Jump to content

 

BankFodder BankFodder


Gaznkaz08

Welcome finance Admitted PPi then used it pay into a closed/written off account

style="text-align:center;"> Please note that this topic has not had any new posts for the last 1340 days.

If you are trying to post a different story then you should start your own new thread. Posting on this thread is likely to mean that you won't get the help and advice that you need.

If you are trying to post information which is relevant to the story in this thread then please flag it up to the site team and they will allow you to post.

Thank you

Recommended Posts

We had a loan with welcome finance many years ago. Phoned them up last month regarding miss selling of ppi to which they said there was some on the account so we started the claim. Everything on the phone was fine no issues, the loan account was closed.

 

We've had our decision letter today saying they were using the compensation to settle the loan.

 

It was secured against our house, we sold the property in 2004.

 

It seems there was was some of the loan left outstanding after the sale.

We've had no correspondence or notifications regarding any outstanding sums on the loan.

 

 

We've been easily findable (plenty of other DCA's have found us in the past)

They've said that the loan was written off and closed in 2010, their own words.

 

My question is, if the loans written off and closed can they use PPi compensation against it?

Share this post


Link to post
Share on other sites

Hi Gaznkaz... Do you know how much of the loan was left upon write off.

Why was there some outstanding?

 

Did you ever DSAR WF?


 

We could do with some help from you.

 

Have we helped you ...?         Please Donate button to the Consumer Action Group

 

**Fko-Filee**

Receptaculum Ignis

 

Share this post


Link to post
Share on other sites

sadly if the loan was not sold and there remains an outstanding balance they can off set

 

 

but i'd put them to strict proof

 

 

as advised..you did sar them first ofcourse?


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

Share this post


Link to post
Share on other sites

Hi.

 

Original loan was 10k.

 

About 10 months of payments at 277,

 

then when the house was sold it only cleared £6900,

(have since found the old solicitors paperwork where part settlement was agreed)

 

apparently welcome were supposed to contact us regarding continuing payments.

We've never heard a thing since 2004.

 

According to welcome the debt was written off at £13800 in 2010.

 

They said today they'd added loads of charges and interest to it.

I Presume that because it had gone statute barred in 2010 they wrote it off.

 

I did ask if they'd sold it on (I know if they did then they'd still be liable)

but she said it was to long ago to tell.

 

They've jiggled the figures about to say the £4800 of ppi has cleared the arrears somehow.

 

Can there be an outstanding balance on a closed/written off account though?

 

No SAR involved, just called them and they found the closed account via the old address.

Share this post


Link to post
Share on other sites

in E&W even though a debt might be statute barred etc

it still exists.

 

 

as for their jiggling.

as a rules of thumb welcome debts are roughly 50% inflated

by things that can be reclaimed

which they would have removed

so £4800 seems about right

 

 

i'm surprised you got anything

most welcome reclaims are ignored now

referring to the deal they've made whilst going out of business


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, the whole DCA industry would collapse overnight.

 

 

Share this post


Link to post
Share on other sites

  • Recently Browsing   0 Caggers

    No registered users viewing this page.


  • Have we helped you ...?


×
×
  • Create New...