Thread: PPI Welcome Finance

Originally Posted by wise1977

We started our claim against Welcome Finance in March 2009 and the claim was upheld by the fos in August 2009.

Until today every time we contact Welcome we have been told that there is a large back log that they are working through in strict date order and they are only up to end July early August 2009.

Now here's the interesting bit - when I managed to speak to someone today and told them that the loan is nearly at its completion date in Feb 2010 she said that as this was the case she would find the file and work it out and come back to me tomorrow. (What happened to strict date order?).

Now my theory:-

We stopped paying our contractual payments in March last year because simple maths showed that when the PPI was reclaimed there would be a balance payable to us.

After speaking with Welcome today I still believe there is a balance to be paid to us but this will be somewhat reduced because they will calculate the interest on the arrears as of this date at their high interest rate and apply interest on the nett PPI at the 8% they have to pay.

It seems to me that the delay in the recalculating of the loan seems to work in their favour and as the term is nearly up they can no longer charge interest - has anyone else had a similar experience?

If you still have concerns over their methods you can go back to the FOS and tell them what is happening and ask them to step in again.

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