Help with Welcome Finance

[emmabpink]

Hi

Complained to Welcome regarding ppi added onto a loan we took out in May 2003. Received a letter back today stating that as we have paid for and enjoyed the benefits of the purchased insurance for the term of their respective existence and as a result they concur that no mis-selling took place.
We were told over the phone when we took the loan that we had to have the ppi added to get the loan and at the time we were desperate to get the loan so went ahead. Welcome have said that we can't complain to the FOS as our agreement pre dates the regulation of their business by the FSA, so I rang the FOS and they said to try the Finance and Leasing Association.
Also the ppi, acceptance fee, mortgage indemnity fee and Homecare 24 were all added into the total amount of the loan and interest of 22.2% apr charged on top, am I right in thinking that they aren't supposed to this?
Also we paid the loan off in full 11months later and didn't get any sort of refund, so the loan is fully paid

If anyone could help, should we submit a complaint to the FLA?

[tonycee]

Hi Emma.
Are you in possession of all the documents to enable you to work, what has been paid, when, and how much. ?

[wills7]

I am dealing with WF at the moment, i got the first fob off letter then i wrote back and they wouldn't budge so i filed a court claim against them this week and am waiting to hear if they defend it...

[hellhasnofury]

Originally Posted by wills7

I am dealing with WF at the moment, i got the first fob off letter then i wrote back and they wouldn't budge so i filed a court claim against them this week and am waiting to hear if they defend it...

Good for you Wills, you have to show them that you are serious, before they sit up and take notice.

They do hide behind the fact that the loan will not be investigated by the fos, disgusting really. Mis-selling was running high during this time and this is why the enforcement authorities, started to investigate, but will not look at these cases .

They leave those poor customers who have been deceived into having these mis-sold products and then they have to incurr extra expense to reclaim it back

But it can be done and is being successful, so lets get 'em

[emmabpink]

Hi Tony

Yes I got them with the final response letter yesterday, I got the Credit Agreement which shows the amount for optional ppi, acceptance fee, mortgage indemnity fee amount of cas advanced, homecare 24 i don't have a clue what this was for. It then shows total amount for loan, amount of monthly payment, apr rate of interest and estimated repayment period, the amounts were:
Optional ppi £2736.50
Acceptance Fee £235
Mortgage Indemnity Fee £1320
Amount of new cash advanced £12000
Homecare 24 £125

Total amount of loan £16416.50
Amount of monthly payment £357.91
APR 22.2%
Rate of Interest 1.35% a month
Estimated Repayment period 72 mths

We also got a welcome financial services limited declaration form, which we have signed stating that we agree to having ppi on loan etc but like I say we arranged the loan over phone and were told we had to have it to get the loan, and at the time we were desperate to get the loan and we didn't really know then anything about ppi just believed what they told us !!!

We took loan out on 6th May 2003, we then paid of the loan around 1st March 2004 when we remortgaged but I don't have the total figure that we paid back to settle the loan, i have wrote and requested this as we also sent of a S.A.R - (Subject Access Request) to get details of all the charges applied to our account but have not yet received them.

[tonycee]

You will need the settlement figure to enable you to calculate how much to claim back.

Do keep pestering them for the information.

One thing i have learnt is that they will ignore you if you let them.

You can be practising on your spreadsheet in the meantime.

And dont fall backwards off your chair when you see the total.

[emmabpink]

Thanks, Ive wrote to them requesting the rest of the information and also asked how they can give us a final response when we don't have the information we asked for. They haven't even looked into our complaint properly as on the final response letter they have put that we stated the original loan agreement does not detail the insurance inclusive of the interest charges, which we didn't as we only got the agreement with the final response letter!!!

[emmabpink]

Hi everyone, haven't been on in a while as my laptop has been broke. We got all of our S.A.R - (Subject Access Request) info back from Welcome, we only have charges of £60 added to our account but they are refusing to refund these. I also have the settlement figure so know how much to claim back, however they are refusing to refund the insurances to us, we have complained to the FLA who haven't really been much help they just seem to passing letters on from Welcome and then asking if we have any comments to make back.
We also found out from the notes that the last payment we made by switch card of £357 was taken on 27th Feb 2004 however we paid the loan of on 4th March, and according to the loan statement this payment taken on the 27th was reversed. It has on the notes for our agreement on the 4th March "ignore previous mis-applied payment". When we have asked Welcome about this they have said that it showed on there system as having gone through but it later transpired that this was not the case, and that if we have written evidence that we made this payment to Welcome that they may consider reimbursing us. We have our bank statement showing this payment was taken but never returned to us so I am going to photocopy these today and send them offto Welcome.

If I can I will try and post copies of the letters on here, if anyone has any advice we would be grateful Thanks

[Sparklez30]

The overpayment doesn't surprise me at all. I have been helping a friend in relation to welcome finance and they settled a finance agreement with a loan taken out after and clearly overpaid themselves by almost £500 and then "corrected" this out after the finance agreement was closed!

They are truly unbelievable!!! If I were you I would send the statements proving and ask for the payment back plus interest (contractual if you know the rate as its always worth trying lol)

[emmabpink]

We have sent copies of our bank statements last week, we have asked for interest back aswell. They are totally shocking especially when it states on the notes for the day it was reversed on the loan statement "ignore previous mis-applied payment". They stated on their letter that if we have written evidence they MAY consider refunding us, hopefully will hear back from them this week.

[Sparklez30]

so they MAY consider giving you back the money that is rightfully yours then, how kind of them lol.

Let us know how you get on anyway.

They completely ignored our request for a refund so its now with the FOS (who seem to take ages to look into these things btw so if you get to the 8 weeks with no resolution I'd get the complaint into them asap!)

[emmabpink]

Yer the may consider it lol!!!

We can't complain to the FOS as our loan was taken out in 2003 so we have to use the FLA but to be honest they don't seem to be much help, they just seem to have passed letters on from Welcome which Welcome had sent to us anyway and then ask if we have any comments for Welcome and suggested we take legal advice, so we are going to have to start a court claim against them.