Welcome Finance PPI claims to go through FSCS

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

So FSCS have now got the power to rip up statute?

My point exactly and Leclerc said they can tear it up if both parties agree, I take that he means the consumer and welcome finance so what if the consumer does not agree what if they go ahead and tear it up without the consumers consent.

Many questions and if they do that it does not say much for the protection the CCA is supposed to give the consumer.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

That is what I am saying. As I said I am trying to clarify things but it is difficult to clarify things when they are not really speaking to me apart from in wishy washy terms. I have asked for clarification and hopefully it will be given.

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

The CMC's cannot take legal action against the FSCS imho, only against Welcome Finance. I hope someone can correct me if I'm wrong.

I think any action against the FSCS would need to be in the form of Judicially Reviewing the Compensation Scheme.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Anyone actually received one of the FSCS forms yet..?

Not sure if they even had them printed yet since they said would be another week or two since they were having to amend them so not sure which bit they were changing

[EXC]

Re: Welcome Finance PPI claims to go through FSCS

http://iva60.co.uk/2011/03/26/

''Should they find in favour of the client, the FSCS can pay up to 90% of the compensation the client may have received should they have been able to direct their ppi claims to the bank.This situation is not unusual and is used more and more by consumers as an increasing number of banks go into liquidation. Some major high street names include Yes Loans and Picture Loans.''


An increasing number of banks going into liquidation?

If Claimline Legal are incapable of being able to distinguish between a bank and a loan company, one can only pity their clients.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Just saw the forms they sending out.. nightmare... 10 pages long...

[righty]

Re: Welcome Finance PPI claims to go through FSCS

Its m view that this is a sweetheart deal between WF & the FSCS allowing the creditors (with whom WF have reached agreement) to wipe out THEIR bad debts & to transfer the serviced book debt free of lien

The letter from FSCS is a best misleading & at worst dishonest in that it refers continually to the 'rules' without explaining the 'rules' mean victims wil only receive 90% of their compensation. I find this fact wholly abhorent in the case of those continuing to make monthly payments who are in affect throwing away good money after bad.

My advice to those victims is to stop paying forthwith & writing to Welcome explaining your reasons that you don't intend to keep on sending money which will never be recoverable from them.

& in the meantime perhaps someone should ask the FSCS why a firm that continues to receive monthly payments can be described as in default . Also at the time of writing there is no evidence that Welcome have notified Companies House of their insolvency, inability to meet their debts
------------------------------- merged -------------------------------
Oh & if you haven't yet issued proceedings do so now Stuff the FSCS

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Just tried reading the terms and conditions in these forms...

Could do with some legal experts to cast an eye over them, since there seem to be a few hidden reasons behind some of them and some points of law that need clarifying.. ..

When I spoke to them a few weeks back they said that they are still off-setting against the loan but the payments will stay the same.... ( so in effect altering the terms of my original contract with them )..

Unfair relationship IMO...

Say for example monthly payments are £70 loan and £30 PPI . If the complaint if upheld its supposed to put me back in the position as if I never had the PPI.

Therefore I should now be paying £70

What law or rules or principles or whatever they call it allows them to do this..?

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Not had any thing, but than its been with FOS for over a year and they, apparently, did not know about the issues when I rang.
Just had another "sorry for the delay" letter from them though.
I have not paid any thing to Welcome for two years now but they still kept on sending notice of default and adding charges until recently, I then had, as in another reply, got a demand from Incasso in January sent them a "prove it" letter and so far, have heard nothing.
I also cannot understand how Welcome are allowed to get way with this behaviour

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Just tried reading the terms and conditions in these forms...

Could do with some legal experts to cast an eye over them, since there seem to be a few hidden reasons behind some of them and some points of law that need clarifying.. ..

When I spoke to them a few weeks back they said that they are still off-setting against the loan but the payments will stay the same.... ( so in effect altering the terms of my original contract with them )..

Unfair relationship IMO...

Say for example monthly payments are £70 loan and £30 PPI . If the complaint if upheld its supposed to put me back in the position as if I never had the PPI.

Therefore I should now be paying £70

What law or rules or principles or whatever they call it allows them to do this..?

Any chance you could scan and upload the forms with your personal details blacked out? I'm quite interested to read them and will happily give my opinion in the thread.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

I have to say I am STILL trying to find out this issue and am awaiting a further response from the FSCS with regards to questions arising from their FAQ's. Dogtired, my assumption was that any Welcome cases post 2005 were being dealt with via FSCS so is your case pre 2005?

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Yes it is, they have never supplied valid ccas at old or this address, rejected the ppi claim on these grounds and the total inability to provide this and all the silly charges, if not for this it would have been paid up (old address and loan number) when we moved house.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Any chance you could scan and upload the forms with your personal details blacked out? I'm quite interested to read them and will happily give my opinion in the thread.

there are 14 pages altogether.. can you suggest best way of doing this... if i upload 14 jpegs to here will take up loads of room... is that ok or is there a better way..?

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

I have to say I am STILL trying to find out this issue and am awaiting a further response from the FSCS with regards to questions arising from their FAQ's.

I am awaiting a response to a simlar query and will certainly let you know the outcome should I receive a response.

Moston: You could scan them as a single PDF file and upload them as such? I'm unsure of anyspecifically easy way. I usually just use the work scanner so i'm not much use.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

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