Welcome Finance PPI claims to go through FSCS

[di30]

Re: Welcome Finance PPI claims to go through FSCS

Hi

Did they not explain in any letters on how they were going to refund?

I understand though with accounts still running/active this is standard and the monthly loan repayments should also reduce, so you could contact them about this and ask them what happens now, because your repayments have not changed, and its like as if your still paying for the PPI.
Good luck.

[righty]

Re: Welcome Finance PPI claims to go through FSCS

Fscs awarded us with £6400 back today for misold ppi with Welcome Finince but yes you guessed it they payed it off the balance that is owing, am absolutely gutted we feel cheated. Yes our lone will be payed in a shorter time but our payments still remain £418 a month for the remaining term. I feel it would have be nice to have had a choice if we wanted to pay it off the loan or not or payed half off the remainder and had half back. We did not realise that this would be the case when we applyed for a ppi refund. Is there anything we can do about this.

They can only deduct arrears. Any balance must be paid to you & your payments adjusted accordingly

Contact the FSA AND the FSCS & complain

[EXC]

Re: Welcome Finance PPI claims to go through FSCS

They can only deduct arrears. Any balance must be paid to you & your payments adjusted accordingly

Contact the FSA AND the FSCS & complain

The FSCS deal with Welcome is for redress to go against any balance remaining regardless of whether it's outstanding. I'm sure it's unchallengeable.

[tally girl]

Re: Welcome Finance PPI claims to go through FSCS

They can only deduct arrears. Any balance must be paid to you & your payments adjusted accordingly

Contact the FSA AND the FSCS & complain

I have never had arrears but they won't give me any refund in cash they say it has to be paid off the balance reducing it by £6400

[righty]

Re: Welcome Finance PPI claims to go through FSCS

I have never had arrears but they won't give me any refund in cash they say it has to be paid off the balance reducing it by £6400

The FSA told them that they can only deduct arrears & that any balance MUST be paid direct to the mis-selling victims

[di30]

Re: Welcome Finance PPI claims to go through FSCS

They can only deduct arrears. Any balance must be paid to you & your payments adjusted accordingly

Contact the FSA AND the FSCS & complain

Oh yes, this comes to mind as well, there's me stating its standard, but yes this does ring the bell, "refund used towards arrears if any, and the remaining sent by cheque directly to the customer".

I have read some other posts here and there, and some have said the same as Tally girl where others have received their refunds.

I agree Tally girl should contact them both about this.

[EXC]

Re: Welcome Finance PPI claims to go through FSCS

The FSA told them that they can only deduct arrears & that any balance MUST be paid direct to the mis-selling victims

Do you have a link?

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

EXC, this is the link re FSA and Welcome and if it is post 14th January 2005 loan then the FSCS rules apply ie direct onto the loan

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

[dogtired]

Re: Welcome Finance PPI claims to go through FSCS

Interesting stuff.
But as we all know by now Welcome seem a law unto themselves, got my appointment now regarding Incasso and have posted them a cca request today, as Welcome have never come up with anything to do with the account number they state i wish them luck! DT xx

[righty]

Re: Welcome Finance PPI claims to go through FSCS

Thanks EXC but meaningless. There is nothing in the sham agreement which precludes the previous FSA advice that payment to account can only be made where there are arrears.

[lafaux]

Re: Welcome Finance PPI claims to go through FSCS

Hi All,

I received my forms form the FSCS unprompted - returned them and within 20 days had recieved a cash payment into my bank account. I have to say, the FSCS form as well as the entire process was very easy.
That was for my TOPUP loan taken in 2005.

My original loan taken in 2004 had PPI on it - they phoned and asked if I would like a top up of £1000 on it, I stupidly said yes and they re-wrote the entire thing as a new loan and adding further PPI onto that.

I have written to Welcome now to complain about the PPI on my original loan bearing in mind that it should reflect what my financial position might have been had PPI never been added - I wonder if they will recalculate the full amount I paid over both loans (taking into account that I paid a higher premium and for a longer term than I should have) and then subtracting the FSCS payment to give the outstanding balance owed or will they just look at the first loan as a standalone entity with no resonant effect on the 2nd?

Anyone had any dealings with split loans like this?

I'll let you know of any updates.

[EXC]

Re: Welcome Finance PPI claims to go through FSCS

Thanks EXC but meaningless. There is nothing in the sham agreement which precludes the previous FSA advice that payment to account can only be made where there are arrears.

I didn't post the link - leclerc did.

I just asked for a link where the FSA told FSCS they can only apply compensation to arrears and not balances.

The FSA may require the firms it regulates to do this but I'm not sure that the FSA have the jurisdiction to impose those firm specific rules on FSCS, After all although accountable to it the FSCS is independent of FSA.

[leclerc]

Re: Welcome Finance PPI claims to go through FSCS

Hi All,

I received my forms form the FSCS unprompted - returned them and within 20 days had recieved a cash payment into my bank account. I have to say, the FSCS form as well as the entire process was very easy.
That was for my TOPUP loan taken in 2005.

My original loan taken in 2004 had PPI on it - they phoned and asked if I would like a top up of £1000 on it, I stupidly said yes and they re-wrote the entire thing as a new loan and adding further PPI onto that.

I have written to Welcome now to complain about the PPI on my original loan bearing in mind that it should reflect what my financial position might have been had PPI never been added - I wonder if they will recalculate the full amount I paid over both loans (taking into account that I paid a higher premium and for a longer term than I should have) and then subtracting the FSCS payment to give the outstanding balance owed or will they just look at the first loan as a standalone entity with no resonant effect on the 2nd?

Anyone had any dealings with split loans like this?

I'll let you know of any updates.

My understanding is that the 2004 loan comes under the remit of Welcome Finance and that the extra £1000 comes under the guise of the FSCS.


Righty,I posted up the FSA link re Welcome. You've stated that they have said it should go into the bank account and the document does say that pre 14/1/2005 agreements should be treated in this manner otherwise FSCS rules apply.
Where does it say that it should only be arrears? Unfortunately the FSCS rules override any PPI "normal rules of engagement" which means that any payout from post 2005 rules will be paid at 90% onto the loan. If the loan is paid off and there is money outstanding then it will be sent to the customer. Unfortunately, unless there is something more concrete than merely, an assertion then I need to see a link to the specific rules that you have stated applies because otherwise the rules in the link appear to indicate what I have stated above.

[shelly sexbomb]

Re: Welcome Finance PPI claims to go through FSCS

they will have means of paying them, the cmc or soliciotr will put them on a payment plan, and the claiman benefits from reduced monthly payments due to the loan being reduced and can use the money towards the payment plan..OK?

Surely this is not on? Reclaiming is meant to 'redress' and this is not going to put anyone in the postitionthey would have been in if they ahd NOT taken the PPI.

I am about to receive an offer (so welcome say) from FSCS, the whole of which will be applied to my outstanding balance. I intend to fight this as it is MY money which they should not have had. If I wanted to 'overpay' on the loan then that is my choice surely? Welcome have also stated that the payments will not reduce which effectively means I am still payin interest on the PPI

[skv123]

Re: Welcome Finance PPI claims to go through FSCS

Surely this is not on? Reclaiming is meant to 'redress' and this is not going to put anyone in the postitionthey would have been in if they ahd NOT taken the PPI.

I am about to receive an offer (so welcome say) from FSCS, the whole of which will be applied to my outstanding balance. I intend to fight this as it is MY money which they should not have had. If I wanted to 'overpay' on the loan then that is my choice surely? Welcome have also stated that the payments will not reduce which effectively means I am still payin interest on the PPI

I wish you all the success in your fight however, i think you have little prospect.

The FSCS are a fund of last resort and state they have the right to do this. We attempted to fight it and decided against even obtaining counsels advice as it seemed futile.