Welcome Finance PP1 offsetting against old loan

[duggiepol]

Hi,

I recently put in a claim for PPI against Welcome for PPI. I had 6 accounts back in the day with them.
To cut to the chase, they have accepted liability for one account and made me an offer. This account had an outstanding balance on it, but the paperwork I have show that this was written off in March 2010 and sold to a DCA.
The offer letter has basically said that they will use the money from the offer to buy back the debt and take the remaining money from the offer to offset against the debt itself.

As the paperwork stated the debt was written off and it is now statute barred, are Welcome able to do this? I have never made any acknowledgement of any outstanding debts either with Welcome or the DCA.

[charitynjw]

Re: Welcome Finance PP1 offsetting against old loan

Hi duggiepol

I thought all Wecome PPI claims had to be via FSCS?

[duggiepol]

Re: Welcome Finance PP1 offsetting against old loan

Hi charity, thanks for the reply...

I completely forgot about the 2005 cut off. Just checking my paperwork from the SAR and it would appear that the account with the balance left on it didn't have any PPI added.
I will have to check the offer letter again because this could now mean that they are proposing using money from another clear account to buy back the debt on the account that had a balance and offset.