Okay so I'm new and still feeling my way around the site. I have a couple of questions... I've added all my charges and interests together from over the past 3 and half years and its loooaaads of money. But can I claim for all of them? I've been reading for a couple of days and don't really want mess up my claim. Regarding the spread sheet - is this important to fill in? I suppose it is to work out the interest..... As you can tell I'm a little confused. Do I need to send a break down of all the charges with my prelim letter? I'm excited about it all but want to make sure I get it right.

Oh yeah and when the spread sheet uses the term penalties does that mean charges? Sorry to sound a thicky but just feel like I need some support - being new and all that. :confused:

welcome shazzam, you need to send a breakdown of charges with your prelim, and yes penalties are charges, read other threads and you will find that an help also read the faq

Hi everyone,

This is my situation, I took a loan out with Welcome Finance in June 2005 and my PPI was added before hand. In May this year I was unemployed and thought that my PPI would help cover me through this, I was even able to pay £40 a month to them to help clear this dam debt. I should add at this point that my monthly payments on my loan were £259.60 per month.

However I recently found out that they had been charging me between £160 - £170 PER MONTH interest due to me not meeting my payments. One lady I spoke to said that the contract would state that I would not be legible as my work contract ran out and I wasn't made redundant. She also gave me a phone number to ring the company PPI unfortunately they are now shut till tomorrow.

Do you think I have a case to work on? Welcome Finance have offered me a resettlement loan to get me back on track and that's £110 pcm (without PPI) for the next 10 years, which comes to over £13000!!!!

Considering my loan originally was for £4387.11 (another settlement loan), they added £2097.16 on top for PPI= £6484.27. Mind you I have just worked out on the calculator that I would have paid them back £12460.80!!! Not much difference. I do feel like I've been ripped off. Guess should never taken the loan out in the first place.......

Any Advice:sad:

never, never, restructure the loan

take a look at my thread and you will understand what you are dealing with

they will ignore you

best thing to do is send an S.A.R - (Subject Access Request) to welcome,that way you will know where you stand. this will cost £10

before i joined cag i was at the end of my teather, now i have welcome on the run.

many people on this forum have had dealings with welcome and know exactly how to deal with them

ill check it out but i dont think you can have ppi for temp/contract employment

this sounds like dodgy insurance

Clearly if you could not claim on the PPI then it was unsuitable for your needs - and was missold. Have a good read through the stickies at the top of the PPI forum. As the previous poster said - do not restructure unless you have no other option.

Hi I'm a little confused again, with some of the terminology, I've been browsing round threads for a couple of hours and can't find the answer. Basically my PPi contract has a figure which I can't work out where the hell its come from. I shall explain. Under key financial information the breakdown is -

Key Financial Information

Amount of Credit to settle loan £3387.11 (B)

Amount of Credit for Insurance £2097.16 ©

Amount of Cash Advance £1000 (d)

Amount of Credit (insurance and settle loan) (c+b) £5484.27

Amount of Credit (cash advance plus settle loan) (d+b) £4387.11

Duration of Agreement 48 months

Amount of each monthly payment £259.60

Number of payments 48

APR 43.60%

I must admit I do understand most of the above its the next bit -

Other Financial Information

PPI Cash price £2097.16

Acceptance Fee £75 (o)

Interest Charge £5901.59 (p)

Total Charge for Credit (consisting of o+p) £5976.59

Rate of Interest per annum (variable) 42.60% (no that's not a typing error that's what on the document)

So my question is how did they work out the interest charged? Is that the amount I can claim back? Also on the first letter it mentions premuim and interest are any of the above figures relevant to that? Sooo confused. Gonna take a break now as I feel I've been going round in circles.

Hi could anyone have a quick look at my last thread. Or does anyone know where I can find PPI guidelines for applying for refund. I seem to be going round in circles?:?