Welcome Finance PPI claims to go through FSCS

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

they seem to be processing claims a lot faster now since march 2nd...

[Ladidi]

Re: Welcome Finance PPI claims to go through FSCS

If they are processing them much quicker I would like to know whats happened to mine. I found out on here how much of a mistake they have made and I previously had 2 loans with them with PPI * We will give you the loan but you can only have it if you take PPI, if you dont then you cant have the loan* Needless to say since then I have wised up to company practices.

Anyway I made a claim as the loans were paid off in full and PPI should never have been forced upon me at the time and requested the refund. I was told the claim form would be posted to me within 10 working days...Some 4-6 weeks later and I`m still waiting...grrrr

Any ideas? anyone???

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Telephone them again on 0845 373 0386 or write to them at:
Welcome Finance
P O Box 10950
Sandringham House
Harlow
CM20 9JF

to chase for the application for compensation. Double check they have the right address details too.

[Ladidi]

Re: Welcome Finance PPI claims to go through FSCS

Thanks for that I phoned them up and the lady at first said she was not able to match my details - They hold my ibformation under an incorrect date of birth..

Waited a few minutes as she was waiting for her system to load up.. Tick, Tock, Tick, Tock...

I had to repeat all my details to her again as she forgot them and then she said she would update the correct d.o.b as it appears they had my husbands d.o.b and not mine..She informed she would send out the forms to me today..and corrected the d.o.b as she said that was probably why they was not sent out to me in the first place..hmmmmm not convinced...but then I must be cynical..lol

[Paul210]

Re: Welcome Finance PPI claims to go through FSCS

Thanks for that I phoned them up and the lady at first said she was not able to match my details - They hold my ibformation under an incorrect date of birth..

Waited a few minutes as she was waiting for her system to load up.. Tick, Tock, Tick, Tock...

I had to repeat all my details to her again as she forgot them and then she said she would update the correct d.o.b as it appears they had my husbands d.o.b and not mine..She informed she would send out the forms to me today..and corrected the d.o.b as she said that was probably why they was not sent out to me in the first place..hmmmmm not convinced...but then I must be cynical..lol

You'll get a lot more joy if you go direct to the complaints dept at nottingham head office on 0845 618 7847!!

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

Have cancelled my direct debit with lovely Welcome Finance (was due on 28/04/11). When I got back from work on Thursday there was a letter through my door - one of Welcome's muppets had tried to contact me regarding my "arrears". Amazing that as I am not actually in arrears yet!!

Have fired off another email to them. I am struggling with payments now as I have lost my part time job which really helped me out. I have requested a reduced payment and a freeze/reduction in interest. Still waiting on a reply.

My friend at work is currently paying less than half of her agreed monthly payments on her secured loan and her interest has been frozen, hope I can be as lucky as her!:tinysmile_grin_t:

[di30]

Re: Welcome Finance PPI claims to go through FSCS

Have cancelled my direct debit with lovely Welcome Finance (was due on 28/04/11). When I got back from work on Thursday there was a letter through my door - one of Welcome's muppets had tried to contact me regarding my "arrears". Amazing that as I am not actually in arrears yet!!

Have fired off another email to them. I am struggling with payments now as I have lost my part time job which really helped me out. I have requested a reduced payment and a freeze/reduction in interest. Still waiting on a reply.

My friend at work is currently paying less than half of her agreed monthly payments on her secured loan and her interest has been frozen, hope I can be as lucky as her!:tinysmile_grin_t:

Hi there

Hope this gets sorted out soon, but keep at them.

Do you know if you were paying PPI (payment protection insurance) on this account?

To what I am aware, they will eventually freeze interest if the debt has been passed on to a debt collection agency.

Good luck.

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

Yes there is PPI on this account. I will be able to restart payments at the end of June (to top it all my washing machine has just died). I am currently paying £404 a month and offered to pay £300 a month. I have three accounts with PPI with Welcome. My current loan's total of PPI is £4800, so if this is taken off the balance of my loan it will be quite a reduction.

My friend's loan (also secured) is still actually with Welcome - they phone each month and take her debit card details.

I am off on holiday on Thursday (it's a cheapy and it's been booked and payed for since last year) so I'll try and forget all about Welcome for the 10 days. It's off to the Royal Wedding. I just hope that the phone calls and "visits" stop (I again requested no more home visits in my email) or I'll be about 20 grand in charges!

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Still not replied to my request for a true copy of agreement, and have passed it to a collection agency dispute it being in dispute, still awaiting FOS .
Can they still try to force collection dispute not having "proof"
As for the PPI we did "win" this via th FOS but we refused to sign the form they sent as they were treating it as a "new" agreement, we even got the letter saying "welcome to your new loan"
They still seem to be spinning thing out and how can they say they are insolvent yet still try and collect money?
xx DT

[mosten]

Re: Welcome Finance PPI claims to go through FSCS

The FSCS have always paid first 2000 pounds of a complaint and then 90 % of any outstanding..

With WELCOME they are paying out 90 % of all cliams.. Some of the refunds dont seem to have the 8% interest applied either... oh..and looks like they are getting away with offsetting on loans.. grrrrr

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

The FSCS have always paid first 2000 pounds of a complaint and then 90 % of any outstanding..

With WELCOME they are paying out 90 % of all cliams.. Some of the refunds dont seem to have the 8% interest applied either... oh..and looks like they are getting away with offsetting on loans.. grrrrr

Are these the pre 2005 loans? Or the post 2005 ones? The pre ones should be settled under normal rules and post ones under FSCS rules which is the 90% thingy. If it is Welcome then you do have the recourse to go to the FOS.

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Still nothing from them since I wrote telling them that they were not supposed to "sell" a disputed account to a collection company.
Another " sorry for the delay" from FOS as well.
:beagle:

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

I got tired of rubbish Welcome Finance so emailed the FSCS(if you are a claimant and want more details with regards to a claim and redress then email them)
(I emailed them after Welcome Finance stated that my previous email in March was with the FSCS. Clearly they are quicker than Welcome directly and one of the questions I asked related to the JR which is over so that's why they answered that question)

"Thank you for your email of 17 May 2011.



The Financial Services Compensation Scheme (FSCS) is a fund of last resort which deals with claims for compensation against firms that are no longer trading, and cannot honour their own claims. Such firms are said to be “in default”. We must consider all claims, and calculate any compensation payable, in accordance with our rules, as made by the Financial Services Authority (FSA), and our policies (as agreed by our Board of Directors). We cannot deviate from these rules, however much we may sympathise with the position of an individual investor. Our rules appear in the FSA Handbook under COMP and can be viewed at Financial Services Authority.



I have noted your comments that you do not feel your questions are addressed by our Frequently Asked Questions for Welcome Financial Services Limited (“Welcome”), FSCS As for Welcome Financial Services Limited. However, I would reiterate that this document represents our position.



As outlined above, we must review all claims in accordance with our rules. These enable us to pay compensation only to the extent that we consider that the payment of compensation is essential in order to provide the claimant with fair compensation. We consider that a claimant’s liabilities towards Welcome, such as loan balances, must be taken into account when determining a fair level of compensation. Further, the CIOMP rules state that we can only pay compensation on the basis of an overall net claim, which requires that any liabilities of a claimant to Welcome (including any loan balances that are payable) are taken into account when assessing the compensation payable. This represents the definitive position and will not change.



With regard to your question about any restructuring of a claimant’s loan, this matter does not fall within the remit of the FSCS to respond to. Any questions about a claimant’s loan should be directed to Welcome. They are the appropriate organisation to deal with queries regarding loans.



There are no organisations within the statutory framework, including the Financial Ombudsman Service (FOS), that are able to review decisions reached by FSCS. If a complaint relates to matters outside the scope of the FSCS, such as PPI policies sold before 14 January 2005 or consumer credit issues, the claimant should contact the firm in the first instance. If he or she is dissatisfied with the response from the firm, these complaints can still be referred to the FOS.



With regard to your question about the High Court Judicial review, this does not affect decisions reached on claims that fall within the remit of FSCS. I would reiterate that claims are reviewed in accordance with the COMP rules. On behalf of the FSCS, Welcome will be making arrangements to contact all policyholders who were sold PPI by Welcome on or after 14 January 2005, to provide them with an application form to complete and return.



Finally, I would explain that FSCS’s primary obligation under statute and the rules by which it is obliged to operate is to assess and pay compensation to investors, and to do so without undue delay. As you do not have a claim against Welcome, we therefore do not propose to enter into detailed discussions regarding the application of our rules to claims against Welcome, and would refer you back to the Welcome FAQ document and the COMP rules.



I trust this has explained the position.



Yours sincerely



Steve Emms

Claims Officer

Customer Services Team"
------------------------------- merged -------------------------------
FSA Handbook - Full Handbook

Rules around COMP(part of the FSA handbook)

[lem01uk]

Re: Welcome Finance PPI claims to go through FSCS

Oh well, looks as if I'll fill in the FSCS compensation form and send it back. Looks as if they will offset any compensation on my outstanding balance and there is nothing that can be done about it.

No wonder Welcome stalled on my original complaint, they would have had to pay out compensation!!!!!!!!!!!

Wish I had never had any dealings with Welcome, if anyone has a time machine give me a shout!:tinysmile_hmm_t2:

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

lem01uk, you are classed as an "investor" from the above email. If you have questions relating to post 2005 claims not covered by their own FAQ's then you have the right to ask the question to the FSCS. I used the email address here for the response above:
FSCS Contact us