Claim form received from FSCS for Welcome Financial Services - Help needed

[nicsheehan1]

Hi all,

I have received a claim form from FSCS in the post in order for me to complete to make a claim against WFS for mis sold PPI.

 

After 2005, i took out a secured loan on a property to the value of £15,000. This loan is not all paid off and the debt has been sold to a DCA.

 

If i complete the FSCS claim form and return it to them, as this loan is in default and not owned by WFS, will i be entitled to the compensation money?

 

I know that somewhere i have read that the compensation money will be off-set against the outstanding loan amount, however, if WFS don't own the debt, where will the money go? To the DCA or to me?

 

Can someone help me please?

 

Many Thanks

[Armsoft]

One thing to remember when dealing with the fscs you will only get 90% of what your owed

[dadofholly]

In theory - as Welcome no longer own the debt - you should get the money.

[kgrant]

i'm in the same situation, welcome no longer own the debt and i sent fscs the paperwork back they said i was entitled to a ppi refund but because there is still an outstanding debt then the compensation will be paid off that , i argued that welcome no longer own the debt but they were having non of it, i was really annoyed because it was quite a lot of money.

the thing that really annoyed me was the fact if the policy hadnt been missold , i would not have paid that money so that money would have been mine

[dadofholly]

i'm in the same situation, welcome no longer own the debt and i sent fscs the paperwork back they said i was entitled to a ppi refund but because there is still an outstanding debt then the compensation will be paid off that , i argued that welcome no longer own the debt but they were having non of it, i was really annoyed because it was quite a lot of money.

the thing that really annoyed me was the fact if the policy hadnt been missold , i would not have paid that money so that money would have been mine

 

So who did the money go to as Welcome would not be able to claim entitlement.

[kgrant]

i presume they paid it to mkrr or whatever they are called , welcome never told me they were selling the debt i just got a letter from this company a couple of years ago saying that they own the debt not heard anything since but i did request that they sent me copies of all the paperwork from welcome which they did and on the statement it says "debt written off" and a date

[dadofholly]

Maybe worth you starting a thread in the legal forum.

 

Am sure you still have a claim against welcome - but thats only an opinion. But under the law of property act - if they have sold the account then they now have no claim on it.

[nicsheehan1]

I didn't get my money either - they said that it had been put against my outstanding debt with them. I can see that the amount has been deducted from my loan as this is showing on my credit file.

[dadofholly]

I didn't get my money either - they said that it had been put against my outstanding debt with them. I can see that the amount has been deducted from my loan as this is showing on my credit file.

 

Did welcome own the debt - or had they sold it?

[nicsheehan1]

As far as i am aware they still own it....

[dadofholly]

If Welcome own the debt then you would have difficulty obtaining the money while a balance is still outstanding - unless there are a lot of charges etc. on the account - it is not unusual for welcome to owe more than they are owed.