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Hi, hopefully someone can help me, I have done a search but can't see anyone with the same situation.
We had a loan with Welcome with PPI which was then rolled over into a new loan with them, again with PPI. I wasn't sure if it was pre or post 2005 so contacted both Welcome and the FSCS. I have today had a response from Welcome so assume it was pre 2005. We have been offered a refund in the sum of £9,666.55 however, as the loan is still outstanding ( though no payment has been made for a long time), they are saying they are offsetting against the loan. It says the compensation will be applied as follows:
Adjustment to be applied to account ..... in relation to the proportion of PPI that remains unpaid: £3,407.44
Amount to be applied as a payment to reduce your outstanding liability for account... £6,259.11.
On a separate schedule, it shows that the amount of PPI added was £3,779.21, and interest of £3,997.16 was added, giving a total of £7,776.37. They say I paid back £3,364.06 of the PPI.
The letter also mentions several times that Welcome will enter liquidation on 1 November so any offer must be accepted by 28 October ( does this mean the loan would get written off then anyway?!)
So, I just wondered if there is anything I can do about getting at least part of the amount due in cash. Particularly relating to the fact that I have paid back just under half of the PPI so would I not then be entitled to the relevant proportion that I have paid back, in cash?
If it has to be offset so be it, but just thought I would see if anyone has any good ideas on this as people seem to have a lot of experience! Thanks!
We had a loan with Welcome with PPI which was then rolled over into a new loan with them, again with PPI. I wasn't sure if it was pre or post 2005 so contacted both Welcome and the FSCS. I have today had a response from Welcome so assume it was pre 2005. We have been offered a refund in the sum of £9,666.55 however, as the loan is still outstanding ( though no payment has been made for a long time), they are saying they are offsetting against the loan. It says the compensation will be applied as follows:
Adjustment to be applied to account ..... in relation to the proportion of PPI that remains unpaid: £3,407.44
Amount to be applied as a payment to reduce your outstanding liability for account... £6,259.11.
On a separate schedule, it shows that the amount of PPI added was £3,779.21, and interest of £3,997.16 was added, giving a total of £7,776.37. They say I paid back £3,364.06 of the PPI.
The letter also mentions several times that Welcome will enter liquidation on 1 November so any offer must be accepted by 28 October ( does this mean the loan would get written off then anyway?!)
So, I just wondered if there is anything I can do about getting at least part of the amount due in cash. Particularly relating to the fact that I have paid back just under half of the PPI so would I not then be entitled to the relevant proportion that I have paid back, in cash?
If it has to be offset so be it, but just thought I would see if anyone has any good ideas on this as people seem to have a lot of experience! Thanks!
xx
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