Welcome finance PPI

[sarah76]

Hi

Hubby has a welcome finance loan which ISNT being paid due to niddy saying unenforcable it is 4 months off being SB and Niddy has pointed me in this direction about a PPI reclaim. I have sent off for hubbys SAR from the dca which are acting on behalf of their clients.

Is this worth a punt at reclaiming as the debt only ever had 2 payments made to it, if yes how would I go about it do I need to wait till I have the SAR paperwork ?

Many Thanks
Sarah

[di30]

Re: Welcome finance PPI

Hi

Hubby has a welcome finance loan which ISNT being paid due to niddy saying unenforcable it is 4 months off being SB and Niddy has pointed me in this direction about a PPI reclaim. I have sent off for hubbys SAR from the dca which are acting on behalf of their clients.

Is this worth a punt at reclaiming as the debt only ever had 2 payments made to it, if yes how would I go about it do I need to wait till I have the SAR paperwork ?

Many Thanks
Sarah

Hi Sarah

I take it Welcome Finance were the broker were they not of this loan?

If so then it's these you will pursue in making a reclaim on the PPI.

If you were sold PPI has a front loaded policy these are no longer sold and are very costly indeed, also for example, if the loan was for say 15 years, these type of policies mainly only protect for the first 5 of those years and when this ends in five years, you will still be paying for the PPI for the remainder of the loan term.
So basically they are now frowned upon.

Anyway, if WF were the broker and set up and sold you this loan, you may be aware that this company have now gone info default, so instead of going down the actual reclaiming procedure of completing a reclaim questionnaire which replaced template letters, the Financial Compensation Scheme (FSCS) should be able to help.
Please could you confirm the year you taken this out? Cheers.

The FSCS are dealing with cases in regards of WF who taken out the loan as from January 2005, if this does not apply to you, then it will possibly be the case of making a reclaim through the Underwriter/insurer of the policy, the Financial Ombudsman Service (FOS) will be able to confirm this to you, as the FOS will not be able to adjudicate cases that were not protected by the FSA, even though I am aware that WF were regulated by GISC before the FSA taken over in Jan 2005.But if WF are in default the FSCS are only dealing with cases as from 2005.

There are ways around this though.

Check the details below as shown on the FSCS website, if this applies to you and you fit the criteria of going through the claim with then, then contact them and see what they suggest and we can take this from there.

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

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

Having the paperwork will be a help if your able to get hold of this through the SAR direction.

Hope this helps, and look forward to helping you.

[Never-In-Doubt]

Re: Welcome finance PPI

Woah. If it's 4 months away from SB with only 2 payments made then stop!!

Do not admit liability!!!! No reclaim either. I missed that from the other thread...

[sarah76]

Re: Welcome finance PPI

Hi

Loan was taken out in Nov 2005 I niddy already said it was a case after default

dont know if this is helpfull to you but this is niddys advice on the cca they sent me


This is totally unenforceable and you need to be doing a reclaim to Welcome for the money they owe you - cheeky bastards! the whole agreement is unenforceable as they have

a) Added PPi to the overall loan amount
b) Added PPI interest to the already charged loan meaning double interest will be due
c) Added a broker fee to the overall charge for credit
d) omitted the main basis of the prescribed terms
e) Breached s.18 (CCA1974) - see this for details: ---> Unenforceability - Relevant Acts

You should NOT be paying them anything, instead speak to Di30 about reclaiming the PPI and the interest at 8% statutory accumulated as they've fucked up big time here and have no recourse to any funds...

You need to send them a SAR and then look at a PPI reclaim, however as this was after 2005 then you'd be reading this which is kinda self explanitory: ---> FAQs | Secured loans, personal loans, homeowner loans | WFS

Basically, they are in default and so all PPI claims after 14 Jan 2005 will be dealt with by FSCS

See this: ---> FSCS FSCS declares Welcome Financial Services Limited in default

I will wait for the SAR to be returned before I claim then?

Thanks
Sarah
__________________
Are there templates for the letters I need to send in the template folder ?? many thanks

[sarah76]

Re: Welcome finance PPI

Ok just read that reply Niddy :-) All stopping now what would you say was best way forward

[di30]

Re: Welcome finance PPI

LOL, just on time then Cheers Niddy.

[sarah76]

Re: Welcome finance PPI

Thanks for advice Di30 I will repost on original thread so not to get confused

[Never-In-Doubt]

Re: Welcome finance PPI

Ok if it is 4 months away from being SB you leave it. Do nothing until it's SB.

For the ppi - forget it as you've not really paid it so pointless for the sake of two payments.

Just leave this and update after SB occurs.