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should i be suspicious!!! - welcome finance


gullible1
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Well I had my reply,

 

they have offered extra compensation as the original compensation offered was wrong. They have then offered to reduce the payments on my re-written loan as that effectively had PPI included when it was re-written after my original loan. They have sent two breakdowns one for my original loan and one for the re-write they are a little confusing to get my head round and it looks like the covering letter with the offer for compensation doesn't quite match the breakdowns provided!

 

Anyone else recieved anything yet?

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Well I had my reply,

 

they have offered extra compensation as the original compensation offered was wrong. They have then offered to reduce the payments on my re-written loan as that effectively had PPI included when it was re-written after my original loan. They have sent two breakdowns one for my original loan and one for the re-write they are a little confusing to get my head round and it looks like the covering letter with the offer for compensation doesn't quite match the breakdowns provided!

 

Anyone else recieved anything yet?

Hiya Kop, when u say your re-written loan had ppi included do you mean added within the original sum borrowed or still added on as a seperate product? I only ask as i was fooled into a rewrite taking ppi product off but then i noticed the original sum borrowed was higher than what i had borrowed on the original loan and believe they added the cost of the ppi into it.

Still not heard back from them though, i rang today but all they said was they were still looking into it and will hear once decision made.

Well done on your outcome

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Hi all,

 

had one loan which had PPI, went to borrow more money from Welcome which ment that they paid off the existing loan which I was then effectively being charged interest on again. PPI was only on the first loan, but because that was paid off by welcome I effectively paid more for the PPI through the interest on the second loan(hope that makes sense)

 

When I initally complained about the misselling only the first loan was taken into account.

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well i contacted them today as heard nothing and there time to reply was nearly up. They said they have sent a letter out on the 17th so should be with me soon. They wont say what the letter states as they cant over the phone but when i get letter i can discuss any queries with them, so now just a waiting game to see what letter says. Has anyone else heard back from The Project yet?

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Hi all,

 

I spoke to welcome finance on the 16th of november they said to me 28 days.

I spoke to someone yesterday and said the letter had been posted out on the 18th but ive not recieved anything.

This is all delaying tactics by welcome finance and no one will recieve a single penny or any offers.

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Hi all,

 

I spoke to welcome finance on the 16th of november they said to me 28 days.

I spoke to someone yesterday and said the letter had been posted out on the 18th but ive not recieved anything.

This is all delaying tactics by welcome finance and no one will recieve a single penny or any offers.

I have received letter today with offer of compo and reduction on payments but to be honest i am confused by it all as figures dont add up on the breakdown!!

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just a quickie.....been on phone to welcome about letter as confused about it and wanted clarification how they can now reduce payments been told that it is because when rewrite was done it was wrong! My reply was that i have been arguing this point for 2 years and knew they had put the figures wrong and now have proof of this from them, the guy who was actuallh quite nice and helpful said ishould definitely write into head office about it as i now believe this loan to be void if they are now saying that after looking into it figures were wrong and i was still getting charged as if i had ppi on when it was taken off!

Wanted to ask do i have a case aginst them and what should i do nxt. Please help. Thanks

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was it good offer i not heard yet my loan only as 1 year to run now

Hi Traz, it was a rubbish offer and because i have some arrears plus default charges they are just using it to cover that, it was less than £750 i have been offered and considering i have had 4 loans in total i think it is shocking but when i asked about this they said the way it looked to them the loans had been rolled into each other as such, he was not sure himself as he had not seen arrangements set up like mine before so that makes 2 of us confused!

My main issue though is do i fight this issue about the rewrite being wrong and also await docs from sar to see what exactly has been going on with my loans present and past anyway.

Cheers for any advice in advance

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thanks for reply i have had 3 loans and never missed a payment on any of them the one now finishers next december so it wil be interesting to see what they do with mine will keep u posted if i were u i would certainly get a better explanation before u except anything for your own piece of mind have u asked for sar if so see what this says has well good luck

Edited by traz39
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just a question but should i accept offer for the time being (whilst waiting for sar and once my issues have been looked into concerning that come back and hopefully get what is actually due to me back ) or not accept offer and wait to get everything looked into?

Also has anyone else heard back from them?

Still think it might be enforceable even the guy at head office thinks it sounds a little bizarre what has been done with my previous and current account and tne fact he said that it was rewritten wrong gives me some hope. It is a battle with them but hopefully some day soon there will be a light atthe end of the tunnel!

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just a question but should i accept offer for the time being (whilst waiting for sar and once my issues have been looked into concerning that come back and hopefully get what is actually due to me back ) or not accept offer and wait to get everything looked into?

Also has anyone else heard back from them?

Still think it might be enforceable even the guy at head office thinks it sounds a little bizarre what has been done with my previous and current account and tne fact he said that it was rewritten wrong gives me some hope. It is a battle with them but hopefully some day soon there will be a light atthe end of the tunnel!

 

I meant UN-ENFORCEABLE sorry just reading it back now after not having access to pc nd noticed the mistake. Could it be un-enforceable if I have had confirmation that the re-write was wrong?

Any help or advice is greatly appreciated

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I have just recieved my offer of £2590 i have to fill in a form with bank details and money will be in my bank in 30 working days.

 

Im so happy what a start to the new year!!

Congratulations loanshark sounds like a decent offer, glad you got a good outcome. Will u be getting all the money or do u owe any arrears?

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  • 2 weeks later...

I have read with interest the posts on this forum and have used it as a reference guide to my own problems with Welcome.

 

With regard to L0AN SHARK'S posts we also recieved a letter from Welcome saying that we were due PPI compensation on top of the amount that we have already paid. The letter said that the cash would be paid into our account by BACS.

 

Today we recived only £100 from Welcome! Not the full £1814.63 that was stated.

 

When I phoned them up, they said that this money was not due back to us as it was an amount of PPI that had been 'rolled over' from previous loans that had a PPI policy on them. The money was mistakenly added to our current loan and would have only been paid by us when the loan reached maturity. As such we had not really yet paid the money so we could not really have the money back!?

 

I asked then why did the intial letter say that we could have the money back and the lady said that the letter only refers to the payment of the £100 compensation and not the full amount stated in the letter. She also said that on the letter that we sent back to them deciding if we wanted the cash payment or to have the money paid onto our account, was only regarding the £100 compensation that was offered. In that letter we were only deciding whether to take the £100 in cash or have that put back onto our account and not the full amount stated.

 

Seems like another load of Welcome bull to me but I was wandering if anyone coudl advise on this and would also be interested to see what outcome LOAN SHARK had.

 

Thanks

 

John Lewis.

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that sounds like a load of bollocks to me u take out the ppi at the start of the loan so each month u r paying a proportion of the insurance plus a proportion of the capital so in effect u r paying the ppi from day 1, they tried that on with me and i was with a claims company who threatened to take them to ombudsman and surprise surprise welcome backed down and paid the full amount

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I sent my SAR request off just over a week ago along with a letter of complaint about PPI and today received in the post some statements of accounts from old loan agreements, nothing from my current agreement and no copies of credit agreements. Am i wrong to assume that this is not what a SAR request is I should be receiving everything they have on me and not just some statements? does a SAR mean they will have to send me copies of my signed agreements also or do i have to request something else for those?

Also with regards to my ongoing PPI complaint they previously said that when i finished my last agreement for it to be rewritten to lower payments i got a rebate of just over £2k at the time I queried this and asked for proof as the current agreement was a lot higher that it should have been iif this was the case and i have noticed that on the statement from my previous loan when it was closed all that shows is a credit of about £395! Can this be proof that i did not get the rebate that they said i did and can i use this to get the rest of my PPI money back. I have so much in my head trying to get to the bottom of it all and really dont know where to start or who to speak to for advice and have someone to look at everything for me.

Any help is much appreciated as always

Edited by gullible1
adding a sentence in
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Hi

Can anybody please help. Need to know if SAR is going to give me everything I need to look into what they have been doing with accounts or do i need to request a CCA. Also does a SAR mean they will send me more than just statements as i find it weird that they have sent a few old statements and nothing else thought they would have sent everything together? I need some advise from someone who has had a SAR done with Welcome.

Thanks in advance

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I know I keep firing off different questions but it is just as things come into my head that I need to try and sort I put them down on the forum. I really need help and advice so that I can out together a strong case against Welcome and sound like I know what I am talking about!! lol!

For now I need to know is the SAR the right thing that I have asked for?

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