Hi, I applied for PPI from WFSL through the FSCS in November just received their decision letter saying that yes they owe me PPI but because I owe WFSL an amount on another loan they will offset it. WFSL have sold this account to PRA group for collection and it is also statute barred. I have read on various threads that apparently the FOS has said that if a debt has been sold that the compensation cannot be used to offset the debt, I have looked at the links in the threads but none of them take me to the relevant info and I cant find anything about it on the FOS website, can anyone point me in the direction of where it states this on the FOS website as I want to get all the information I can before I raise a complaint to the FSCS. Thanks

Just wanting a little advice guys please.. I took out an unsecured loan with these numptys back in 2007 for £2500. I have paid back £201 each month on time and I want to see if I am owed any charges they have robbed me of . I have sent my SAR today and when it comes back I will have a good scan through it, but I just need to know once ive highlighted all the charges I think are unfair how do i calculate what they owe me? i have read through posts on here and my maths is decent but I just need to know how I work these charges out thats all, Thanks in advance!

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.

Dear those who have had decision letter or have Knowledge The letter said my lost was £80,000 (this is what my pension would be worth) however the amount they put as transferred was the amount my new current pension is worth £40,000(this is what they awarded me) however at the time of transfer the amount was £19,000 NOT £40,000. I am lead to believe that my current pension should not be used as a decision. Only the pension at the time of transfer. Were they right to use my current pension figure as the amount transferred when it £19,000. less broker fees My current pension is not income guaranteed it an shared investment policy They also didn't take in to consideration life insurance attached or brokers or life time brokers fee attached to my pension Do I need to make a separate claim for life insurances attached to my pension. I was lead to believe this should of been included in the calculations Any examples of FSCS Decision well be appreciated feel free to change figures and name Dear all The FSCS used my current pension figure as a lost sum however this was not the amount transferred and the model for this pension is not the same as the pension it was transferred from. They did not include my life insurances attached to my pension or life time brokers fees. Thanks

I've just read the thread about welcome finance having no money left to pay out on PPIicon claims, I had a very strange encounter with the FSCS today. I repaid my welcome loan off in February and then contacted the FSCS to put my claim in for missold PPI and other insurances (medicare etc). They sent a letter in march stating that I had to provide further information, which with the help of a friend who is a financial adviser resent the information required. I called the FSCS 2 weeks ago and was told my claim was being processed. I called them again today only to be told that my case had been closed as I had not provided the correct information??? The girl then proceeded to tell me that i would require a letter from Welcome finance stating that the insurance premiums were paid to Bright Finance, they have a copy of all my loan papers including the insurance breakdown and policy number (i never received any insurance documents from Welcome even when i requested a SAR several years ago). I contacted welcome finance today and they said i would have to lodge a PPI complaint with them and send £10 to get a SAR. now i am very confused as to what is actually going on.

Hi, I'm about to make a claim for missold PPI on a Welcome Finance loan sold that was sold to MKDP in 2010, it is definitely statute barred ( sure of that). I wanted to know if FSCS rules are different that with normal lenders, if I put the claim in will they be able to offset the refund against the debt? As far as I'm aware, a company can't offset a PPI refund against a debt that has been sold to an external DCA (in this case MKDP). I would be grateful for any help with this. Thanks in advance.

phew, started at about 10.00pm and finally got here to post after reading through all the threads. I took out a secured loan with Paragon that was signed off by a Paragon underwriter on 17/01/05 and was to consolidate credit debt that my wife and I had stacked up across a few years and due to a variety of reasons. The principle loan was £35k gbp and the ppi was £8.7k gbp and being of the front loaded type where the policy was valid for the first five years. I had initially made enquiries via a search engine the previous year, round about October 2004. I responded to a marketing call by Loanline who said that they could get me a loan and after taking details came back with an offer from Paragon round about mid December. I completed a loanline application form (07/12/04) but this was not a credit agreement and was where we could provide income and expenditure details. A subsequent Paragon credit application was completed and returned just before Xmas 04 however the loan was declined as it was actually insufficient to clear our credit debts. A second application was submitted 12/01/05 and this was followed by a call from Paragon on the 17/01/05 and the loan was agreed and signed off on this date. Last year I became aware of the PPI issue and wrote to Paragon who denied liability for the PPI element and referred me to Loanline. I found out from FOS that Loanline had ceased trading and was redirected to FSCS. Forms were duly completed and submitted to the FSCS via Deloitte in September 2012 who verified and agreed that we met all eligibility including the effective date of 17/01/05. The FSCS cover for this type of PPI came into effect on 14/01/05 so two days after I signed my application form but three days before the credit agreement came into effect. The FSCS rejected the claim citing the date of advice as being effective from the 07/12/04 when the Loanline application form was completed. My argument is that the effective date should be 17/01/05 as this is when Paragon completed the credit application as is effectively incomplete until they counter signed. I have one opportunity to appeal and I want to ensure that I get this right and protest correctly. I have anonymously contacted the FSCS by phone and e-mail and been advised that the credit agreement date would be the effective date for the claim and that this would be the date that the credit agreement came into effect. I wonder if anyone else out there has had this kind of rejection and successfuly appealed the first decision or otherwise? Having also read the many threads about Paragon, wonder whether I should in fact be pursuing Paragon still? Currently there is a balance of £12k gbp including about £3.5k gbp arrears and Paragon have a suspended possession order as second mortgagee on the house. there should be 24 payments left to make. Circumstances are such that I need to get this resolved sooner rather than later as the last couple of payments have been withheld out of principle and Paragon are chasing hard for a new payment arrangement. Apologies this is so long but any help would be greatly appreciated. If I knew then what I know now I would not have taken out the loan as the last eight years have been purgatory and casued so much hardship and distress. yours humbly, Reklaw. :-x

2 months ago I contacted welcome through a claimant help link on their website. I gave them the information they requested and a few days later received this reply. "I have completed a review of your accounts. We have found that this policy may have been sold by a third party. All potentially broker sold cases are being investigated by the FSCS and it is unclear how long this may take. I apologise for the delay and assure you that we are seeking a resolution to your complaint as soon as possible." I chased this up several times over the next 2 months and got similar replies so I decided to contact the FSCS direct only to find that they had not received my compliant The PPI was mis sold on the grounds that it was front loaded and didn't cover the term of the loan I am now awaiting my application form from the FSCS but was wondering if anyone knows how long it takes them to deal with complaints.

(Thought i had posted this but it didn't show) Hi everyone, i have just had a nice big cheque from the FSCS for mis sold PPI plus interest - it is only 90% of the claim but it is a nice place to be after all these years. My question is - Do i still owe the loan company for PPI now it has been declared mis sold? i will be asking them to redress the loan but can i expect them to remove the PPI from it? any advice very much appreciated cheers

Hi, great site and garnered a lot of info, so thanks. However this complaint seems to be a little non-standard. Long story short my brother was lucky enough to get into a loan with Welcome Finance back in late 2006. He managed to get himself into some financial stiicky pudding due to an ex and ended up turning to them for finance. He had the loan which he kept mainly up to date until he ended up with some arrears in 2008. He failed to deal with these straight away ( osterich syndrome) and Welcome finance threatended him with a CCJ, But due to his job as a mortgage adviser he could ill afford bad credit. he spoke to Welcome finance and they said that if he did not pay the arrears that they would proceed to CCJ and it had to paid that day. However they then said that if he went into a branch to discuss it that they may be able to roll up his arrears into the loan. he promptly visited the Chatham branch and they agreed the lone for him there and then. The adviser left the room and told my brother he needed to get it signed off by his manager. When he returned he told my brother that they could lend him the money but due to his arrears the only way they could justify the loan was to insist that PPI was taken. my brother was put in a situation that if he chose not to take the PPI on the loan they would not lend him the money and give him a CCJ, however if he did take the loan he had to take the PPI. there was no choice as he was more fearful of getting the CCJ. he took the loan and the PPI. This in my eyes is deemed a conditional sale which is not allowed. he continued without choice. He has since complained to Welcome finance and obviously the claims are now dealt with by the FSCS. He has supplied a good breakdown of the events. However the FSCS have thrown the claim out as they state that he was a mortgage adviser and it would be expected that he would know that PPI was optional. He admits freely he knew that it should be optional, however Welcome finance were the ones who made it conditional on the loan and the FSCS's stance is that he should not have enetered intot he contract. My argument is that this loan was made under duress by the threat of a CCJ for failure of payment. In this instance the PPI was sold conditionally. The other fact is that although he was a qualified mortgage adviser he was not qualified to sell PPI himself and had never sold PPI on mortgages as he was not regulated to sell it or indeed trained on it. Does this sound like a good enough case to retry on and get the case reopened. If you are like me you are probably reading it and saying " stupid boy" as i have to admit i was unsympathetic originally, but he is young and debt etc can make people do sily things, hindsight is a beuatiful thing, but now we are trying to right what was wronged back then by Welcome finance. I would appreciate any help with this or routes i should investigate. We have also requested information using Data protection rules, but still not forthcoming. thanks in advance for any help

This is very confusing and could do with help with composing a letter to send to the FSCS who have just upheld a complaint on mis-sold PPI on a Welcome loan, the loan is still active but not in arrears and FSCS want to pay the PPI award towards the remaining balance of the loan, furthermore there doesnt seem to be any 8% interest added in the calculations. This is a claim that we put in for my husband, in total he has had 3 loans with them, 2 in his own name which were made up of the initial loan and a few years ago we got in money trouble and Welcome forced him to refinance the loan over a longer term again putting on PPI, the 3rd loan they have included on the compensation calculator they sent us was a secured loan which was in both of our names (and I owe NOTHING to Welcome) which has £0 all the way down on the calculations implying that it didn't have PPI, I have a all the orginal PPI documents from that agreement and it did indeed and a lot of PPI on it. So what do I do next ?, 1. The loan isnt in arrears so how do I stop the FSCS offsetting agaisnt the balance ? 2. What about the 8% interest ? 3. The 3rd loan is marked at having no PPI but I have the PPI documents here and that was in a joint name so if they do admit miss-selling on that policy can they offset that against my husbands existing loan even though it is in joint names and I owe then nothing ? If someone lets me know how I can post up a copy of the letters I am willing to do so, I dont have a scanner but can photo them and edit out personal data. Thanks in advance

Hi there wondered if you can help me. I know that the FSCS are working really hard NOT to pay out for any bad advice given for mortgages by brokers. I am considering putting a claim in but I wanted to know if anyone out there has had a claim upheld by their old broker, I've heard that success at the minute is very low so anyone out there, please give me the confidence to know that a claim can be made!! regards Simon

Hi all I started the process of claiming mis-sold Lifecare and Medicare Insurance dating back to 2005 and eventually three weeks ago FSCS refunded me just over £1100. However having used the spreadsheets and loan progression sheets on this site I calculate that the insurance payments I have made to date total £1464 and compound interest amounts to £2231, total claim of almost £3700. To say I am not happy about the FSCS refund is an understatement and when I appealed they are basically not entertaining compound interest and rattle on about LIBOR rates which to be honest I do not understand. My question is this: can I now proceed to Small Claims Court and file against Welcome Finance even though they have been declared in default?