


It has nothing to do with you. it is a commercial agreement between the lender and the collection agency.



If the debt falls under the FSCS (which only covers post 2005 sales) then the FSCS will look to set off.

Ok you may say clawback agreement has nothing to do with me but they could just say to me there is a clawback agreement to stop me pursuing the missold ppi claim as it would not be worth me claiming if they were just to claw it back

dunstonh

allpine99 wrote: »

Ok you may say clawback agreement has nothing to do with me but they could just say to me there is a clawback agreement to stop me pursuing the missold ppi claim as it would not be worth me claiming if they were just to claw it back

Telling you lies would be fraud. The FCA has rather large fines in place for the few firms that have tried that.