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I have got ppi with welcome finance but the debt was sold on to dlc hillesden

 

Here is my case I took out a loan with welcome finance in February 2004 .

I was missold ppi and they owe money .

 

My debt was written off by welcome finance in 2006 and sold to DLC hillesden a debt collection company .

Now will I receive the ppi money or will it go to the company it was sold to .

 

Can welcome finance buy the debt back and offset it etc .

Bearing in mind I took out the loan in February 2004 .

I would be very a grateful if you could reply .

 

I read somewhere that losns taken out with welcome finance only loans after 2005 could be offset

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How would this affect my claim

I took out a loan in February 2004 and was misold ppi

 

Loan amount was cash loan £2001 + administration fee £75.00 medical insurance £150 + ppi £593 Total £2819

36 payments of £115.00 Total repayments £4010

I defaulted on the loan and in July 2006 the loan was written of and closed by welcome finance and sold to dlc hillesden a debt collection agency .

So how would that plevin rules case safe affect my ppi claim would the ppi compensation be paid to me ?

Thanks

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How would this affect my claim*

I took out a loan in February 2004 and was misold*PPI

 

Loan amount was cash loan £2001 + administration fee £75.00 medical insurance £150 + ppi £593 Total £2819

36 payments of £115.00 Total repayments £4010*

I defaulted on the loan and in July 2006 the loan was written of and closed by welcome finance with a balance of £3255 and sold to dlc hillesden a*debt collection*agency .

 

So how would that plevin rules case safe affect my ppi claim would the ppi compensation be paid to me ?*

Thanks

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Can only go to you

The debt had been written off and sold on

 

In truth a plevin claim is not a ppi claim

Its a claim against the seller that they got a hidden backhander for selling the ppi

 

[Commission]


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

 

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Thanks for your reply

I spoke to welcome finance and asked them who the ppi compensation would go to and they said they could buy the debt back and offset it . But until I process the claim I would not know . Also spoke to financial ombudsman and they said they could pass the compensation on to the company they sold the debt onto so I don't know where I stand .

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Wrong on both counts

The fscs do this on welcome ppi post 2005

This is not ppi its secret commission

 

Stop ringing people


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

 

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So what do I do now ?

Will the ppi compensation come to me ?

What do you mean stop ringing people ?

 

So what do I do now ? I want to make a complaint as I believe the ppi was misold to me

 

What do you mean stop ringing people ?

I had to ring up welcome finance to make sure that there was ppi attached to my loan and they gave me the details they said they have sent out to me a copy of my loan agreement.

Will any compensation come to me ?

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you wont have a papertrail if you keep ring people should you wish to escalate this later##

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?474846-Welcome-want-to-offsett-PPI-reclaim-to-DCA&p=5124593#post5124593


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

 

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What do you mean by I won't have a paper trail . When I spoke to welcome they said they had sent me out a copy of my loan agreement.

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of what was or was not said over the phone

follow the std reclaim process don't get bogged down by cant and wont anything


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

 

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Ok will do , so do you think they won't be able to offset it and the compensation should come straight to me ?

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what did you take the agreement out?


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

 

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ah ok I can see the full thread now

so 2004

then I very much doubt they can offset

it very rare for welcome themselves to buy back the debt

its only if post 2005and the fscs then deal with it and that happens


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

 

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yes I took out the loan in Feb 2004

it was sold in July 2006

does the date it was sold have any bearing or is it just to do with when the loan was taken out ?

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as post 7


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

 

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as post 7

 

Ok thanks for your help . So now I am going to make a claim for the misold ppi directly to welcome finance . I am confident it was misold. So what would happen next would welcome finance write back to me and if the claim is successful are you sure that they will pay me the compensation and not offset it ?

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used the FOS questionnaire and a spreadsheet?


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

 

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used the FOS questionnaire and a spreadsheet?

I don't know what you mean by that

I have not made the claim yet not asked for any forms yet or filled any out . When spoke to welcome finance on the phone they just clarified that I had taken out a loan and ppi was attached I asked them to send me out a copy of the loan agreement. They asked me if I wanted to claim for misold ppi I said I would get back to them as I was not sure which way to make a claim

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good that's perfect

 

follow this

https://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp

 

then use statint spready

https://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

it does everything for you

the only thing you need to workout is the PPIicon%

 

PPI/loan+PPI*100=PPI%

then anything you paid that % is for PPI

don't forget you must enter the monthly sum individually for each month you paid the PCM loan payment.

 

and complete the fos questionnaire

send the lot to Welcome

2017 FOS PPI-consumer-questionnaire[1].pdf


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

 

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good that's perfect

 

follow this

https://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered(1-Viewing)-nbsp

 

then use statint spready

https://www.consumeractiongroup.co.uk/forum/showthread.php?330996-Latest-Spreadsheets-PPI-Claims-and-Charges-Claims-Dec-2011

 

it does everything for you

the only thing you need to workout is the PPIicon%

 

PPI/loan+PPI*100=PPI%

then anything you paid that % is for PPI

don't forget you must enter the monthly sum individually for each month you paid the PCM loan payment.

 

and complete the fos questionnaire

send the lot to Welcome

 

 

But I defaulted on the loan after only making a few payments that's why it got sold on and written off

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not sure how much I am meant to be claiming for could you work it out

 

Loan amount was cash loan £2001 + administration fee £75.00 medical insurance £150 + ppi £593 Total £2819

36 payments of £115.00 Total repayments £4010*

The interest rate was 33%

I made 7 monthly payments of £115 then stopped paying and defaulted and subsequently the debt was sold and written off

The balance when the debt was sold was £3255

I

Edited by allpine99

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PPI% of £115 entered on each date you actually paid

 

593/2819*100=21%

 

21% of £115 = £24.15

 

enter you 7 payments into statint sheet on each of the 7 dates you paid it.

 

only worth £60

 

might be better to go with a plevin complaint then.


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

 

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But would I not be entitled to claim the whole amount of the ppi that was misold the £593 ? This is the amount that was put onto my loan

 

I read this on FOS site

 

But if the debt was sold on to a third party and it cannot be bought back, or the business chooses not to buy it back, we might take a slightly different approach.

 

That is because the consumer does not owe the business money -

it owes money to the third party that bought the debt instead.

 

When selling the debt the business made a commercial decision and accepted an agreeable price for the debt. In those circumstances, we would usually tell the business to calculate the compensation as normal at the point it sold on the debt

- and to pay all parts of the compensation to the consumer.

 

The business should also consider the possibility that the consumer might have incurred further losses since the debt was sold on as a result of PPI being included on their debt.

 

Based on examples of good practice we have seen, the example below shows how a business might set out how it has calculated compensation for a mis-sold PPI policy alongside a loan that has been sold on to a third party

 

what we known 2006 you took out a loan for £10,000 over a term of seven years; we added the cost of your PPI premium to your loan.

That was £2,000, so your total loan was for £12,000;

 

y ou stopped making payments to your loan in 2008 and made no further payments until we sold your loan on to a third party in 2010;? and you have not been charged any further interest or incurred any further charges as a result of the PPI being added to your debt since we sold it on.what we have assumed

 

if you had taken out your loan without the PPI policy, you would have stopped making payments to it in 2008 and we would have sold it on to a third party in 2010.

 

If you do not think that this assumption should be used in your circumstances, please let us know why not.

 

what we have calculated when we sold your loan to a third party, the outstanding balance of your loan was £11,250; if you had instead taken out your loan without the PPI policy, the outstanding balance at the point we sold your loan to a third party (£11,250) and what the balance of the loan would have been without PPI (£9,500), which is £1,750.

 

We will also add interest at ?8% per year simple? to that amount from the date we sold your loan until now, which is a further £280.

 

In addition we will refund to you the extra monthly costs you paid as a result of having PPI added to your loan, which is £30 (for the period you actually made monthly payments).

 

We will also add interest at ?8% per year simple? to each overpayment from the date it was paid until now.

 

So in total, to refund these payments, we will pay you £690 plus interest of £275.

The total redress we will pay to you is therefore £2,995 (including interest of £555).

 

This is obviously just an example but would this not apply to my case?

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yes but you didn't physically pay all the PPI you stopped paying.

 

you cant get back what you cant provide evidence of that you paid.

 

which Is why I said go plevin

 

you can try if you wish.


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

 

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