FSCS Welcome claim paid to balance and no 8% added

[teabag118]

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

Edited August 18, 2012 by citizenB
formatting

[teabag118]

Tried to upload picture of letter but it is too small, not sure how to get it actual size

 

2nd one may work ?

Welcome 2.pdf

Edited August 18, 2012 by teabag118

[ims21]

The FSCS pay out 90% of the value of any claim and offset against loan balances first whether there are arrears or not

 

If there is anything left over then it gets paid to the claimant.

[teabag118]

What about the interest on the PPI and what about the loan (middle one in picture) that states £0 on PPI and I have a document with the PPI shown ? I thought they could only offset against notified arrears ?

[ims21]

What about the interest on the PPI

 

That appears to be shown on the schedule you have posted up

 

and what about the loan (middle one in picture) that states £0 on PPI and I have a document with the PPI shown ?

 

Have you got the agreement? If it is shown on there then you need to ask why it hasn't been taken into account if it was within the date periods covered by the FSCS on Welcome loans

 

I thought they could only offset against notified arrears ?

 

The FSCS mandate for redress is different...they will set off against loan balances whether there are arrears or not.

 

 

ims

[teabag118]

It is very confusing, the first loan was 2005, the middle loan was 2005 and the last loan was 2007, I would have though the interest on front loaded PPI would have been more ?, I do have the original loan agreement for the middle 2005 agreement which states PPI, that was a joint loan though and not just in my husbands name.

[ims21]

OK so it would appear to be a different claimant for the middle loan so I would put in a separate claim for that and enclose a copy of the agreement.

 

If you have a read of No.1 in my signature and use the spreadsheets at the end you should be able to work it out and compare it with their figures.

[teabag118]

Thanks so much IMS x