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Hello everyone, I am new to this site, I hope you can help me. I am about to send the below letter to Welcome Finance in an attempt to claim back my PPI. I just have a few questions I need your advice on before I post it if possible.
Please see my questions in bold below. I would appreciate it if you could please advise me of anything I should change before I send it.
I am writing in relation to the above payment protection (PPI) policy which
I believe was mis-sold to me.
I believe you have not treated me fairly for the following reasons
· I was only provided with a quote for the cost of the loanwith PPI attached.
The contract did advise how much the PPI was, can I still leave the above in?
· I was not asked about any pre-existing medical conditions I suffered from/warned that pre-existing medical conditions could affect my insurance.
I do not have any medical conditions can I still leave the above in as I was not advised the above?
· I was not informed that stress and back problems were excluded from the insurance.
I have never suffered from the above am I ok to leave this in?
·I was not asked whether I already had any existing insurance or employer benefits that would cover my repayments.
I have never had any of the above am I ok to leave this in?
·I was sold a single premium policy that was not fully explained to me as it was not explained what would be refunded if I cancelled the insurance early.
Unless you can prove that the policy was fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.
I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.
If it were me I'd take out all the bits you ask about except the back problems/stress one as they don't apply to your mis-selling.
Also if they implied you wouldn't get the loan without taking PPI you want to put that in the letter (or at least that is what happened to a friend of mine anyway with Welcome).
Thank you for the reply. No I am not self employed.
Welcome never gave me the option, they only gave me the quote for the loan with PPI attached, they never asked me if I did or did not want it they just added it onto the loan.
Should I add in what you have advised below? When I asked them if there was anyway they could bring the payments down when I was applying for the loan all they did was take off the warranty.
They really need to clean up their PPI selling. In my friends paperwork they included details of the commission which was around £30 for the loan but over £200 for the PPI! I also found that their paperwork was awful and I believe all the errors in there aided my friends claim.
Have you done a SAR request as it may be worthwhile cause if the paperwork is incorrect then it can only help and it only costs £10 to get all of the information.
You could put in your letter that you were not given the details of the loan without PPI and when you asked if there was any way to reduce the monthly payment you were still not told that PPI was optional! You were therefore lead to believe it was compulsory with the loan!
Hi there thanks again for quick reply, I will be taking your advice and send the Subject access request first (Via recorded delivery), I will be sending the S.A.R from the following link. I am guessing I would just sent the bottom copy is this correct? then hope I get a reply within 40 days.
the second template would probably be better as you request all data. I would also send a postal order rather then a cheque you get a record of the postal order number and there is no signature on it as there would be on the cheque. It seems the best option used by most requesting CCA or SDAR.#
Hi again all, after 1-1/2months wait I have finally received a reply from Welcome which states the below. Could you plase advise what you think I should do next? I also have a Subject access request if there is anything specefic I should be looking for please advise.
Also all my payment protection insurance has Welcome finance all over it does that not mean welcome have sold me the policy? Is this just Welcome trying to find an easy way out?
Please help
Now for the letter received today:-
Thank you for your letter received in our office 24th June 2008.
First may we point out that we where not involved in the original sale of your insurance policy. We simply provided the finance which includes the insurance premium, and arange for the cover with the insurers as instructed by the broker.
If you have any complaints relating to the manner in which this policy was sold to you, please address them to you the broker at the below address
If the Consumer Credit Agreement has the Welcome headed paper and it mentions the PPI costs including the PPI payments over the term then go after Welcome. They will try to pass the buck and say it was a broker or independant Insurance Company but the fact is they will have arranged the insurance on top of the Loan/Credit Card/ mortgage etc. Charge you a huge fee and obtain the PPI from another source at a much reduced cost. Then when you bang in a claim for mis-sold PPI they blame the Insurance Company or Broker to try and unhook themselves from all the claims coming their way.
Following the CAG PPI forum this seems to be the general pattern.
If your CCA from welcome mentions PPI then in my honest opinion they are the ones who sold it to you at the point of loan agreement with PPI on top and therefore they should be the ones to approach for a reclaim.
Let them sort it out with their brokers and insurance contractors.
They should not be allowed to fob off and say it was the broker or insurance companies fault when they have clearly added PPI under dubious circumstances
This will of course not be true in all cases but looking at the massive mis-selling and complaints and fines by the FSA and the increase in CAG
PPI forum activity it looks to me to be a very serious state of affairs
Sorry no-one has got back to you yet on the above Q Waz ...
I've spent some time thinking about this today myself as I have the same issue with London mortgage Company (LMC) for a loan I took out and which was brokered by Oryen.
I requested a refund, which after some time I received. However, I also complained to the fos that LMC were not treating me fairly (understatement). The FOS' response was that the loan was brokered by Oryen and I should refer to them.
What you could do now is to S.A.R - (Subject access request) your broker company telling them that you believe PPI was mis-sold to you for the reasons you outline in your first post and reqesting a true copy of the loan application form as signed by you, a true copy of the Credit Agreement as signed by you, a Copy of the Terms & Conditions of the loan including the PPI element of the loan.
I realise that you have already sent a PO to Welcome but you will have to send another to the broker and request return of the first from Welcome.
If I were you (and this is what I will be doing with my claim against LMC/Oryen) send a copy of the S.A.R - (Subject access request) to Welcome. Then they both know that you mean business.
There is another thread in the PPI forum where a chap is doing that at pre-court stage, sending copies of his letters, etc to both the lender and the broker together with requests for documents within the Court's Pre-Action Protocols. I'll have to dig around and see which thread it is for you to have a look at.
HTH for now
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
have I got my advice wrong here in post prior to paintball
Please let me know as this is giving me concern possibly giving the wrong advice
aa
Hi aa and Waz
I've given the Q of Lender/Broker a lot of thought over a very long period of time. I seem to recall when I first subbed to this forum that mention was made (Alanfromderby? - not absolutely sure) in a Sticky that if the loan was brokered then the claimant should apply to the broker for return of PPI money.
I've searched but - frustratingly - cannot find this.
I discovered myself by initiating a complaint via the fos that they recommend/suggest applying to the broker if I want to enter into discussion about my PPI and mis-selling. But sometimes I think, well what the heck do they know?
Ultimately, this issue does not appear to be clearly defined. So, I will be sending Oryen a S.A.R - (Subject access request) this week and copying LMC (the lender) and see what happens.
In waz's case the agreement is on Welcome letterhead so, as you suggest, they should be the one to pursue. I guess time will tell.
I should add my apologies to aa if I have caused you any confusion or doubt ...
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
What do you think I should write to Welcome? Should I just clearly state that that my contract has Welcome at the top and PPI also has Welcome at the top therefore they are the ones who should have made everything clear to me? therefore they are liable for refunding my PPI? or do you think I should be going to the broker first with a S.A.R - (Subject access request)?
Again thank you very much for all your help
PS should my claim eventually be succesful I will definateley be making a donation to this forum as it's worth it!
OK Waz, I think you should send your letter to Welcome, repeating what you said in the last paragraph of the letter you recreated in you first post and giving them one final opportunity to reconsider their position before you escalate your complaint to the fos.
Remind them that the Principles of Business as set out by the Financial Services Authority (FSA) in the Financial Services and Markets Act of 2000 which are legally binding on a bank as a lender in selling you PPI have not been adhered to and, as such, Welcome and their broker are in breach of these financial industry regulations. You can add that the FSA take such breaches extremely seriously and in many cases, lenders have been fined heavily for unlawful breaches of conduct.
You can copy this letter to the broker and state in your letter to Welcome that you are doing so and that you do not expect to be fobbed off again with a referral to the broker who are acting on behalf of them, the lender!
This is my view ... what do you think?
x
'Fortune favours the brave.'
Any advice given is purely on the basis of my own views and opinions and offered in good faith.
Claim PPI from Welcome Finance
. I just have a few questions I need your advice on before I post it if possible.
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Originally Posted by alanalana
