Thread: Welcome Finance

Hello Keith,

welcome to the PPI forum and a Happy New Year.

After reading all the posts on here re:- PPI and Welcome I would like to ask a few questions if I may as I am getting nowhere with WF.

I took out a loan in August 08 for £6,000.00 over 10 years we are moving house next year 2010 and will pay of the loan early expecting to pay less that the £6,000.00 borrowed.

I found out about PPI Insurance and that I could cancel I thought that good that will reduce my monthly instalments. This was not the case and they have said that after our 30 days cancelation period there was nothing they could do apart from put the PPi payments on to my outstanding balance which will reduce my term. I believe this could be a case of them wanting to hold onto your PPI money for as long as they can they use this 30 day clause in the contract as a tool to put you off reclaiming. People are only just becoming aware of the extent of the PPI rip off and are fighting back and winning through the fos and or Court.

I am a bit miffed as i presume from reading these threads that all the PPi payments were loadedon my £6,000.00 loan is this right? I would suggest if you check your Consumer Credit Agreement you will probably see the main loan figure and then a PPI loan figure both with interest added what can i do if anything? have they got me by the balls like most on here? If you have a valid case for mis-selling ie self employed, pre existing medical conditions , student, unemployed etc see the links above then in a few weeks you will most likely have them by the balls of the FOS/Court will

I really need some advice on what to do next i.e find out what my outstanding balance is what PPI charges have I incurred and is it wise to cance it immediatly or wait as they have only offered me over £1,000.00 refund if my PPi payments are £50.00 approx the refund shoudl be a lot more??

I look forward to your advice on this matter.

Regards

Keith

If you have a reason for claiming mis-selling then you can go for it I would suggest you have a read of a few of the links in here......

links

This is an extract from it...

THIS LINK IS IMPORTANT TO YOU ON RECLAIMING IT IS FROM 2001 FROM THE FOS
loan payment protection insurance and a quote from this link...

Quote:
When determining whether a policy is suitable, a seller – whether a lender or an agent for the insurer – must obviously take into consideration any information the prospective policyholder volunteers. However, we do not consider the seller’s duty is limited simply to recording what the borrower discloses. It is only by asking questions that the seller can properly determine suitability. These questions cannot cover every aspect of a borrower’s personal position and should not be expected to do so. To paraphrase the ABI Statement, only those matters deemed to be relevant by the insurer should be the subject of questions.


and another...

For claims before 2005 and the FSA ruling from which campaign
How to tell if you’ve been mis-sold PPI
Quick check: were you mis-sold? - How to tell if you’ve been mis-sold PPI


Once you decide you have a case then it is Subject access request to get all the data they hold on you. Build a case, reclaim and see what happens you have two options if they refuse to repay or do not reply the FOS or Court FOS is free and it actually costs the Company £450.00 for the FOS to adjudicate on the case. Then if the FOS do not uphold your complaint you can still proceed to Court you cannot however go to Court lose the case and then expect FOS to deal with it as they will not.

Hope this helps get you started on the road to reclaiming

aa