Welcome what next ?

[ceebee]

My son has a loan with Welscum and it has been managed through PayPlan. He sent a letter to WF in mid July claiming for mis-selling of PPI and has had two letters from them asking for more time. Last week he sent them a second letter giving them 14 days to respond or he would refer to FOS. He has spoken to PayPlan and wants to stop his DD until the situation is resolved, however PayPlan has stated that they can't put a hold on the payments unless there is a ruling from FOS. Is this correct? bearing in mind the possibility of WF going tits up if these payments are not stopped there a chance that this could go on and on if some mug does buy WF debts. Is ther a template letter to send PayPlan or could he just write to WF saying as they haven't responded to his complaint he is ceasing payments until this is resolved and copy PayPlan. Any advice would be appreciated.

[PGH7447]

PayPlan and cccs are paid by the finance industry therefore they will continue to make payments etc

 

If this account is in dispute then you can either let it run its course through the complaints procedure or ditch payplan and go it alone

[m200]

Welscum asking for more time?! Ha thats funny cos if you said to them you need more time to pay you....you know what the response from them would be!

[electric2]

Hi

Does anyone know what I should do? My account is in dispute and welcome have put arrears on my credit files. I had a row on my doorstep with the accounts manager who kindly paid me a visit, and told her they were not allowed to do this as I had put the account into dispute in September. The arrears are still on my credit files - I have posted notes on the credit files, but can I do something as welcome shouldnt be doing this whilst the account is in dispute?

 

Any help appreciated.

 

Electrik

[ceebee]

My son has made a formal complaint to the FSO last week but received a response from Welscum on Friday as follows ' i have investigated the issues raised etc. Although we do not agree with your assertions (that the PPI was mis-sold) I have as a gesture of goodwill decided to refund the full PPI policy plus associated 8% statutory interest to you in full and final settlement...' It then goes into the amounts and states that if he accepts the offer to complete enclosed acceptance form. Now I maybe not well versed in the law but surely if they are willing to pay everything back including statutory interest isn't this admitting they they are wrong and therefore the agreement is non-enforceable. The amount plus what he has already paid virtually cancels out the debt so this isn't about the money so much as kissing their sorry ar##s goodby. Should he sign the acceptance form or let it run the course with FSO?

[PGH7447]

write back and say thanks but unless the debt is cleared in full then the complaint still stands

[ceebee]

Thanks PGH7447, we would love to do just that as the figures they have used just don't stack up. I don't have access to a scanner at the mo so i'll copy what they are. Original loan July 2008 £2000 PPI & Personal Accident + lifecover 24 £1340.94 total credit charge 3162.82 which is interest £3087.82 plus acceptance fee £75 Interest rate 60.1% Monthly payment for 36 months £180.66 In July 2009 he was told that the outstanding amount at start was £6503.76 less payments made £1351.82 charges and fees £76.03 Gross outstanding balance £5227.97 The letter received last week states they are offerring £989.77 refund which is £930.34 PPI plus interest of £199.97 and statutory interest @8% of £73.32 Deducted from this is £213.86 for 'partial insurance rebate' I just can't make any sense of their figures and would have thought that all insurances should be rebated not just what is stated as PPI. Although we wanted to play by the book and be reasonable I now feel I would like to get this loan deemed unenforceable cos frankly they are getting me really peed off. If we leave it with the FSO any thoughts of a likely outcome? Thanks to all for the advice

[lou1251]

ceebee, I'm also not happy with the figures I've received from Welcome. They told me I also had a rebate when I re-wrote the loan. I have no record of this, I don't even have a copy of the second agreement as at the time I thought I was just arranging to make lower payments, not taking out another loan!

 

My complaint is with the FOS. I received the offer from Welcome in August, but I've told the FOS I don't agree with the amounts. I got a letter in October saying I should have an adjudicator in December.

[42man]

I would ask them to reconsider and pay CONTRACTUAL interest not 8%...

[postggj]

All The Fos Claims Against Welcome Get Up Held

 

On Top Of This Two To Three Hundread Pounds Comp Ggets Paid Also

 

Welcome Are Well Aware On The Legality On These Rip Off Insurance

 

My Advice Would Be Sign Nothing Until You Have Posted Up Your Agreement Etc

 

How Old Is The Loan

[ceebee]

What is contractural interest please? To postggj the loan was taken out in July 2008. Having looked through a couple of web sites with interest calculators using Welscum figures and they are completely different, it seems to me that they add 60% per year at the start.