Welcome Finance - Statute Barred? PPi claim rejected but now chased by EOS. Please help...

[Maudymumfuzz]

Hi dx,

I have now received the forms from FSCS which i had to chase again

- they had sent them to and old address!!! Sigh!

 

Do you think i will need to make a start filling those in

or will it be WFS I have to contact to initiate the claim?

 

Thank you again

 

x

[Maudymumfuzz]

Hi dx

I hope all is well with you... still not had the WFS statements as yet.

 

 

Do i need to start completing the FSCS forms

or is it WFS i need to take everything up with?

 

Thank you

 

[dx100uk]

well await he info first

why not send to both?

 

 

although welcome staff are operating under the FSCS rules

[Maudymumfuzz]

Hi dx - i hope you are well, apologies for not replying sooner

- struck down with a damn chest infection and ive been out of action for a few weeks

 

In the meantime the statements arrived from WFS last week which is longer than they advised initially,

i'd almost given up on them arriving at all!

 

 

I'm hoping to have a look at it in the next few days

and get the one doc produced as opposed to the 3 separate ones.

 

 

I wondered if your very kind offer still stood (although i totally understand if not)

of having a look at the info for me?

Many thanks as always

[Maudymumfuzz]

HI dx,

Sorry to bother you again.

 

 

I have found the strength to try and sort this all out and am attempting to complete the FSCS forms.

 

 

They have advised me to provide info for all 3 loans,

im still concerned that i haven't completed the interest calc spreadsheets correctly.

 

 

Having read back through the links you suggested i am wondering if i need to complete the Loan progression spreadsheet, but unfortunately i can't seem to locate one.

 

 

I still have the Stat interest sheets completed for the 3 separate agreements

im conscious that you advised me to complete with the 'rolled' over PPI each time and thats where im totally lost.

 

 

I really appreciate the advice you have already given but wondered if you might be able to help on this.

 

Hope all is ok with you,

 

Many thanks

 

Maudy

[dx100uk]

the three loans refinanced each other so it will be ONE copy of the STATINT sheet.

[Maudymumfuzz]

ok thank you - fingers crossed i can make sense of it all

[Maudymumfuzz]

Still struggling to work out how to complete the spreadsheets...

 

I am assuming i need to adapt the stat int s/sheet to include the two occasions when the loan was refinanced but (being a complete technophobe!!) i just can't work out how to do that. Is there an example anywhere which might help me do you know?

 

Orig loan was refinanced and the loan agreement shows 'amount of credit to settle loan' at £226.32 - is this the figure which would have been carried over to the next loan? If so i just can't work out how to document that

 

I'm so sorry to keep asking but im really struggling - having spent nearly 2 days trying to find some info i dont know where else to ask

 

Thank you

 

Maudy

[dx100uk]

Go back and read the link in post 2 its all there

Scrolldown and find the example that fits your situation of number of refinances

 

The carry over ..work out the % that was PPI

 

I'll pop in later

[Maudymumfuzz]

Thank you dx - again! I think its this one '

 

I had a loan which included a Single Premium PPI.

It was initially an 8 year loan.

After 6 yearsicon I took out another loan which gave me some cash in my pocket and also paid off the balance on my previous loan. The second loan also had PPI included and the term of this new loan was 10 years.

What do I claim?'

 

But our loan was refinanced twice and in the end we fell behind with repayments

- it was passed to various DCA's and its now too old for them to pursue us

- plus Welcome are now on the verge of insolvency so:

 

1) do you think thats the correct method to use?

2) looking at the first finance agreement the loan was calculated in a separate section to the PPI, each with a different apr etc.

To calculate the % of PPI on the loan do i use the total Loan amount (which includes the finance charge, acceptance fee etc) or do i just use the basic amount of credit versus the basic ppi amount?

3) When it was refinanced it was just one amount that appeared as 'amount of credit to settle loan' - does that sound right?

 

Sorry for all the Q's

 

Maudy

[dx100uk]

no you're ok keep asking..

 

 

I would suggest like most welcome loans

you know your total monthly payment [inc PPI] ?[PCM]

and you know what you paid PPI per month [PPIPCM]

 

 

so PPIPCM/PCMx100= PPI%

 

 

so anything you paid calculate the PPI% of it [like settlement figure] and enter that as a PPI payment to on the settlement date

 

 

as for the monthly PPI you already know that as its on the agreement?

 

 

so each month you paid the FULL PCM you paid the listed PPI on the agreement

[Maudymumfuzz]

you have the patience of a saint!! The penny has finally dropped and i am just about to attempt calculations on loan 3... i may well need to bend your ear again! thank you so much again - iam soooo thankful to you

[Maudymumfuzz]

Dx - I 'think' i have finally cracked it! All on one stat int sheet now - which has added on the 8% interest as per the spreadsheet formulas. Do i need to add anything else on at all?

 

The FSCS forms dont actually request that the stat interest spreadsheet is included so i assume they work out anything due from the info i send, but i still think its worthwhile doing it so i know roughly whats due. Fingers crossed we get something now!

 

Maudy

[dx100uk]

Well done

You can attach .Xls files here if you want it checked over

I'd be sending them a copy anyway

[Maudymumfuzz]

Hi again Dx,

 

I have received a letter from FSCS acknowledging receipt of the claim

- they say it can take up to 6 months !!!

 

 

I just wondered

- is there a limit on how far back we can go re old accounts, particularly if i dont have

a) the agreement number and

b) access to the bank account used at the time

(was a derbyshire buliding soc account and they no longer exist).

 

 

How do people go back that far if its even possible?

 

 

We had a number of credit cards/store cards etc but i wouldnt have a clue how to initiate anything.

Do you have any ideas at all?

 

Huge thanks again with everything on Welcome

- i hope we get somewhere now and it doesn't take as long as they say.

 

Thank you

 

Maudy

[dx100uk]

sar to the lenders

derbyshire buliding soc

were/are kensingtons

[Maudymumfuzz]

Thank you - i tried that with Black Horse, but because its over 6 years old they say they have no records...

[dx100uk]

utter rubbish we know lenders hold info back into the 80' and 90's

[Maudymumfuzz]

hi again dx,

 

I had a response from FSCS regarding the Welcome claim.

 

They say we are not eligible for PPI refund as we owe Welcome more than they owe us.

 

Not sure thats entirely correct because the welcome debt was sold on some years ago and is now well over the 6 years,

 

Black Horse case was exactly the same and they paid out £3300.

 

.. Is there anything i can do now or is it time to throw in the towel?

 

Thank you

 

Maudy

[dx100uk]

If the debt has been sold they can't offset

[Maudymumfuzz]

they didnt actually mention offsetting - i think anyway - will need to re-read.... and report back. I assumed it might be like the Blackhorse claim, WFS made our lives living hell for years

 

Having read it again I don't know what to think.... hopefully you can see what I mean? Do I need to contact them and tell them welcome sold the debt years ago?

[dx100uk]

you need to point out to the FSCS that the debt and all its rights has been sold on XX yrs ago

and according to cases on the FOS website, a PPI reclaim cannot be paid to a third party Debt Buyer or Debt collection agaency.

 

 

could they please clarify this position .

[Maudymumfuzz]

Ok thanks dx I will fire a response off today...

[Maudymumfuzz]

Hi dx, just reporting back after whats been a while. I responded as i said above, heard nothing! I wrote again on 30th November - still nothing. What would you suggest now? end of tether

 

Thank you as always!

[dx100uk]

give em a ring?

 

 

dx