Welcome Finance PPI - FSCS Legal

[Asbestross]

Hi all,

 

Looking for some advice with my PPI reclaim and Welcome Finance.

Quite a long winded background story to it so i'll keep it brief.

 

In August last year, having checked my CallCredit record, I became aware of an outstanding account with WFS for a HP agreement taken out in 2006.

 

I voluntarily terminated after half way through the contract and was advised that I had no outstanding liability at the time.

 

They sent no correspondence to me to advise there was an overdue amount and I heard nothing from them since.

 

I contacted the company who had bought the account,

MKDP who quickly advised it was for the WF HP agreement and sent me a copy.

 

A quick read through the contract made me realised I was missold PPI on several points,

so a claim was raised to WFS in December last year.

 

Obviously had to jump through all the various hoops etc filling out the FSCS forms and such.

 

In March, the FSCS concluded their investigation, agreeing that I had been mis-sold PPI to the value of £1700~;

however that this amount would be offset against any outstanding account I held with Welcome Financial Services,

obviously I was unhappy with this as according to a SAR I had served on them earlier in the year,

they had written off the account and sold it to MKDP.

 

So,

I sent a response to FSCS advising of this and asking they pay the mis-sold premium to myself so that I may negotiate with the third party company.

Very soon after asking for this review.

MKDP wrote to me thanking me for my payment and advising the account was now closed

 

So, fast foward to May 2013.

 

I receive the conclusion of the review requested from the FSCS;

who agreed that I had been mis-sold,

and that I had no outstanding liabilities to WFS at the time of their decision.

 

It states uncategorically that they will instruct WFS to make cash payment direct to myself.

 

Around a week later, having heard nothing from WFS, I contacted them asking for payment to be made.

They responded at the end of May advising that they had referred the matter back to FSCS,

which is where it is today, apparently still with the FSCS legal team under review.

 

Does anybody have any advice to offer.

 

I've contacted FSCS to ask for updates several times over the past few months and each time am told the same thing

"It is currently being reviewed by our legal team and we will update you once a decision has been made".

 

WFS simply respond by saying its still with the FSCS and refuse to discuss the matter further.

 

Any advice?

 

Cheers

[dx100uk]

if the debt has been sold

 

the FSCS cannot offsrt against the old loan.

 

how did welcome get ahold of the money?

 

dx

[Asbestross]

As far as I was aware, with WFS being in Default it would be the FSCS who would make the payment (?)

 

suspect they issued the funds to WFS to settle and in turn they then passed it to MKDP.

 

At this stage, i'm afraid you know as much as I do

 

as trying to get more information from either the FSCS / WFS is like getting blood from a stone unfortunately.

 

I've threatened WFS with court action via a LBA at the end of August this year,

 

they simply responded by saying that as it was with the FSCS I couldnt take legal action against them..

 

. is this bs?

 

Thanks dx

[dx100uk]

re the FSCS

 

is this welcome staff operating under the FSCS guidelines?

 

what address are you writing to for the FSCS?

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/

 

dx

[Asbestross]

Was the first thing I thought of tbh, but all emails have been sent to an @fscs.org.uk address and letters sent to:

 

Financial Services Compensation Scheme

10th Floor

Beaufort House

15 St Botolph Street

London EC3A 7QU

 

[Asbestross]

Slight update, have had a response from an email I sent to the head of legal at the FSCS advising he will investigate and respond shortly.

 

I guess there is some light at the end of the tunnel finally

 

Will update with any further progress.

 

Thanks

[Asbestross]

Well over two weeks and still no update, even with assurances from the Head of Legal that he would provide one.

 

Can anybody advise if it would be beneficial serving a SAR on the FSCS for an update on my claim? Or would it be pointless?

 

Cheers

[sequenci]

Hello there.

 

If you exercised a VT then once you've exercised that right you're ONLY liable to pay 50% of the amount financed. If you VT at a later stage you cannot reclaim anything over the 50% amount that you have paid.

 

In short, there ISN'T an outstanding balance, and it's wrong of them to imply that there is. From a legal perspectvie you are entitled to that refund.

[Asbestross]

Hi Sequenci,

 

Couldnt agree more and

 

in the latest correspondence from the FSCS, they did agree that there was no outstanding liability to WFS.

They instructed WFS to make payment of the refund direct to myself;

however WFS refused to accept this and passed it back to the FSCS to review again.

This was in May IIRC and its been with them since.

 

If i'm completely honest, I'm confused as to why the reclaim is with the legal team at the FSCS.

They instructed WFS to make payment direct, WFS refused to do so.

 

I'm starting to suspect that it may be the case that WFS are refusing to follow the instruction of the FSCS and they are taking legal action against WFS as a result;

but without feedback from the FSCS I cannot confirm or deny this unfortunately.

 

My concern is simply that FSCS have gone completely silent and are refusing (it would seem) to divulge any information as to the progress of my claim, but why?

I thought the FSCS acted on my behalf and hence should be openly providing details of the current progress.

 

Cheers