Long battle with welcome finance, am I wasting my time.

[Bebo]

Hello everyone

I am a new come to this site and thought if I could see if I am wasting my time with my battle.

For several years I have been playing ping pong with welcome finance over a secured loan.
It all started when I joined another forum and I was given some very bad information. Although l didn't find out it was duff information until I had already started a complaint with the Fos.

It's been about 3 years now and I have had several complaints with the fos but tbh they have been useless.

I did win a Ppi claim 2 years ago, but I am still waiting for WF to settle. In short they said the repayment should have been refunded at one one rate and said another. wF finally after several months turned round and said i was right. But still no settlement.

I am now in the process of doing. a complaint on section 18 multiple agreement. I am trying to argu that it should have been set up as 2 agreements. I wrote to WF and it was quite clear from the response they had no idea what I was talking about. So I wrote to fos, I have just been told that they are refusing to look into my claim cos it was taken out in 2005 and their powers didn't tak effect until 2006. No mention of the fact they have dealt with 3 other complaints regarding the same agreements previously. Do I continue with this avenue?

Finally I have just recieved my SAR although I did have to raise a complaint with the Ico as WF did not comply within 40 days it was 4 months. I don't seem to have as much info as I thought.
Plus they admitted they have no info for 2 of my old accounts. I have no insurance underwriting sheet and there seems to be no info on a lot of letters I sent to them.

Do I keep fighting the fight that is the question , any thoughts appreciated.

Bebo

[ken100464]

Re: Long battle with welcome finance, am I wasting my time.

Hello and welcome.

Sure someone will be along to help you soon but think they will be asking for more infomation as to an outsider your post is pretty vague.

To you as you seem to have lived it for so long you will know the story inside out.

Should think some questions to start would be what was the bad advice?

What was each complaint to the FOS about and what was the eventual resolution

Your PPI claim. You say you won it but at the wrong rate. Explain this a bit more.

Again the section 18 part. What are you trying to achieve? Is this part of the PPI claim.

I am fairly new on here. The guys will help you I am sure when they come along but you will find the better the info they have from you the better the advice they give.

They are new to your story so need the info to get up to speed on it.

Trust me on that last point.

[Bebo]

Re: Long battle with welcome finance, am I wasting my time.

Hi
Thanks for the reply I know the info is a bit sketchy but I will try and elaborate.

Lets start with the PPI

I did a standard PPI reclaim through for and it was held in my favour. The. WF sent me the paperwork of what will be refunded. I had already done my sums and these did not tally.
Basically they were offering me a refund of £38 a month but it should have been £78. WF disputed this, after several letters of going back an forth over probably nearly a year, WF finally admitted I was right all along.
So when welcome sent the paperwork for the rework, It was very unclear so I asked them for a full breakdown of how they had worked it out. Because I no longer trusted what they told me without having it double checked.

I then received a reply saying I had to go through the fcsc , so I wrote to them only to be told as fos already upheld my claim they could not do anything. So I wrote back to fos and that's where I am.

[ken100464]

Re: Long battle with welcome finance, am I wasting my time.

Seems to me you should keep fighting if you have an upheld claim but the incompetence of the two organisations that are there to help and resolve disputes with companies is causing you a loss.

Seems FCSC and FOS need to get together and sort out this mess on your behalf and stop hiding behind the other.

If FOS didnt have the remit to look into it and have and then potentially messed it up for you then a complaint to FOS would be in order I would guess. Follow thier complaints procedure all the way to the top.

Am sure there will be better and more concise advice along tho.

Are FCSC all upset and taking the ball home because FOS has awarded higher than they would? That could be the potential problem here. The compensation FCSC award as Welcome are defunct is less than FOS have awarded or you have calculated.

You might find that in this case something is better than nothing due to the fact Welcome is bust.

Just my quick thoughts on it.

[di30]

Re: Long battle with welcome finance, am I wasting my time.

Hi and welcome (no pun intended) lol

First of all I am stumped on the fact that you were informed that as it was 2005 you taken this out, they're unable to deal with it.

I understand that any policy sold post 14 Jan 2005 onwards were regulated by the FSA.
Prior to then - they were regulated by GISC.

I am aware that the FSCS are currently dealing with 2005 cases and on, because they are listed under them now.

I would contact the FOS on this again, give them a call, and if they say again they're unable to deal with it. ask for it in writing.

Then send a copy to the FSCS.

[ken100464]

Re: Long battle with welcome finance, am I wasting my time.

Just read on the FSCS that they will not help if the company you are claiming (welcome) against still has assets and could honour your claim.

I have seen welcome pay out recently on other forums. Di again would know better on that.

They then state FOS may be able to help.

So from that if the loan started after Jan 2005 the problem is defo with FOS not FSCS

Agree with di need to get it in writing from FOS why they wont help then escalate it. Seem to recall Niddy has been able to withdraw from the bank of FOS on occasion

[di30]

Re: Long battle with welcome finance, am I wasting my time.

Cheers Ken

And some info here FSCS - Welcome........

http://www.fscs.org.uk/what-we-cover...cial-hn0qripj/

[ken100464]

Re: Long battle with welcome finance, am I wasting my time.

Di

Well thats pretty explicit on what should be happening here.

OP has not said what duff original advice was here.

Maybe we need this info to see why both FSCS and FOS seem reluctant to deal when advice to public on that link is explicit what should be happening.

Again just my thoughts.

[di30]

Re: Long battle with welcome finance, am I wasting my time.

Di

Well thats pretty explicit on what should be happening here.

OP has not said what duff original advice was here.

Maybe we need this info to see why both FSCS and FOS seem reluctant to deal when advice to public on that link is explicit what should be happening.

Again just my thoughts.

I totally agree Ken.

Something is not right. Welcome were regulated both FSA/GISC.

I understand the business are being dealt with by the FSCS now, and OP has the right to have this dealt with by them.

I would definately contact the FSCS and confirm what the FOS said.

[ken100464]

Re: Long battle with welcome finance, am I wasting my time.

Thats why the duff info could be crucial here.

Seemingly every avenue you look at that link has it covered and compensation for the PPI would be paid.

So why are both FSCS and FOS reluctant to follow own guidelines which is publically available.

If it were me I would be quoting that document back at them.

So something must have gone terribly wrong here.

[Bebo]

Re: Long battle with welcome finance, am I wasting my time.

Thanks for all the info certainly a lot to think about.

Right on with the next bit, the misinformation I was given has nothing to do with the PPi claim that is a separate issue.
What happened was that I posted up my agreement and I was told that WF had calculated my interest all wrong and this meant that my agreement was unenforceable. I was advised to send a letter to welcome and if they didn't comply go to Fos, well WF never really answered my letters so off to fos I went. I took this all the way to the ombudsman who eventually stated that WF was correct and the interest was correct. It just took welcome about a year to send the explanation letter. Now if they had sent that reply in the first place it would have made things much clearer for me.

Any way while on this journey I came across the section 18 argument. This is what I am currently in the middle of. I wrote to WF stating that I believed my agreement should have been set up as 2 agreements due to the fact the PPI was combined. WF wrote back saying I don't have multiple agreements I only have my previous agreements which were closed before the current one was set up.

This is when I wrote to FoS and I was told that as their powers did not come into force until 2006 they are unable to look into my claim . The fact they had already investigated 2 complaints regarding the same agreement means nothing.

So now I have the choice of asking them to investigate anyway or they said complain else where but didn't tell me who to. What do I do. Is section 18 complaints worth carrying on with.

In the middle of all this I send WF a SAR, they did not comply. So I wrote to the information commissioners office. 4 months later WF sent me some information. No reason for the delay or anything. Upon looking through this info u feel its rather light. There seems to be a lot of info missing. I believe a lot of notes are missing, there is hardly any record of the letters I sent. There is a lot of their notes missing as you can tell from the gaps. I don't have anything about insurance underwriting, should I have been sent this? Plus they even wrote in the front sheet they can't supply info regarding 2 old accounts.

And Finally in all this paperwork I have found several past agreements all had PPI on, do I go to reclaim these.

Sorry it's a lot of info

Bebo

[di30]

Re: Long battle with welcome finance, am I wasting my time.

Thanks for all the info certainly a lot to think about.

Right on with the next bit, the misinformation I was given has nothing to do with the PPi claim that is a separate issue.
What happened was that I posted up my agreement and I was told that WF had calculated my interest all wrong and this meant that my agreement was unenforceable. I was advised to send a letter to welcome and if they didn't comply go to Fos, well WF never really answered my letters so off to fos I went. I took this all the way to the ombudsman who eventually stated that WF was correct and the interest was correct. It just took welcome about a year to send the explanation letter. Now if they had sent that reply in the first place it would have made things much clearer for me.

Any way while on this journey I came across the section 18 argument. This is what I am currently in the middle of. I wrote to WF stating that I believed my agreement should have been set up as 2 agreements due to the fact the PPI was combined. WF wrote back saying I don't have multiple agreements I only have my previous agreements which were closed before the current one was set up.

This is when I wrote to FoS and I was told that as their powers did not come into force until 2006 they are unable to look into my claim . The fact they had already investigated 2 complaints regarding the same agreement means nothing.

So now I have the choice of asking them to investigate anyway or they said complain else where but didn't tell me who to. What do I do. Is section 18 complaints worth carrying on with.

In the middle of all this I send WF a SAR, they did not comply. So I wrote to the information commissioners office. 4 months later WF sent me some information. No reason for the delay or anything. Upon looking through this info u feel its rather light. There seems to be a lot of info missing. I believe a lot of notes are missing, there is hardly any record of the letters I sent. There is a lot of their notes missing as you can tell from the gaps. I don't have anything about insurance underwriting, should I have been sent this? Plus they even wrote in the front sheet they can't supply info regarding 2 old accounts.

And Finally in all this paperwork I have found several past agreements all had PPI on, do I go to reclaim these.

Sorry it's a lot of info

Bebo

Hi Bebo

What a disaster for you.

I am still baffled on what they said about not coming into power until 2006 .

Anyway, in regards of PPI I can of course help you through this, so as they are listed with the FSCS you pursue them and make the reclaim.

http://www.fscs.org.uk/contact-us/

They will arrange to send you a form, you then complete to the best of your knowledge, and enclose copies of any paperwork you have.

I take it that it was Welcome Finance that set up the finance?
In other words, they set it up and arranged the finance?

Usually whatever business did this, are the ones you pursue, so if it was WF, contact the FSCS, tell them you want to make a reclaim on the PPI.

I will ask around in regards of the other matter for you.

[vint1954]

Re: Long battle with welcome finance, am I wasting my time.

Part 18 certainly comes into play if there was PPI. They must state the terms of the PPI in your agreement.

I would PM Niddy to see if he can help.

You don't want to mess around with a securred loan.

[Paul.]

Re: Long battle with welcome finance, am I wasting my time.

Part 18 certainly comes into play if there was PPI. They must state the terms of the PPI in your agreement.

I would PM Niddy to see if he can help.

You don't want to mess around with a securred loan.

unless the category of credit is the same, then it dont.

s18 causes practitioners difficulty as well as the Courts, so its not an easy section to get hold of

[Paul.]

Re: Long battle with welcome finance, am I wasting my time.

and actually if its secured, then there are more risks, but also rewards if the agreement is unenforceable.

However, i would suggest a professional view on the agreement, there is tooo much to risk without getting it checked