Welcome Finance PPI claims to go through FSCS

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Guy at FSCS told me it was 50 million upfront, 40 million in near future with 20 million in reserve if take up is bigger than expected... unreal...

Heard that the big CMC's are waiting for them to actually try and offset against a current loan or where the client never had arrears before acting.. said they cant really do anything until they actually try it... CCA and against clients wishes etc... unfair relationship

Every case would have to be taken on a case by case basis with CMC's also since some people have paid off the loans, some near end of them ..

The wonder I have is if someone has two loans say.. One pre 2005 with PPI and one after..

Welcome are dealing with the pre stuff and FSCS the post 2005...

Girl at FSCS told me couple weeks ago that if they are due a refund from old loan they would still look to reduce the balance of the current loan even if they are up to date with it...so unfair IMO....

Surley one if under the protected rights....

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

Would a Judge go with the FOS view on this in that "A customer should be put back in the position as if no PPI had been purchased?"

[righty]

Re: Welcome Finance PPI claims to go through FSCS

NFC,

Yes you can sue welcome no one can take that right from you, but the question is what would you gain from it?

If they paid the last of the money they had to the FSCS I guess you would have a job on your hands getting any award out of them.

What is righty's view on this?

The banks are trying to make the accounts free of liability If they rear their head they will be added to the POC as joint defendants

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Guy at FSCS told me it was 50 million upfront, 40 million in near future with 20 million in reserve if take up is bigger than expected... unreal...

Heard that the big CMC's are waiting for them to actually try and offset against a current loan or where the client never had arrears before acting.. said they cant really do anything until they actually try it... CCA and against clients wishes etc... unfair relationship

Every case would have to be taken on a case by case basis with CMC's also since some people have paid off the loans, some near end of them ..

The wonder I have is if soemone has two loans say.. One pre 2005 with PPI and one after..

Welcome are dealing with the pre stuff and FSCS the post 2005...

Girl at FSCS told me couple weeks ago that if they are due a refund from old loan they would still look to reduce the balance of the current loan even if they are up to date with it...so unfair IMO....

Surley one if under the protected rights....

If they are pre and post 2005 surely they would potentially be one case since the PPI might have been on the first loan and simply added to the second loan, ie the old tactic of "fully secured loan".

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

If they are pre and post 2005 surely they would potentially be one case since the PPI might have been on the first loan and simply added to the second loan, ie the old tactic of "fully secured loan".

not from what ive been told by FSCS... every time you sign a new agreement then it is classed as an individual claim...

Even if one loan was taken out 2004 and paid off after the three years of loan (end of term) and the client later went back, say 2008 and took out new seperate loan for say 5 yrs then any PPI refund from the early loan with be offset against the current...

Dont think thhe FSCS realise what problems they are facing over next couple of months and what they have let themselves in for

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

Dont think thhe FSCS realise what problems they are facing over next couple of months and what they have let themselves in for

Indeed and I believe the time is right for anyone with a welcome loan with PPI to get legal representation on there side because I have a feeling this sham is going to kick off soon as I believe that the FSCS actions is going to make those debts unenforceable due to failing to inform the consumers and changing the terms and conditions of the loan and forcing consumers to pay over and above any arrears.

If welcome is still trading as righty says and companies house has not been informed then surely those terms and conditions still stand.

Has anyone got a copy of welcomes terms and conditions they could post up into this thread as it would be interesting to see exactly what it says.

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS





Here are the documents I hold from Welcome, hope they are of use. It would be great if the FSCS and Welcome's tinkerings with our loan agreements made them unenforceable, even better than the compensation!!!!!!!!!!!!!!!!!!

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Is there anything in the statement below that is being overlooked as regards to how they are offsetting etc.....

Little confused as to the what protected actually means in this context...

http://www.fsa.gov.uk/pubs/other/financial_services.pdf

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

this is the bit that i cant get 9.3 the firm has paid £50 million to the FSCS and satisfied the other conditions precedent
envisaged in the firm’s proposed arrangements with the FSCS,

There is also another 40 million on the way....with 20 million in reserve if needed



surely the claims couldn't have been bigger than this amount...?

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Like many, if they deem "old" (pre 2005) unenforceable that, to me would be better than any compensation, which I am afraid may be years away the amount of time it has taken, so far, beggers belief.

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

I have just received my claim forms for the FSCS. Should I fill these in and add a letter stating that I do not agree to any compensation being offset against my current loan, or do I not fill these in and return them and wait to see what happens regarding this ridiculous situation?

I do not want to sign anything and then be tied in to the current FSCS thoughts on compensation.

Thanks.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

I have just received my claim forms for the FSCS. Should I fill these in and add a letter stating that I do not agree to any compensation being offset against my current loan, or do I not fill these in and return them and wait to see what happens regarding this ridiculous situation?

I do not want to sign anything and then be tied in to the current FSCS thoughts on compensation.

Thanks.

If you sign the form you are signing over your rights to the FSCS so if you do sign the form, any letter you may send is irrelevant since your agreement is by signing the form. Not signing the form means that they won't investigate. It's a catch 22 situation.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Apparently they still looking to take any refund off any loan with or without arrears..

They said the term will therefore reduce but payments stay the same... ?????

So PPI has been taken off but I still have to pay full amount..

What if I wanted to pay the reduced amount over the full term instead... ?

Surely I should have a choice on what to do with MY money...?



Can someone clarify these two points for me please...

1) The redress is supposed to put the client back in the position that I would have been in if the PPI was not added..... How can they justify this to a judge if they end up in court ?

2) The redress is the money I have paid towards the PPI plus any interest at 8%... This therefore should be mine to do with what I want..


I have signed an agreement/contract under the CCA Consumer Credit Act 1974 for x amount of payments over x amount of time... That contract should be legally binding... So now suddenly the FSCS can just ignore the CCA... ?

What if I stopped my payments towards the loan until the amount of redress is used up... They seem to think they can change the contract how they want, why cant I...?

GRRR


Sorry to rant.... Feel like phoning the two guys up off the fosters advert.... Holy Dooley

[ncf355]

Re: Welcome Finance PPI claims to go through FSCS

I think its a case of FSCS can pretty much do what they want (you cant take them to court)

So maybe the way forward is to take Welcome to court?

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Apparently they still looking to take any refund off any loan with or without arrears..

They said the term will therefore reduce but payments stay the same... ?????

So PPI has been taken off but I still have to pay full amount..

What if I wanted to pay the reduced amount over the full term instead... ?

Surely I should have a choice on what to do with MY money...?



Can someone clarify these two points for me please...

1) The redress is supposed to put the client back in the position that I would have been in if the PPI was not added..... How can they justify this to a judge if they end up in court ?

2) The redress is the money I have paid towards the PPI plus any interest at 8%... This therefore should be mine to do with what I want..
My personal opinion is that I cannot see a reason why they cannot keep any arrears that may be on the account so that the loan is showing as up to date but any amount outstanding should go back to the client ie you. However, the term having cake and eating it appears to apply in this case, ie you were missold the PPI, but we'll keep the compensation because you will benefit in the future once the loan is repaid because you won't have to make payments in the future. It's a crazy way of looking at it.

I have signed an agreement/contract under the CCA Consumer Credit Act 1974 for x amount of payments over x amount of time... That contract should be legally binding... So now suddenly the FSCS can just ignore the CCA... ?

What if I stopped my payments towards the loan until the amount of redress is used up... They seem to think they can change the contract how they want, why cant I...?

GRRR


Sorry to rant.... Feel like phoning the two guys up off the fosters advert.... Holy Dooley

They are technically not changing the agreement. I am sure that the agreement will allow for lump sum reductions which does not alter the term of the agreement but as a result of the payment will reduce the overall amount paid back. I am assuming the PPI has been cancelled already which would have had the affect of reducing the payment amount anyway.
Stopping payments is an interesting point, because technically you are defaulting on the loan by failing to pay yet the arrears level would not be in minus figures because it would be months in credit if you see what I am meaning.