Hi MrZ sorry to hijack your thread but i have read the last 4 pages and would like your opinion on this Hi everyone after much frustration and delay my claim with Welcome finance through the FSCS looksa to be nearly sorted. I have been refunded around £5k but as Welcome have gone into default the £5k will be paid off from my current loan as per the FSCS rules. My query is, is it legall for welcome to reduce the balance down and not discuss or even inform me of changes to my loan terms. Welcome have stated they expect me to continue to make my full pre claim monthly payment and that the account will be paid off sooner than orignially stated on the credit agreement. I have not been informed of any new terms and have so far been unable to get an answer from welcome re - the new closing date. Does anyone know if changes to the credit agreement as above are legal? should welcome not first come to me and ask if i would like to reduce the term OR the monthly payment? as would be done if making additional mortgage payments. And finally if im still upset with the outcome can i escalate it further?

thank you citizenB

Hi everyone after much frustration and delay my claim with Welcome finance through the FSCS looksa to be nearly sorted. I have been refunded around £5k but as Welcome have gone into default the £5k will be paid off from my current loan as per the FSCS rules. My query is, is it legall for welcome to reduce the balance down and not discuss or even inform me of changes to my loan terms. Welcome have stated they expect me to continue to make my full pre claim monthly payment and that the account will be paid off sooner than orignially stated on the credit agreement. I have not been informed of any new terms and have so far been unable to get an answer from welcome re - the new closing date. Does anyone know if changes to the credit agreement as above are legal? should welcome not first come to me and ask if i would like to reduce the term OR the monthly payment? as would be done if making additional mortgage payments. And finally if im still upset with the outcome can i escalate it further?

I had a very similar situation, although did not have a accident or get pulled over im glad you won your case it just goes to show if you stand up and persevere you can beat the big boys