hi dawn just done a quick calculation of this loan so here go's

if you pay £238.55 per month over 12 months and they add intrest at 72% this totals to £4922.64 x3year=..........£14767.92 (this is intrest)

so after paying 36 months of paying a total of £8587.80 welscum ****ty finance or going to say he still owes £6180.12

this doesnt include late payment charges, charges for phone calls, charges for sending out letters etc etc etc

have you got a 12 month statement from them? if so check what capitalization they are adding each month.... can you tell me the highest ammount please

whats the start amount of the loan when insurance have been added on. this will show at the start or the end of a 12 month statement

have you got a 12 month statement from them? if so check what capitalization they are adding each month.... can you tell me the highest ammount please

over the next 15 years were going to end up paying welscum £51.000 [at least] there going to add £49.000 [plus££££££] so we would only have paid just over a £1000 of the loan, so when we think its our last payment 179 months in to this there going to slam us with at least a 12 grand dept again surely there must be something we can do about this.

when you say £55.05 per week it might not sound much but its still £220.20 a month and thats a lot. hot long is this loan for did you say?

also if you read the small print on the terms it says the apr can vary, but when you sign the agreement your signing to the apr on the agreement form and i cant see anywhere on the agreement form where it says it can change. so does this mean it can go higher when they chose to make it higher.

i rang them and asked them to send me a copy of the original agreement it cost me a tenner, and when it came it was unreadable, the ink was smudge all over the place it made me wonder .......... is there something they dont want me to see.

over the next 15 years were going to end up paying welscum £51.000 [at least] there going to add £49.000 [plus££££££] so we would only have paid just over a £1000 of the loan, so when we think its our last payment 179 months in to this there going to slam us with at least a 12 grand dept again surely there must be something we can do about this.

when you say £55.05 per week it might not sound much but its still £220.20 a month and thats a lot. hot long is this loan for did you say?

i wouldnt cancel the insurance just yet because they will try to offer you a refund of about 25% if you accept i dont know where you would stand. by what your saying they have also told you its been payed upfront when it clearly hasnt due to the fact that welcome are paying it in monthly instalments. i would just follow the link www.which.co.uk do what they tell you for now the mis-sold ppi claim [you have to type in mis-sold ppi on this website] im going to the citizens advice next week as to what to do about them adding this ppi when they havent paid it themselves to find out what we can do about that and to see if its worth getting a solicitor involved

hi dawn, to put it straight they will have sold you something (ppi) without even paying for it themselves then they have added it to your dept be making a fortune off it in intrest then there paying the policy in monthly instalements.

my husband borrowed £10.000 to be repaid over 15 years, they added £2.975.87 for insurances that they claimed were paid upfront so now the dept has gone up to £12975.87 plus the acceptence fee and mif takes it up to £13210,87 so the intrest that they can acumilate on this is a lot more than it is on £10.000. so they tell you they have payed this upfront so they can rob you blind. we pay £284.17 a month and then they add £331.92 intrest a month so our loans going up not down. now if they hadnt of added these insurance the loan would be going down, not by much but it wouldnt be riseing.

basically if we were to go in to welcome tommorrow to pay up the loan we would be paying an extra £2615.87 for nothing because they LIED about paying ppi upfront.

as for were you go from here......... im personally following the tempate letters from www.which.co.uk as ive used these template letters in reclaiming bank charges and was sucsefully paid them back just by writing two template letters from this website. hope ive helped you a little bit more here.

ps please ring and check with direct group insurance if the ppi was paid upfront {i bet it wasnt}

on the template letter it will ask you to fill in the reasons why you were mis-sold the policys so heres what i would put.

i was not told these insurance where optional and was led to believe that my application for credit would be refused if i did not take out these insurance.

the policy exclusions where not explained to me either before or at any time i took out these insurances therefore was unable to make an informed dicision as to wether these insurances where appropriate for me

it was not explained to me that the policy premiums would be paid upfront as a single premium and would be added to my dept and attract intrest.

the insurances will still be in force after ive finished paying my loan agreement and this was not made clear to me at the time the insurances where sold to me.

hi dawn, to put it straight they will have sold you something (ppi) without even paying for it themselves then they have added it to your dept be making a fortune off it in intrest then there paying the policy in monthly instalements.

my husband borrowed £10.000 to be repaid over 15 years, they added £2.975.87 for insurances that they claimed were paid upfront so now the dept has gone up to £12975.87 plus the acceptence fee and mif takes it up to £13210,87 so the intrest that they can acumilate on this is a lot more than it is on £10.000. so they tell you they have payed this upfront so they can rob you blind. we pay £284.17 a month and then they add £331.92 intrest a month so our loans going up not down. now if they hadnt of added these insurance the loan would be going down, not by much but it wouldnt be riseing.

basically if we were to go in to welcome tommorrow to pay up the loan we would be paying an extra £2615.87 for nothing because they LIED about paying ppi upfront.

as for were you go from here......... im personally following the tempate letters from www.which.co.uk as ive used these template letters in reclaiming bank charges and was sucsefully paid them back just by writing two template letters from this website. hope ive helped you a little bit more here.

i payed £10 to have a copy of the original agreement and when it arrived the ink was smeared all over so that it was unreadable anyway.

ive been on the phone today to direct group insurance to ask what insurances where paid upfront, or how much money is being paidin monthly instalments, we were told

home care £145 paid upfront

lifecare £215 paid upfront

personal protection insurance £2615.87 NOT paid upfront

we were told they recieve £44 permonth for the ppi from welcome.

according to welcomes statements they paid ALL the policys upfront and added it to our loan amount, so they are making intrest on something that they have LIED about cause its not been paid upfront at all.

so in theory if we were to go and pay welcome off tommorrow we would end up paying an extra £2615.87 {plus intrest} that we didnt really borrow.

can anyone advise us were we stand on this pppllleeaasssee

Thanks gpm0708.....I will have a read.....and thanks for reminding me about the statutory interest to be added.

 

Will redo again over the weekend.

 

Dawnx

hi dawn, i dont know if youve read what my husbands situation is but it re

ally not much different from your daughters boyfriend.

on my husbands statement from welome finance it says that homecare was paid in full to the amount of £145 so was lifecare to the amount of £215 and so was personal protection insurance to the amount of £2615.87, so today i decided to ring direct groups customer service to check if this is so, according to them, welcome paid homecare, upfront and life insurance, upfront, but the ppi was NOT paid upfront, therfore the cost of the ppi was added to our dept incuring intrest on a monthly basis, when in fact it hasnt been paid upfront at all, direct group said they recieve £44pm for the ppi from welcome, so therefore they making £55 per month in intrest on the ppi alone. and thats increasing the capitalization on our account. we pay £284.17pm and there adding £321pm intrest so our loans going up not down, this is only happening because they have claimed they paid it up front and added to our loan amount. i dont know if you understand what im waffling on about but the moral of the story is.... you need to check if the ppi on your agreement was actually paid in full due to the fact that it probably wasnt and this is whats happening on your account to. i hope you understand what point im trying to get accross.

hi gpm0708 - I was joking with Zarrah, hence the stick out tongue at the end of my speech

 

She implied you can go from working in welcome to flipping burgers, I said its an insult to burger flippers:) welcome employees dont have the brains or the skill to flip burgers I thought it was quite amusing what I wrote but now I have had to explain it its not funny (I try my hardest but it seems I am no lee evans)

 

The guy on pg4 just summerises the whole essence of a welcome employee doesnt he? Rude, arrogant , obnoxious , belittling idiots.

 

What makes things funny is that he stuck up for welcome back then and when welcome got into trouble he was probably one of the first out the door and he has probably found himself in the exact same position as all of us. It wouldnt surprise me if he has reregistered on CAG under a different name and is getting help with his own debts

ooopppps soz, lol

Good afternoon all.

 

We have decided we may go for the cancellation rights under the 30 day clause.

 

Any views/comments on the letter below would be much appreciated.

 

Welcome Financial Services

Compliance

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ

4th November 2009

 

 

Dear Sirs,

POLICY REF:

ACCOUNT:

I am writing to you to cancel the policies relating to the above account - this being Welcome PPI, Unsecured PAP and Welcome Lifecare 24.

 

I have received policy documentation relating to the above account from Direct Group on 3rd November 2009 and in reading the terms and conditions fully I realise that these are unnecessary for my circumstances...especially the Lifecare 24 for a 5 year term on a 3 year agreement, and so wish to exercise my right to cancel, as within the terms and conditions it states that you may cancel the insurance within 30 days or within 30 days of receiving policy documentation whichever is latest.

 

I have enclosed a copy of the covering letter and postmark from the documentation received from Direct Group as proof of date of receipt and now request that the policies are cancelled and all premiums and interest paid be refunded..

 

It is my understanding that all premiums for Insurances are paid up front within the agreement and therefore I claim back the full £ 1639.27 (cost) + £ 1701.24 (interest) = £ 3340.51.

 

In order to ensure this is dealt with swiftly a copy of this request has also been forwarded to Direct Group to ensure the policies are cancelled and refunded.

 

Kind Regards

 

Thanks in advance

Dawnx

hi just reading your post and my husband is in a similar sittuation at the moment, before sending this letter please take a look at www.which.co.uk that give tenplate letters for you to copy, and tells you who exactly who to send them to {i dont think its the insurance company you send them to} and also you wish to claim statutory compensation in the view of the fact that you have been declined of the use of this money. ive sent the template letters to welcome customer services, direct house, whiterose way doncaster, dn4 5nu. good luck!

hi im new to this site and im just wondering if anyone agrees we have a case, so here goes. my husband took out a secured loan of £10.000 to be repayed over a 15 year period from welcome finance in november 2008 we beleive he was mis-sold ppi due to the fact that he was not told the insurance was optional and was led to beleive that his application for credit would be rejected if he didnt take out the insurance, the policy exclusions were not explained to him either before or at any time he took out the insurance and was therefore not able to make an informed dicision as wether this insurance was appropriate for him. it was not explained to him that the policy premium would be paid upfront as a single premium and would be added to his dept and attract intrest. his insurance agreement expires after 60 months but the loan agreement is for 180 months which means he will be paying intrest on a policy which is no longer in force. this was not made clear to him at the time the policy was sold to him. the insurance was unsuitable for him as he was and still is selfemployed at the time he was sold the policy and was not made aware of the specific exclusions to selfemployment cover. the start amount of the loan was £13210.87 my husband pays £284.17 a month they add between £285 and £332 in capitalisation each month there fore after 12 month he now owes £13902.34 its going up not down, and i would like to know how they justify £10 for a phone call and charge £10 to send a full statement, they are rip off murchants that frive off vunrable people.

i payed £10 to have a copy of the original agreement and when it arrived the ink was smeared all over so that it was unreadable anyway.

Zarrah - I find your comment insulting!!!

 

To imply that a welcome employee has the intelligence and skills to go from working at welcome to flipping burgers is an insult to all those good people out there who make sure we dont go hungry when we are in a rush/forgot our lunch/travelling etc I think you owe them an apology

to understand what that post meant you need to look at page 4 post made by wfssale.

read page 4 it was posted by user name wfssales about half way down the page

i think it on page 4 or 5 its really insulting

that post i wrote yesturday was meant to go somewhere else sorry for the confusion, i was reading a post were one of welcome finance employees had basically said anyone who had a loan with them where muppets and i took it personal as my husband has a loan with them, i dont know why it ended up here. soz gpm0708

the message i sent yesturday went in the wrong place sorry for the confusion. i was reading a message that was sent by one of welcome finances employees, that inplied anyone who has a loan with them are muppets, and i found it affensive. it was supost to go under that post, soz. gpm0708

hi im new to this site and im just wondering if anyone agrees we have a case, so here goes. my husband took out a secured loan of £10.000 to be repayed over a 15 year period from welcome finance in november 2008 we beleive he was mis-sold ppi due to the fact that he was not told the insurance was optional and was led to beleive that his application for credit would be rejected if he didnt take out the insurance, the policy exclusions were not explained to him either before or at any time he took out the insurance and was therefore not able to make an informed dicision as wether this insurance was appropriate for him. it was not explained to him that the policy premium would be paid upfront as a single premium and would be added to his dept and attract intrest. his insurance agreement expires after 60 months but the loan agreement is for 180 months which means he will be paying intrest on a policy which is no longer in force. this was not made clear to him at the time the policy was sold to him. the insurance was unsuitable for him as he was and still is selfemployed at the time he was sold the policy and was not made aware of the specific exclusions to selfemployment cover. the start amount of the loan was £13210.87 my husband pays £284.17 a month they add between £285 and £332 in capitalisation each month there fore after 12 month he now owes £13902.34 its going up not down, and i would like to know how they justify £10 for a phone call and charge £10 to send a full statement, they are rip off murchants that frive off vunrable people.

id like to say whilst you big heads been up your arse about how fantastic your own financial status is you seem to have forgot that its the likes of us muppets that keep you in your job in the first place, and your job isnt so great you sit in a ****ty office at a ****ty desk ripping people off all day, i would sooner flip burgers or clean bins if it meant i could sleep at night, but then again i have a conscions, unlike you, you would probably rip your own mother off if it meant getting a nice bonus at the end of the month.