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I am currently in the process of claiming back my PPI and various issues with welcome finance.
I took out an initial loan of £500 with £108 PPI added. 6 months later i took out a further loan with a further £260 in PPI added which settled the first loan but the original PPI was added in the amount to settle.
How come i was not offered a rebate on the first lot of PPI but instead had to pay for a policy on a loan that had ben settled early?
Any help and advice would be appreciated on this as i have been screwed by this company in more way than one.
I am currently in the process of claiming back my PPI and various issues with welcome finance.
I took out an initial loan of £500 with £108 PPI added. 6 months later i took out a further loan with a further £260 in PPI added which settled the first loan but the original PPI was added in the amount to settle. Do you have the documentation to show there was no refund on the original PPI and that the outstanding amount was just transferred to the refinancing loan ??
How come i was not offered a rebate on the first lot of PPI but instead had to pay for a policy on a loan that had ben settled early?
Good question but sadly one I cannot answer without seeing copies of any documentation you may have.
Any help and advice would be appreciated on this as i have been screwed by this company in more way than one.
Thanks
Send a Subject access request asking for all the data on both the first loan and the refinancing loan and any other data they hold on you.
Ask for the statements on the loans in fact here are two SAR templates for PPI reclaiming..... Full SAR for ppi
You can be specific with what data you request although the Subject Access Request is really asking for everything. The Statutory fee is £10.00 Postal Order is fine but keep the details of the number for future reference. The post office will be able to confirm when it was encashed (just call 01246 542091 they will even send written confirmation if you request it) Send all correspondence by at least recorded to be signed for so you can track delivery through Royal Mail
You should request the following documents:
A true copy of your Consumer Credit Agreement with the terms and conditions that were applicable at the time you took the loan/card/mortgage.
Copies of all statements applicable to the loan/card/mortgage.
Copies of all correspondence that apply to you as a data subject ie letters, emails, faxes etc.
Copies of all recorded telephone calls or transcripts of the recordings.
Copies of any notes made by bank/loan company staff in their dealings with you as a data subject.
Do not be fobbed off by them citing issues such as relevant filing systems.
If they have any records/data on you as a data subject and it is held under your name, address, post code, account number/s or any other system where the data is identifiable to you then it is a relevant filing system. Even if it is a specific serial number on microfiche records and the serial number is applicable to you.
Once you get the data you will be able to ensure there was no refund and then you can claim you PPI premiums and interest back not forgetting the 8% statutory interest as well.
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.
I have already made a SAR and received it a week or so ago. For some reason they have not included the loan statement for the first loan showing the payments etc made on that loan. Will have to ring them to find out why.
I will post the 2 agreements for you to have a look it when i get in this evening. It is not just the fact i beleive they have included the first lot of PPI in the settlement it is the manner in which they were added/sold and what i was told when applying for the loan as it is with so many cases i see with this company.
I just need to get hold of the statement for the first loan i mentioned before.
Also i was wondering as well as a clear mis-selling of the policy would the broker telling me by taking out the PPI on the second loan it would reduce my interest and that i was unlikely to be accepted for a further loan without it be a case of misrepresentation?
After all they induced me to agree to a contract that would turn out to be a detriment to myself and something i did not want or need.
I would also suggest a letter of complaint is in order to the OFT and FSA. The APR on these loans is extortionate at 89% and 60%. This is surely well over the top in regards to treating customers fairly
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.
Received the statement from my first loan today so i now have everything to do with both loans.
A quick question regarding the statements. On the loan agreement where it states total amount of loan should this include the amount of credit plus the interest on the loan? Meaning the total amount of loan is everything you have to pay. Is that right?
I ask as my statements show my monthly payment been made each month, then interest payments been taken each month.
What i find strange is the interest payments that are taken are different each month ranging from £25 up to £52. Just really confused.
I was under the impression that the total amount an a credit agreement should include everything including interest and the monthly payment included interest and capital.
Hi, I have looked at both of your agreements and I beleive they are incorrect and therefore unenforceable. They have not included the Acceptance fee in the APR figure which is against OFT rules. They should cancel the loan. Advise then that you believe is unenforceable for this reason and ask them to prove otherwise.
Hi, I have looked at both of your agreements and I beleive they are incorrect and therefore unenforceable. They have not included the Acceptance fee in the APR figure which is against OFT rules. They should cancel the loan. Advise then that you believe is unenforceable for this reason and ask them to prove otherwise.
Can you please give me a link to the OFT rules which you quote above. Thank you
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.
1. The £500 advance the APR stated is is 89.5% is wrong. The correct APR figure is 107.7%
2. The £584 plus £500 advance the APR figure stated is 60.5% is wrong.
The correct APR figure is 68.7%.
Therefore they breach the CCA rules as below.
The section you are interested in is
2004 No. 1482
CONSUMER CREDIT
The Consumer Credit (Agreements) (amendment) Regulations
2004
Permissible tolerances in disclosure of the APR
1A. For the purposes of these Regulations, it shall be sufficient compliance with the
requirement to show the APR if there is included in the document—
(1) a rate which exceed the APR by not more than one; or
(2) a rate which falls short of the APR by not more than 0.1; or
(3) in a case to which either of paragraphs 2 or 3 below applies, a rate determined in
accordance with the paragraph or such of them as apply to that case. ”.
Did you get both these loans from the same office of Wellcome?
If these figures are typical then none of the Wellcome loans are enforceable.
Hi
The calculation is the standard APR calaculation, Welcome Head Office should know how this is calculated. You need to say to them that the APR calculation does not include the acceptance fee. There are very, very, very few people in the finance industry who know how the APR is calaculated and what should be included. I would guess that who ever completed the agreement did not understand this. I have looked at many agreements over the years and a large proportion are always wrong. I would doubt if any one selling a loan could actually calculate an APR figure.
Your answer that both loans were written at the same office, indicates that they were both wrong for the same reason. I would suggest that if you know any other people who had a loan from the same office their agreements will also be wrong. Perhaps this may be of interest to alanalana
It may be the standard calculation but how did you get those figures you quoted i ask so i can work it out myself then forward this to welcome. Before any complaint i want to have everything 100% correct.
The accpetance fee should not be included in the APR as interest should not be charged on it.
Hi
The formula for the APR calculation is just complicated and not worth your while getting into, I use several methods for getting the answer.
Who told you
"The accpetance fee should not be included in the APR as interest should not be charged on it"
They are wrong, and thats why the APR is wrong.
Welcome PPI
and various issues with welcome finance.
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Originally Posted by Jamesx81x
Re: Welcome PPI
