Welcome Finance PPI claims to go through FSCS

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

And another thought because of the phone calls/letters etc that they added to a disputed account do they have to "refund" these as well?
sounding more and more fishy too me.

[EXC]

Re: Welcome Finance PPI claims to go through FSCS

''The restructuring returns Cattles and 19 subsidiaries to solvency. The restructuring includes four schemes of arrangement, which have been sanctioned by the High Court of Justice of England and Wales, a ground-breaking mechanism for the payment of certain liabilities in relation to payment protection insurance and an innovative pensions restructuring.''

''Further, the restructuring will permit Welcome Financial Services Limited (WFSL), operating under the brand names "Welcome Finance" and "Shopacheck", to continue to collect out its outstanding loans to its customers. Welcome Finance has approximately 400,000 loans outstanding and operates out of 122 branches. Shopacheck has approximately 225,000 customers and operates out of 71 branches.''


Media releases / News - Freshfields Bruckhaus Deringer LLP

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Just got a "statement" from this shower altough it has been n dispute now for over a year they have still added charges it says it is from March 2010 to March 2011 but no data on it ffrom December 2010.
Also the "interest rate" is down as 21.6% up to November 2010 but 0.00% from then on.
Nothing else apart from this from them since July lalst year.
And then the one we got out of the blue from Incasso who I sent a "prove it" letter to and. as yet heard nothing

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

FSCS has now added an FAQ to their news article(Welcome were kind enough to respond to my email to them which directed me towards the FSCS FAQ section).

FSCS As for Welcome Financial Services Limited

Is it true that the FSCS calculates compensation on a different basis to the firm?

The rules under which the FSCS operates set out the basis on which we are required to calculate compensation, and this differs from the basis used by firms. Our rules are contained in the FSA handbook.

Under the FSCS rules claimants will be entitled to 90% of the value of their claim. Amounts of compensation payable will be first set off against any outstanding loan balances you may owe to WFSL, which could mean that we will not send you your compensation"


If I appoint a Claims Management Company (CMC), solicitor, or other representative to handle my claim to the FSCS, will the FSCS pay their fees?

The FSCS does not charge individual consumers for using its service, and will not pay any fees you incur as a result of appointing a CMC, a firm of solicitors or other representative to deal with your claim. Please note that if you appoint a representative to act for you when making a claim to the FSCS you may be required to deduct any fees from compensation you may be awarded, and will need to make your own arrangements to pay those fees. Please also note that any compensation you may be awarded will be paid to you rather than your representative.
Anyone that uses a Claims Management Company to get their money back from Welcome are more than likely to have to pay any value of their "win" from their own pocket. Considering the types of customers they deal with then it will be a worse situation. I should add that I have highlighted the two questions that I thought were interesting but the FAQ's encompass 23 questions.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Anyone hear of anyone challenging whether they can off-set yet..

Heard rumours that some sol's or CMC's would be arguing that since clients signed to pay x amount over x time that should still be the case.

Also still cant get answer off FSCS as to whether they reduce payments or reduce term... grrr...

[ncf355]

Re: Welcome Finance PPI claims to go through FSCS

Think CMC's etc are likely to wait untilo its attemmpted but it will clearly start legal action en masse against the FSCS, they cant just make up the rules as they go along

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

I have just received a phone call from a firm of solicitors regarding my Welcome PPI claim (I have claimed myself, decided not to use them). They were chasing up why I had not returned the paperwork to them. When I said that the FSCS had now taken over claims the solicitor said "oh just ignore that you will receive your compenstation in your hand and not off the balance of your loan". Is this correct or are they just trying to sign people up and make money from them?

I do hope it is as I could really do with the cash! My own fault really I should have started claiming earlier.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

I have just received a phone call from a firm of solicitors regarding my Welcome PPI claim (I have claimed myself, decided not to use them). They were chasing up why I had not returned the paperwork to them. When I said that the FSCS had now taken over claims the solicitor said "oh just ignore that you will receive your compenstation in your hand and not off the balance of your loan". Is this correct or are they just trying to sign people up and make money from them?

I do hope it is as I could really do with the cash! My own fault really I should have started claiming earlier.

Have you started a legal claim or have you claimed through Welcome Finance directly?

FSCS As for Welcome Financial Services Limited
I posted the link up earlier on this thread but regardless of who you go through, the money goes towards any balance on the loan. if you has a CMC then you would more than likely have to pay the CMC from your own money.

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Has anyone drilled down into the exact basis upon which the FSCS state they can offset?

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Has anyone drilled down into the exact basis upon which the FSCS state they can offset?

I have asked them and will post up a response once I have one.

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Much apprecited leclerc.

I've taken a look into it myself and the only thing i am specifically seeing is as follows from the FSA Handbook:

COMP 11.2 Payment
To whom must payment be made?

COMP 11.2.1 07/10/2008 If the FSCS determines that compensation is payable (or any recovery or other amount is payable by the FSCS to the claimant),1 it must pay it to the claimant, or as directed by the claimant, unless: (1) arrangements have or are being made to secure continuity of insurance under COMP 3.3.1 R to COMP 3.3.2E R or the FSCS is taking measures it considers appropriate to safeguard eligible claimants under COMP 3.3.3 R to COMP 3.3.6 R; or
(2) COMP 11.2.2 R or COMP 11.2.3 R applies.2

http://fsahandbook.info/FSA/html/handbook/COMP/11/2

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

I have received a response which was completely and utterly useless and I won't dignify the forum by posting it up. Needless to say I have responded and am hoping for a better and more qualified response.

EDIT: :o they were answering a completely different question I was asking so it was not the answer from the FSCS :o

EDIT AGAIN :o I was right the first time :o

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Hope you're able to get more of a response from them Leclerc.

Not surprised the first reply was blank.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Their first reply was not blank but the contents of it were nothing to do with the actual questions I had asked. It more or less said that Welcome will be writing to you(they can't cos I'm not a customer nor do I have a policy with them). As I said, it was not good enough a response.

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

I understand it wasn't actually blank. I meant blank as in a standard stock response that didn't go to answering the question.

It seems its very often the case with a first enquiry.