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Welcome Finance PPI Claim


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Hi Everyone,

 

Looking for some help.

 

My partner made an application via a PPI company to claim back any PPI he had on his old accounts,

 

They found we had 1 from Welcome Finance on a car we had in 2004.

 

they sent away to claim it back,

Welcome instantly declined it and the management company dealing with the claim for him decided to send it to the FOS.

 

2 Months ago the FOS found against Welcome and advised them to reimburse in a proper manner.

But now this is where we need help.

 

Welcome has sent us a letter which I will attach for you to see.

 

 

they have stated that they are going into liquidation in the next year

so have been advised not to make any payments to people??

 

Can they do this?

Or is this another way they are trying in order to get out of paying people there money.

 

I have attached parts of both the letters they have sent.

 

 

Any advice would be great :)

welcome.png

welcome2.png

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I find this quite amazing as the FSCS has been administering welcome claims for a good few years.

 

pers i'd close the claim with the fleecing PPI company

as you'll lose +35% and 20% tax on whatever you do get...

 

let them go bust then goto the FSCS

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Thank you for your quick reply.

 

I never knew my partner had used the company to do the claim :( :(

 

Only issue we have with going to the FSCS is we have been advised they will not deal with it

as the account was opened in 2004 and they only deal with claims after 2005.

 

Nightmare, Cant believe the reply they have sent,

Even thought the FOS have found in our favour.

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poss not, the FOS have ruled in your favour

AFAIK that trumps the FSCS 2004 wriggle.

 

 

so this was a joint loan?

you both signed it?

 

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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I would await welcome to assign administrators

though I'm sure they pulled the same stunt years ago

re Cattles..the parent company

 

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Ah ok . I am awaiting for the FOS to get back in contact with us.

 

Welcome have advised that when they appoint administrators that they will probably offer 1 pence for every pound they owe us.

 

disgrace of a company. Happy to see them go that way they cant continue what to have done in the past.

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you miss the point

once in administration

FSCS rules dictate you get 90% of your claim

 

have you got all the statement

and have done a spreadsheet

and filled out the FOS customer questionnaire?

 

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

Ah ok , Sorry got you now.

 

We dont have a statment as used the ppi company. but filled in all the docs as requested by the fos, They advised welcome 2 months ago to pay up. fos sent us a form asking for us to sign it to say we accepted there decision. Which was to uphold the complaint :)

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sar to welcome

get all the data they hold

before it hits the shredder

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Share on other sites

  • 3 months later...

Hi Everyone,

 

Im in dire need of some help with calculations.

 

I have had a successful claim against Welcome and today I received my cheque from them but to be honest I think it is short.

 

I have a statement of figure which they have included.

I hope it is k to post them and for someone to help me work them out as I feel that WFS are trying to pay less than they should.

 

Amount of PPI added to loan £696.68

Less rebate of PPI £373.22

Amount of interest added due to PPI Premium £1035.36

Less Rebate of PPI Interest £354.18

Amount of compensation due before calculating 8% interest £1004.64

 

Amount of payments received towards the PPI Premium

and interest since the start date £869.06

8%(simple) interest on the payments made towards PPI (£) £460.31

Withholding TAX £92.06

Total compensation due after calculating 8% interest &

withholding income tax at 20% £1372.89

 

Value of cash to be repaid £1237.30

Value of adjustment to this account £135.58

Total amount of compensation now due £1372.89

 

Now I have received a cheque for £1237.30 which I honestly dont think is very correct.

 

I settled this loan late 2005 in full.

So I maybe wrong but I was going by the amount I paid £869.06

and then calculate the 8% interest from then until todays date.

 

 

Which is I am correct should work out as £869.06 x 0.08 (interest) x 10 (years) = £695.24

then + 869.06 = £1564.30.

I dont know if I am wrong but I dont think I am.

 

Could someone please help with this, Thank you

:) :) :)

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old and new thread merged for history

please keep to one thread.

 

 

dx

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

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

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

Link to post
Share on other sites

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