Welcome Finance PPI claims to go through FSCS

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

My sentiments exactly, nearly had a stroke yesterday after phoning Welcome and they confirmed that I would get zilch compensation and my payments wouldn't even reduce. Keep us up to date with any thoughts.

Still haven't send off my claim forms, might do it today (if I don't keel over with mega high blood pressure!!!!!!!!!!!).

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

My sentiments exactly, nearly had a stroke yesterday after phoning Welcome and they confirmed that I would get zilch compensation and my payments wouldn't even reduce. Keep us up to date with any thoughts.

Still haven't send off my claim forms, might do it today (if I don't keel over with mega high blood pressure!!!!!!!!!!!).

Can you clarify with them if they charge an early repayment fee, ie for settling the loan early?
Are they going to waive this due to the fact that it is them that are dictating that the loan will be paid early?

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

Just telephoned Welcome regarding all of my claims. When the lady first answered the phone she was great. She then tried to tell me that most of my loans had no PPI but I KNOW that I did (I have the documentation). She then put me on hold and said she would check. When she came back on the phone her attitude had completely changed and she wouldn't discuss anything futher, just told me to fill in the FSCS forms.

The only thing she did confirm was that there would be no early repayment fee, whoopeee (not)!

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

shame you didnt get her name.... hope this is just genuine mistake and not some funny business they are trying..

imagine how many people would have said.. oh didnt I... ok then.. bye...

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

That's a good point, I never thought of that! Luckily I have some correspondence from Welcome that states all of the policy numbers so if they are trying any funny business at least I have some sort of proof.

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

Guys you all should now be speaking with a financial solicitor how can they say the payments will stay the same if the PPI has been redressed

Pre 2005 contracts the PPI should also be separate and not part of the Loan as per the CCA

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Guys you all should now be speaking with a financial solicitor how can they say the payments will stay the same if the PPI has been redressed
If the PPI was already cancelled they should in theory be paying less than if they still had the loan with PPI. I did explain how the payments would remain the same however, I personally believe that the loan should be rescheduled as if it had never had PPI which would include all sums paid but that would mean no compensation since the compensation is that the loan is restructured. There is a degree of catch 22 about the case, you either have the PPI compensation paid to the loan as though you were making a lump sum reduction or you have the loan restructured based on money paid and on the loan being restructured as though no ppi was there yet receive no compensation. I think Righty said earlier on to people NOT to sign the forms and take legal action if you require a sum paid to you directly. That would appear to be sound advice since the FSCS method of compensation is not particularly helpful.
Pre 2005 contracts the PPI should also be separate and not part of the Loan as per the CCA

See above.

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

but that would mean no compensation since the compensation is that the loan is restructured.

When you say no compensation are you referring to statutory interest ? if you are I do not agree because however you look at it the financial business made a financial mistake( in kind terms) and thus compensatory interest is payable for denying the consumer of there money.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

When you say no compensation are you referring to statutory interest ? if you are I do not agree because however you look at it the financial business made a financial mistake( in kind terms) and thus compensatory interest is payable for denying the consumer of there money.
[/COLOR][/LEFT]

No, the definition of loan being reconstructed is that the loan payments count towards the full balance of the loan excluding PPI at the rate the loan was taken out. What would have to happen is that the formula of: total amount of loan plus interest excluding PPI minus the total amount of the payments made to date divided by the remaining term left on the loan gives you a new figure which would more or less put you back into a position had the loan not been taken with PPI.

Does that make sense?

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

http://www.compliancy-services.co.uk...-than-expected

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Can someone clarify please who actually funds the FSCS...

Is it all the banks or is it other financial services

Are they really independent then if the people who fund them are the one they make the decisions against if they uphold complaints..?

Bite the hand that feeds them etc

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

Here you go Mosten

http://www.fscs.org.uk/industry/funding/

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Thankyou

[pompeyfaith]

Re: Welcome Finance PPI claims to go through FSCS

Your Welcome.

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

Wish I was welcome..... If I was, I would'a paid every one out by now...