Hi All,

New to CAG so sorry if i've posted in the wrong area.

I'm looking for some advice

i Took out a Loan with Welcome Finance on the 27th November 2007 for £2000 with interest and PPI came to around £3000 to payback,

half way through the Loan i lost my Job and was unable to Pay this loan back,

and as ever "Buried my head in the sand" shamefully and ignored this Debt,

i was also alot younger and stupid to even get a loan back then i think it defaulted and remains outstanding.

I had a telephone call from a company called the PRA Group the other day saying that they had purchased this debt and the balance was a whopping £4837 so from around £1500 remaining to nearly 5K

i was astounded I've had no contact or anything in 10 years!

and i said to the lady on the phone would this not be Statue Barred and she apologised and confirmed it was in fact SB since 1st May 2016,

having thought about it i called the WFSL to ask if the loan i had did have PPI and she confirmed it did,

she advised the Debt was sold to a company called Experto Credit in May 2014

i never heard anything from this company probably due to the fact of house moves etc,

she advised that if a PPI claim was what i wanted to do i would need to go through FSCS which i called and gave the reference number provided by WF and she would send a claim form in the post.

my Question is

having not Paid off the Loan,

the loan being statue barred

and the Debt being sold on to Experto Credit then PRA Group,

if i do a claim will i receive the funds to myself or will this go back to the loan,

Either way I'm not bothered as i never had so wont miss

but at least something would go back to the loan even though WF unfairly added thousands extra on.

any help/advice would be very much appreciated.

thank you.

the debt is still statute barred

never phone a DCA

they are not bailiffs

and have

ZERO LEGAL POWERS.

they will say anything over the phone to make you cough up and sc@m you.

the PPI will come of the loan balance no matter who now owns it

pers i'd not even bother.

Thanks for the Advice dx, I thought I had read that they would have to pay money’s direct to individual if the debt was Sold on?

Thank You dx

Dx I’ve a question I wonder if you can help me with:

2007 Took out the Loan with Welcome Finance

Borrowed amount £2000.

Duration: 36 Months

Total Amount to repay: £ 3285.97

Monthly payments of £177.75

I then had issues aug 2008

to cut a long story short and they said I could make payments of £44.74 without abandoning or modifying any rights under the agreement,

then couldn’t pay at all,

fast forward to 2010

- amount owing £ 4969.74.

Where and how do they get this figure from and we’re they able to do this,

Since then no payments made and account was Passed onto Experto credit and then to PRA group.

- Now statue barred.

Can this amount be legally allowed over and above what I would have paid in the first place?

I’ve since submitted a claim with the FSCS anyway to see about the PPI,

they can at least have something back if they do favour in paying back to welcome

Even though they’ve sold it on and on again.

Thanks

Experto are PRA

So its not been passed around

And for PPI reclaims with welcome thru the fscs the debt being sb'd makes no odds

Ahh I see never knew that, thanks

An update: received decision letter from FSCS today saying:

We will pay you compensation

We agree that you have a valid claim against Welcome Financial Services Limited (the Firm) regarding your payment protection insurance.

How we worked out your compensation

We have calculated your total loss as £1,755.14.

You still owe money to the Firm from the loan you took out.

We have subtracted the amount of compensation payable from the money you owe to the Firm.

Your outstanding loan balance is more than the amount of compensation due, so we can’t pay you any compensation.

Although expected I’m please this much was refunded towards said loan, even if I disagree with the figure they say I owe.

and it doesnt change SB date either.

Thanks dx, I have still sent an email back to FSCS in response to the decision stating that

“Thank you for your email regarding the decision on my complaint regarding PPI I would like to have clarification that as the debt has been sold on and was not part of any chain of loans, i'e the refunded ppi was NOT directly related to the sold loan to Experto Credit how can you offset your PPI refund as they [welcome] no longer hold the rights toward it to do so?”

Awaiting their response.

what do you mean the PPI was not directly related to the sold loan?

ofcourse it is!

Sorry DX it read this

Thank you for your email regarding the decision on my complaint regarding PPI I would like to have clarification that as the debt has been sold on to Experto Credit how can you offset your PPI refund as they [welcome] no longer hold the rights toward it to do so?

https://www.consumeractiongroup.co.uk/forum/showthread.php?474846-Welcome-want-to-offsett-PPI-reclaim-to-DCA&highlight=welcome+fscs

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