PPI with Welcome (or not!!!!)

[slgsue]

We took out a secured loan for £10,000 with Welcome finance back in March 2006. On top of this £1850 was loaded for PPI and £225 for other insurances.

We ended up putting our complaint through FOS and have been advised that we were successful ! Spoke to the compliance department today as the loan is ongoing and have had to sign a new agreement with NO insurances whatsoever. The lady was suprisingly lovely and advised that the new documents have been received, gave me the new account number.

From what she could tell me the redress has not been calculated and should be done in the next week. My new loan shows arrears of £625.66 and this she reckoned will be cleared by the redress. What she couldnt tell me, the bit that is most important to me, is that will we actually get any money from this. In my limited reckoning, with the 8% per year interest I should be getting back after the arrears have been cleared around about £1800.

Can someone advise if I am just living in a dream world and that is wishful thinking and I wont receive a penny after the arrears are cleared or will I actually receive any money???

[dx100uk]

i wouldn't trust welcome on their PPI calcs as far as i could kick them.

 

they've already screwed you over by making you sign a new agreement, WHICH THEY SHOULD NOT BE DOING. - the old one should be restructured, you've just got int on int now i bet!

 

have you actually signed anything.

 

dx

[slgsue]

I did check with the Ombudsman first and they told me they were in their rights to do a new agreement, but this has to show no insurance calculations at all. This is how it has come about that I am getting the refund of the other rubbish they added on Homecare 24 and all that malarchy!!!

I have also been told that all the payments I have made must be taken into account and this should only leave me stuck with the idiots for 3 and a half more years arrgghh.

The figures I have done are really rough and only take into account statutory interest not their interest not sure how to do that.

Since all this has been going on I have been getting inundated with calls from the awful witch at my local branch. I faxed her on the 13th saying it is with the complaints team, and not to contact me until it has been fully resolved and I would be with holding payments until my new agreement was in force, but here we are 12 days later and the phone is once again ringing off the hook!

[dx100uk]

you should not be putting up with this.

 

you are letting welcome decide things and thats not correct.

 

TBH: if it were me i'd scan up the old & new agreements and let postggj look at things.

 

i bet there is more to this than meets the eye.

 

dx

[slgsue]

I have just made another complaint regarding Welcome Finance about the harrassment I have been getting since the compliance department have done PART of the "cancel & rebook"

Following my 4th phone call from the witch at my local branch I lost the plot and asked her why she was constantly phoning me whilst my account is being dealt with by the other department. As calmly as I could I explained that following my conversation with the department yesterday, I was under the impression that my new account had been written but they were yet to do the redress in terms of what I am entitled to get back etc, and that after this there should be no arrears on my account.

My vague guess after using some tools I found on here is that after the arrears have been cleared I will be entitled to receive somewhere in the region of £1220 plus the 8% interest.

I told this woman that I was making a complaint about her but she behaved as if it was just par of the course. She told me that I MUST set up a direct debit for my schelduled salary date and need to make a payment on Friday which is 15 days before the due date, which I refused to do.

I am quite prepared to wait for my money, I expect that this is Welcome after all and after lodging a complaint with the woman dealing with my other complaint she is going to contact the witch and explain that she has to stop giving me grief the case has not been completed yet.

This is becoming so stressful now but have another PPI refund complaint against Welcome with FOS at the mo so hope that I will come out smiling in the end. I fully support anyone wanting to get their own back on these cowboys!

[dx100uk]

well make sure you refuse to sign the new agreement.

 

and TBH i'd stop using the phone with these muppets

 

you are under NO legal obl to use the phone.

 

dx