ppi welcome

[crampers]

i have just requested the refund of my ppi from welcome which totalled £3363.58 including homecare?lifecare?? and medicare??? they have acknowledged reciept and are investigating hmmm .Can anyone advise can they add all the insurance at the start of the agreement and charge interest at 19.96% for the term on all of it is this misselling .
There is also acceptance fee of £235 and mortgage indemnity fee of £1650 can they apply these on a 15k secured loan .
Loan 15k +insurance 3363.58 + other charges 1885 total 20248.58 paid installments of 300.22 for 18 months cost to settle £19645 can anyone advise ,i have a similar ppi claim with m+s.

[crampers]

i have just realised that i was on a fixed term contract 3 years when this was taken out ,my epmployment status was never asked for ,as it was a joint application i was the only one who was covered ,my better half wasn't and she was in full time employment !!

[itsmeandonlyme]

Hello Crampers,
As far as i know, they acceptancy charge has to be applied after interest as it an admin fee and not the loan amount and the insurance....but APR on the top of the PPI ..etc... is absolutly legable...was it mis-sold to you? it seems hell a lot of insurances( i also have 2)...not sure about indemnity fee..
Have u send them prelim?
have they applied extra fees as well?
have u cancell the insurances? if not...cancel them staright away.....


Kind regards,


Maria

[crampers]

as we settled the agreement i was under the impression that the insurances would be cancelled ,i sent a prelim 18th march 07 got an acknowledgement nothing else yet ,then sent a letter asking for explanation of the indemnity fee as there was sufficient equity on the property should the wheels fall off no reply as yet .i took the agreement through hfs the agreement was just sent out in the post and we signed it we were desperate ,the ppi was conditional as far as i can remember the other insurances i dont know where they came from .i believe it was mis-sold and its up to them to prove it wasnt.

[maybelline]

http://www.consumeractiongroup.co.uk...tml#post741510

crampers, that is what I am challenging, I have approx 5K in inusrances, dont know what they are for, after coming here and doing an Subject Access Request I discovered that they are another name for Higher Lending Charge but should only apply to mortgages where you borrow over 75% of the property value, so IMHO, unfair, I am challenging this and just trying to sort out how much i have paid to date, and want it back!! good luck, let us know how it is going. (see this thread above)

[crampers]

hello all recieved my reply from welcome today enclosing a copy of the agreement highlighting the sections where it states the ppi is optional and highlighting our signatures plus a copy of the customer declaration form highlighted confirming our acceptance of the insurances purchased and the fact that the ppi is optional .We did recieve a "pro rata " refund of £600 they say they have enclosed a copy of the settlement statement which they havent ,hardly pro rata .
taken directly from the letter "in view of the documentary evidence available to me i am unable to agree that the ppi was mis-sold and as such no further refund will be given .
the acceptance fee is part of the total charge for credit and its application is standard on our loans .As a result no repayment shall be forthcoming .You will note that charging acceptance fees is not unlawful.
the MIF applied was included in the total advance so in the advance so in the event of us enforcing our security ,Welcome will not pursue you should there be insufficient funds to cover the loan .The MIF'S application was applied as standard on all our secured loans as standard REGARDLESS OF EQUITY !!
Anyone any thoughts or assistance all appreciated

[maybelline]

hello crampers, sounds like the standard stuff i got from them, re the MIG, they are a joke! they rang me and asked what was happening?? we will see.
you could go ahead with the complaint to ombudsman, they are interested in misselling of these insurances.

[crampers]

thanks again i have just noticed the customer declaration form has no agreement number or date on it both left blank apparently i purchased 6 units of medicare eh!1 unit of lifecare ! and 1 unit of homecare anyone tell me what a unit of insurance is?
in relation to the ombudsman complaint could you advise on what i send them with the complaint and is the wording of the complaint basically the same as the LBA?

[maybelline]

our complaints procedure and how to complain

you can download a form here, they tell you how to fill it in and address etc.
did you look at the TimesOnline article link above which advises claiming and complaining (I have done so) no replies but will let you know how its going, good luck

[maybelline]

I would like to see group complaint or something along those lines if possible re Welcome Finance as there appear to be many threads about them and their dodgy deals, car finance, insurance fees, PPI, arrangement fees, a counselling fee (?) that is just filling in the form not telling you any of the info you are legally entitled to and not supplying the relevant additional material!?!

[maybelline]

The City watchdog has given consumers the green light to claim for ‘useless’ debt insurance, which many people don’t even know they have. Once they do, the revolt could be bigger than bank charges. By Clare Francis

this is from Tides post.

[itsmeandonlyme]

Maybelline, Welcome is not under FOS...they will return the complain and reffer you to FSA and FLA.(this it what happend to mine)
lets make a big complain to FSA about welcome..its a great idea

[maybelline]

hi, maybe the mods can help with that, there are other mass complaints being drawn together from the caggers, how many do we need I wonder, TS dont want to know either, apparently its about budgets, all the cost involved in taking them to court, so maybe if enough of us get together it will be worth it for them to pursue?

[reidnet]

I would tend to agree that you should all Complain to the FSA regarding Welcome, Though the FSA will not take on Individual Complaints as such they will of course pass it onto the deparpment that Monitors Welcome Finance. The more Complaints that they recieve the better, they may even take some action if enough complaints are received.

Ian

[itsmeandonlyme]

Thank you, Ian, so how do we start?


xxx

[reidnet]

Probably the best way is for each Individual to write a letter of complaint to the FSA, When I complained about GE Money and they way they Ignored my complaint etc initially I enclosed copies off all correspondence that I had with GE.

Again the FSA will not take on your Individual complaint but will add into their system relating to Welcome etc.

Ian

[crampers]

thanks folks for the advice so what is my best option FOS,FSA,FLA or court considering the claim is about 6k with interest ?

[itsmeandonlyme]

Ian, i did sent mine to FSA and received same reply as you did and every single individual..but i believe Maybelline is talking about the group complaint that will include all or some customers from CAG of Welcome that had been mis-sold PPI....Medicare, Indemnity Fees, etc...i think it's a great idea...i also think if we can post this complain to any newspaper that would be intrested......
regards,

Maria

Ps crampers, do complain to FSA and FLA, don't to FOS

[reidnet]

A group complaint to the FSA regarding Welcome is a good idea.. I would support it but I have not got a complaint with them.. Perhaps we could also raise a General complaint to the FSA regarding PPI as well as one against Welcome ..

I do what I can to highlight the Problems and the Rip off with PPI with the press etc, Ive been a bit quiet past few weeks, but there is something Brewing with the Press, And as soon as the Court gives Directions for my case against GE along with a court Date,, then all will be revealed in National Press..

Ian