Help with welcome finance ppi setoff

[WSFLNOMORE]

Hi everyone,

 

 

I'm totally new on here and not even sure if I am posting in the correct place.

 

 

Situation is

 

 

I have had three separated loans with Welcome Finance.

The first loan had no ppi on it,

the second did,

and the last one again did not.

 

 

Unfortunately before the third loan was complete I fell into financial hardship,

and entered into a dmp (debt management plan),

initially the payments were going to Welcome,

then they changed to PRA/Active Finance.

 

I submitted a complaint to Welcome/FSCS nine week ago regarding missold ppi,

and got a response back yesterday, stating my complaint was upheld and compensation was due at £954,

however they stated this would be used to setoff against the liability still owed on the final loan, which is in my dmp

 

I understand under FSCS rules they are able to setoff to recover monies owed to the original creditor,

but on calling WFSL today I was advised that final loan had been sold to PRA/Active Finance,

 

 

so surely the ppi should be paid directly to me as WFSL have no further recourse to this,

and also the ppi claimed was against a different loan

 

 

. Any thoughts.

[dx100uk]

quite correct

 

 

even the FOS state it cant be offset

 

 

did you get all the statements?

 

 

because if the PPI loans was rolled into the last loan

you should get quite a large reclaim,.

 

 

see no.1. below

 

 

dx

[WSFLNOMORE]

Thanks for your response dx100uk, I realise the fos state that money can be offset, however if this debt to WELCOME has been sold to PRA/ACTIVE FINANCE, surely they have no further charge to this money. When I phone Welcome yesterday, they confirmed the debt had been sold.

[dx100uk]

No the fos clearly state it cannot be offset if the debt has been sold

[Baz1994]

Check this out under ' Where the business has written off or sold on'.

 

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi.html

 

g/l

[WSFLNOMORE]

Thanks guys. What's my next move, obviously they already have settled the PPI, should I get a SAR, I have already reported to FOS??

[dx100uk]

yes all the info you can get

 

 

welcome reclaims even via the FSCS [which if the truth be know are welcome staff operating under the FSCS guidance]

 

 

never get claims right anyway.

 

 

dx