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Please stay with me, I know its a long one but could do with your help.
This is my first post after weeks of reading on here about Welcome Finance.
My husband and I have had a few personal loans off welcome over the years, but don't have any paperwork for them now as they were all settled early. BUt in October 06 after just having a baby and being in so much debt. We went to welcome for a secured loan, probablby the worst mistake of our lives ! But at the time we were desperate and it would only be short term, a year after we were planning on getting a remortgage to clear it. Little did we know that the credit crunch would start to bite and with our bad credit we would stand no chance!
Anyway all the details were done over the phone, we just had to go down to the local office a week later to sign the documents and pick up our cheque. We were told that PPI was a condition or the credit would get refused, even though on the aggreement it does say optional ! We never queried it at the time and just went with it. Only now I have realised we were ripped off. The claim for PPI is going through, no joy with my stage 1 later after 8 weeks, have just sent off my stage 2; but after much reading on here I seem to think I have a long battle ahead !
Now we have never missed a payment with them, although its kills us each month its the 1st thing I pay, I would noy give these low lifes the chance they wanted to take my House. But after a few weeks of going through these forums I am concerned whether we are struggling to pay something that isn't legal. Surely not and it must be false hope on my part ? A big company like that surely can't have "dodgy" aggreements.
I was just enquiring if it would be worth paying a solicitor to look over it ? I don't really understand a lot wrote on here about the tax being dodgy, how would I know if mine was ? What also concerned me was about people having the same insurance policy number ? Surely that can't be right ? Mine too says it is administrated by Direct Group and underwritten by Norwich Union, could mine be the same ?
The only problem I had with welcome was when in september they tried to put up my monthly payment, cause their cost of brrowing had gone up ! I wrote and complained because at the time we were on such a tight budget I needed to make sure it wouldn't change I was assured it wouldn't ! They wrote back with a general fob off, but I hit back saying that I would report them to the FO. I never heard anything again and they haven't ever changed the payment to more so I never persued it any further.
Just for info these are the details of the agreement I have :
amount of cash advance : 11,873.41( we only got 10,000 the rest was to clear off the personal loan we had )
amount of credit for insurenace : 3,458.14( which was ; for my husband 2623.14 PPI, lifecare 24 180.00, Personal accident plan 175.00, homecare 24 125.00, and for me lifecare 24 180.00, personal accident plan 175.00
Monthly payment of 284.96 for 180 months, with a 235.00 acceptance fee !
TOTAL AMOUNT OF CREDIT 35,961.82
Thanks for taking the time to read it, any advice would be gratefully received
Please stay with me, I know its a long one but could do with your help.
This is my first post after weeks of reading on here about Welcome Finance.
My husband and I have had a few personal loans off welcome over the years, but don't have any paperwork for them now as they were all settled early. You can request all the data with regard to these loans by submitting a Subject access request to Welcome finance. The Cost is a statutory £10.00 BUt in October 06 after just having a baby and being in so much debt. We went to welcome for a secured loan, probablby the worst mistake of our lives ! But at the time we were desperate and it would only be short term, a year after we were planning on getting a remortgage to clear it. Little did we know that the credit crunch would start to bite and with our bad credit we would stand no chance!
Anyway all the details were done over the phone, we just had to go down to the local office a week later to sign the documents and pick up our cheque. We were told that PPI was a condition or the credit would get refused, even though on the aggreement it does say optional ! Classic case of mis-selling PPI please see these links which may help. http://www.fsa.gov.uk/pubs/other/tcf_deadline.pdf
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.
Can I reclaim on any PPI policy?
Your claim for compensation is dependent on when you took the insurance. PPI sales only came under the jurisdiction of the FSA on 14 January 2005. Any sales made before then are not covered by the latest rules.
However, it may still be worth complaining to your lender if you feel you have been mis-sold. If you bought before January 2005 it is likely that they will have been covered by a previous regime of rules. This means that the Financial Ombudsman Service will be able to consider these complaints. If you took PPI after January 2005, your claim is subject to the latest rules.
We never queried it at the time and just went with it. Only now I have realised we were ripped off. The claim for PPI is going through, no joy with my stage 1 later after 8 weeks, have just sent off my stage 2; but after much reading on here I seem to think I have a long battle ahead ! It took me about 12 months with three complaints to the FOS, two to the FSA, two to the OFT, two to the ICO, one to the BBA, I eventually got a partial result as I am still awaiting the ICO result although they did uphold my complaint about a failure of the RBS to uphold a relevant section of the Data Protection Act. I have still not received a final response on this.
Now we have never missed a payment with them, although its kills us each month its the 1st thing I pay, I would noy give these low lifes the chance they wanted to take my House. But after a few weeks of going through these forums I am concerned whether we are struggling to pay something that isn't legal. Surely not and it must be false hope on my part ? A big company like that surely can't have "dodgy" aggreements. A ot of companies do have dodgy agreements but there is a forum to check this out, see here.......
I was just enquiring if it would be worth paying a solicitor to look over it ? Your call on this point! I don't really understand a lot wrote on here about the tax being dodgy, how would I know if mine was ? What also concerned me was about people having the same insurance policy number ? Surely that can't be right ? Mine too says it is administrated by Direct Group and underwritten by Norwich Union, could mine be the same ? I cannot answer all of these questions. I would suggest some research using these links.....
The only problem I had with welcome was when in september they tried to put up my monthly payment, cause their cost of brrowing had gone up ! I wrote and complained because at the time we were on such a tight budget I needed to make sure it wouldn't change I was assured it wouldn't ! They wrote back with a general fob off, but I hit back saying that I would report them to the FO. I never heard anything again and they haven't ever changed the payment to more so I never persued it any further.
Just for info these are the details of the agreement I have :
amount of cash advance : 11,873.41( we only got 10,000 the rest was to clear off the personal loan we had )
amount of credit for insurenace : 3,458.14( which was ; for my husband 2623.14 PPI, lifecare 24 180.00, Personal accident plan 175.00, homecare 24 125.00, and for me lifecare 24 180.00, personal accident plan 175.00
Monthly payment of 284.96 for 180 months, with a 235.00 acceptance fee !
TOTAL AMOUNT OF CREDIT 35,961.82
Thanks for taking the time to read it, any advice would be gratefully received
all of the above information and much from this link in the stickies at the top of the forum.
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Please take your time and absorb all the information. Print off relevant documents and keep the links you think will be useful in your claim
aa
I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner. ------------------------------------------------
Bank charge successes:
Halifax - Full settlement incl interest.
HSBC - Settlement, goodwill no admission of liability about 75% of claim.
RBS - Settlement, goodwill no admission of liability about 70% of claim.
2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did
PPI Successes
PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.
2 claims settled in full with LV without FOS involvement.
2 claims settled in full with HSBC without FOS involvement
PPI Claims ongoing with:
Cap one Now with the FOS
Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.
LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc
Please do not PM me for advice as it may be sometime before I can respond.
Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.
Welcome Fiance help !
was a condition or the credit would get refused, even though on the aggreement it does say optional ! We never queried it at the time and just went with it. Only now I have realised we were ripped off. The claim for PPI is going through, no joy with my stage 1 later after 8 weeks, have just sent off my stage 2; but after much reading on here I seem to think I have a long battle ahead !
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