welcome finance help needed

[poochie]

Re: welcome finance help needed

ok I got final response from welcome finance today.
They say that altho they disagree with my complaint, they offer to refund £4000 which they will deduct from our balance because it is in arrears and this is apparently how it works and the fos agree with this so we have to accept it.
We did not get chance to refuse or accept but basically we are not happy with it and my husband wants to take it further now.
We have not been asked to make arrangements to go sign new agreement or anythin either.
Do we have to acept this?....Should we not be signin new agreement?
Help needed...thanx

[scoobydoo]

Re: welcome finance help needed

Is this all coming from Welcome? Or have you had anything in writing from the FOS?

[pinknico]

Re: welcome finance help needed

Poochie are they putting the loan back to how it would be if you hadnt taken out PPI?
How did they get the £4000 figure?

[poochie]

Re: welcome finance help needed

this letter was from welcome financial services and no I have had no reply as yet from the fos regardin this matter.
I will try scan the letter in for you guys to see tonight and maybe you can advise me from there after seein it....Thanx guys

[poochie]

Re: welcome finance help needed

scanner not workin but I will quote wat they wrote and hope someone can advise how to proceed.

"We do not agree with your assertations but as goodwill gesture we have decided to refund the ppi and lifecare premiums plus associated interest.
The refund calculation of £4,055.26 is based on the original ppi premium of £2,645.58 and lifecare premium £150.00 plus associated interest payments of £961.54.
Statutory interest of 8% totallin £ 298.14 has also been included.
These policies have now been cancelled.
This refund has been deducted from the balance of your account due to its financial status and arrears.
The financial ombudsman service have ruled that where a customers loan account is in arrears, the practise of rebatin compensation back to the loan account is not of any detriment to the customer. In fact the fos have supported our policy of reducin the customers debt.
I trust this resolves the matter but should you remain dissatified with the response you do have the right to escalate your complaint to the financial ombusdman service.

Yours sincerely
Richard Houlton
Compliance Dept"

Is this info correct?...Do we have to accept this?...Should we not be signin new agreement now?
All help and advice much appreciated......Thanx

[pinknico]

Re: welcome finance help needed

They have refunded all they should have done, so well done on that result. They are allowed to use the money to pay off any arrears .
I would ask the FOS if you need to sign another agreement as your monthly payments should now be lower as no PPI is included in the monthly total now, the FOS will also want a copy of that letter from Welcome if you decide to accept.
Did you send a complaint to the FOS about charges?
Is it only the part about the money being refunded to the loan and not to you that you are not happy about?
Remember you would not be receiving the £4000 even if you were not in arrears , you would only be receiving back what you had paid towards the PPI in your monthly payments plus interest.

[poochie]

Re: welcome finance help needed

Im quite happy to accept but my hubby is angry with them for all the hassles we have had and just doesnt want to make life easy for them. He will calm down eventually....lol
My main concern was that they still takin too much from our account despite us gettin letters to say our payments should have been reduced...Also the charges complaint they have not acknowledged and I was sure we should be signin new agreement but it wasnt mentioned in letter.
Yes I sent a complaint to fos about chatges etc.... I will now contact them with copy of this letter and ask wat we should do next because the new agreement is my main concern.....Thanx

[pinknico]

Re: welcome finance help needed

Yes you need to find out what your new monthly payments will be, let the FOS deal with the charges complaint.
The FOS should tell you where you stand regarding a new agreement also mention the too much money going out each month.

[poochie]

Re: welcome finance help needed

Ok I will contact fos and see wat they say.
Should I contact my local welcome office and ask about new loan agreement or leave it to see if they send anymore letters regardin the loan before next payment due out.?
Thanx to everyone for help and advice...its been very much appreciated

[pinknico]

Re: welcome finance help needed

I would see what the FOS say and then contact Welcome , dont close your PPI complaint with the FOS until Welcome told you all you need to know and confirmed it in writing.

[poochie]

Re: welcome finance help needed

Ok I am patiently waitin on letter from welcome to see wats happenin about new agreement altho this is where my husband is diggin his heels in.
He says the original agreement with them is null and void and he still wants to pursue that line, I dont see the point in it because welcome have basically said they cancelled the ppi and healthcare policy which was my problem and this would mean our payments should be reduced as of 1st july but my hubby reckons they will still keep takin the full amount because they already takin the wrong amount...
He says I should wait and see wat payment they do take and then if they still takin wrong amount, we should stop payments and take them to court.
Anyone got any good advice I can throw at my hubby, he thinks we goin too easy on them considerin all the stress they put us under....HELP PLEASE

[righty]

Re: welcome finance help needed

After deducting the arrears from the £4k how much is left & have they refunded the interest also. In addition where you did make payments have you included contractual (their rate) compound interest on the money they unlawfully had from you

Remember where you did pay they have deprived you of that money unlawfully & you are entitled to add interest - it's called reciprocity of contract

[enaid]

Re: welcome finance help needed

this is what made up the refund

The refund calculation of £4,055.26 is based on the original ppi premium of £2,645.58 and lifecare premium £150.00 plus associated interest payments of £961.54.
Statutory interest of 8% totallin £ 298.14 has also been included.
These policies have now been cancelled.
This refund has been deducted from the balance of your account due to its financial status and arrears.

[pinknico]

Re: welcome finance help needed

Ok I am patiently waitin on letter from welcome to see wats happenin about new agreement altho this is where my husband is diggin his heels in.
He says the original agreement with them is null and void and he still wants to pursue that line, I dont see the point in it because welcome have basically said they cancelled the ppi and healthcare policy which was my problem and this would mean our payments should be reduced as of 1st july but my hubby reckons they will still keep takin the full amount because they already takin the wrong amount...
He says I should wait and see wat payment they do take and then if they still takin wrong amount, we should stop payments and take them to court.
Anyone got any good advice I can throw at my hubby, he thinks we goin too easy on them considerin all the stress they put us under....HELP PLEASE

Hello Poochie, I am no expert and this is only my opinion, wait and see what the payments are on the first of July and take it from there.

You have had a lot of stress with this company and taking them to court is only going to continue the stress !
So far you have had in my opinion a complete refund of your PPI.
The FOS are looking at your charges complaint and are they looking at the wrong amount being taken?

[righty]

Re: welcome finance help needed

Why only 8% why not reciprocity of interest - Charge them the same as they charge you which if memory serves is nearer 29% & don't forget to compound it as they will have done