Hello

Not been on the forum for a while. I hope everyone is well.

I recently made 4 sperate claims for PPI to Welcome for unsecured loans taken out in 2001/2/3/4.

I successfully claimed for 2001/2 loans through Aviva as the underwriters of the insurance.

These have been settled and paid to me.

I’ve received correspondence from WF about the 2003/4 loans.

They have upheld my complaint on both and the sum due is around £2.5 K.

They have also said however that my account was sold to a third party with a balance of over £3K and that the intend to re-purchase the account and apply my compensation to that balance.

They have sent me a form to sign to agree to this, which obviously I’m not going to do.

Firstly

I’m unable to verify the amount they say is outstanding on my account.

When my SAR arrived it contained all of the loan agreements and 3 printed statements pertaining to the first three loans but not the final one which I obviously defaulted on.

When I queried this they said they had sent everything that they held for me.

How they’ve managed to arrive at how much was owed when they’ve said that 4th statement didn’t exist is one thing.

The amount does seem high to me as the 4th loan was for just over £4K and I was paying it (albeit it an agreed reduced rate) until at least mid 2008.

Is there any further I can go with this or it the end of the line?

I’ve read about Welcome offsetting on some other threads so I’m not hopeful.

Also

I assume the paperwork they’ve sent is with the intention of resurrecting the debt if anyone is daft enough to sign and send it back.

Are they likely or even can they resurrect the debt on the back of the successful claim without the signed paperwork?

Thanks in advance for any advice.

If you've not paid in 6yrs the debt is SB'd so cant coneback

As for the offset

There is little you can do about it sadly

Other than complain its not fair

You could mention they are sb'd

But an OC can do so even if it is

I will assume you are in E&W and not Scotland

Thanks for the quick reply.

That’s pretty much what I thought but just needed it confirming. Oh well. Strangely I don’t recall ever being pursued for this debt by a third party after I defaulted

And yes I’m in E&W

Probably because you moved?

Probably because you moved?

Possibly. I did move around a lot back then. I felt sure I was still paying WF when I moved to my current place, but I can’t be absolutely certain.

Incidentally has anyone ever asked WF in this situation for proof that they did ‘re-purchase’ the debt and are indeed the legal owners? I’ve been thinking about how difficult it must be to track such a debt down after all that time. Not only that but surely there is no guarantee they will be able to re-purchase?

Not straw clutching just genuinely curious about why they are so confident they can easily re-purchase a debt and if people are being put off taking it further because they think it’s a lost cause. Surely they would need to prove ownership of the debt to justify keeping any compensation?

twill be easy for them to track it down

you could ask them to provide a notice of assignment under the law of properties act 1925 before they do so.

and they must produce it too.

Hello

I thought I’d just report my partial success with this matter after taking it to the FOS. I’ve not had the paper work through yet, just a phonecall with an adjudicator at the FOS.

As I understand it the amount awarded and subsequently being used to offset the original debt was in respect of loans 3 & 4 joined together.

As loan 4 was a rollover and partially used to pay off the balance on loan 3, the FOS have advised WF that they shouldnt withhold the PPI refund due in respect of loan 3.

WF have agreed and will be making an offer of just short of £600.

The amount used to offset is now just over £1000.

The difference is because the PPI was front loaded and loan 3 paid off early with loan 4. I hope that makes sense?

The adjudicator advised that as offsetting is standard and accepted I’d be unlikely to be successful with pursuing that angle for the balance. I can of course take it on to an ombudsman if I wanted to. I won’t be though.

So whilst my offsetting complaint wasn’t a success, it was worth taking it further and having the sums looked at properly. I just thought that this info may be useful to others pursuing WF for multiple claims.

Thank you again for the advice. I will make a donation to help you great people keep helping the rest of us. Take Care