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Hi Guys

 

I was wondering if anyone out there know where I stand with a problem with Welcome??

 

I recently Voluntary Terminated my agreement and got my car picked up from them. I didn't owe them any money with the car but they are saying that I owe them £600 on the "extra optional insurance" which I took with them. When I looked at my agreement it did say on the contract "optional". I was never asked if I wanted this when taking the car and was led to believe that it was GAP insurance. I know I maybe should have questioned the "optional" statement on the agreement, but never and they are now hounding me for £600.

 

Im really quite angry about this and wanted to know if anyone knew how i stood legally with this.

 

 

Thanks

Tracy

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have a look at some of the threads on Welcome Finance elsewhere, they are a very dodgy bunch and many of us are claiming back insurances we never knew were on the agreement, try under the PPI thread and other institutions. good luck:)

'rise like lions after slumber, in unvanquishable number, shake your chains to the earth like dew, which in sleep had fall'n on you, ye are many, they are few.' Percy Byshse Shelly 1819

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Hi Guys

 

I posted the following thread in the wrong section and someone kindly replied and told me to post it here. Could anyone give me any help, please?

 

Is this PPI and is there anything I can do about it or do you think I will need to give them my money???

 

I was wondering if anyone out there know where I stand with a problem with Welcome??

 

I recently Voluntary Terminated my agreement and got my car picked up from them. I didn't owe them any money with the car but they are saying that I owe them £600 on the "extra optional insurance" which I took with them. When I looked at my agreement it did say on the contract "optional". I was never asked if I wanted this when taking the car and was led to believe that it was GAP insurance. I know I maybe should have questioned the "optional" statement on the agreement, but never and they are now hounding me for £600.

 

Im really quite angry about this and wanted to know if anyone knew how i stood legally with this.

Thanks in advance

Tracy

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Hi Guys

 

I posted the following thread in the wrong section and someone kindly replied and told me to post it here. Could anyone give me any help, please?

 

Is this PPI and is there anything I can do about it or do you think I will need to give them my money???

 

I was wondering if anyone out there know where I stand with a problem with Welcome??

 

I recently Voluntary Terminated my agreement and got my car picked up from them. I didn't owe them any money with the car but they are saying that I owe them £600 on the "extra optional insurance" which I took with them. When I looked at my agreement it did say on the contract "optional". I was never asked if I wanted this when taking the car and was led to believe that it was GAP insurance. I know I maybe should have questioned the "optional" statement on the agreement, but never and they are now hounding me for £600.

 

Im really quite angry about this and wanted to know if anyone knew how i stood legally with this.

 

Thanks in advance

 

Tracy

 

Hi tracy,

 

Maybe turn the table on them and ask for it back. Do you still have the credit agreement and the terms and condition of the loan. Read through the different ppi threads and gain an insight into the mis-selling of ppi. This is really useful to read PPI - Some Notes for Claimants

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Hiya Folks

 

Ive just got home, dug out my agreement I had for car finance with Welcome and need some advise.

 

In September 2004 I took out car finance with them and in February this year I voluntary terminated that agreement. On my agreement it says that if I had paid £3850.32 or more then I wouldn't have anything else to pay them. So, in February my car was inspected my the RAC and subsequently picked up for collection. Then I get a letter through the door from Welcome telling me that I owe them £600. I think that this is for the "optional insurance" (I didn't agree to any insurance). Anyway on my agreement it states the following:

 

Payment Protection Insurance £1302.56

Shortfall Insurance £ 245.00

Total Premiums £1547.56

Finance Charge £ 743.00

Total Amount Payable £2290.56

APR 22.8%

Payable by 48 monthly installments @ £47.72

Can anyone please tell me where to start with this?? I am really angry about the £600 they are asking for and as far as Im concerned I was pratically made to take the "optional insurance".

Do I have a leg to stand???? I would be grateful for any help out there!!

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Hiya Folks

 

Ive just got home, dug out my agreement I had for car finance with Welcome and need some advise.

 

In September 2004 I took out car finance with them and in February this year I voluntary terminated that agreement. On my agreement it says that if I had paid £3850.32 or more then I wouldn't have anything else to pay them. So, in February my car was inspected my the RAC and subsequently picked up for collection. Then I get a letter through the door from Welcome telling me that I owe them £600. I think that this is for the "optional insurance" (I didn't agree to any insurance). Anyway on my agreement it states the following:

 

Payment Protection Insurance £1302.56

Shortfall Insurance £ 245.00

Total Premiums £1547.56

Finance Charge £ 743.00

Total Amount Payable £2290.56

 

APR 22.8%

Payable by 48 monthly installments @ £47.72

 

Can anyone please tell me where to start with this?? I am really angry about the £600 they are asking for and as far as Im concerned I was pratically made to take the "optional insurance".

 

Do I have a leg to stand???? I would be grateful for any help out there!!

 

HELLO TRACY,

 

LOOKS LIKE THEY TOOK THE POUND OF FLESH AND HAVE COME BACK FOR A BIT MORE.:o

 

IMHO I WOULD WRITE TO THEM AND CLAIM BACK YOUR TOTAL PPI AND INTEREST PLUS EXTRA INTEREST IF YOU FEEL THAT THEY GAVE YOU KNOW OPTION.

 

IF YOU HAVE ALL THE INFORMATION YOU NEED JUST SENT THEM A PRELIMINARY LETTER REQUESTING IT. IF YOU READ THE POSTS ON THE PPI THREAD YOU WILL GET A GOOD IDEA OF THE TRICKS THEY GET UP TO.

 

DO NOT BE PUT OFF BY THEIR FIRST RESPOND, AS THEY WILL DENY IT. KEEP ON AT THEM AS SEE WHAT HAPPENS.

 

IF YOU NEED HELP WITH THIS ASK AS WE ARE ALL HERE TO HELP.:D

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Thanks:D

 

hELO TRACY,

 

YOU ARE VERY WELCOME, I HAVE NOTICE YOU HAVE ASKED ANOTHER QUESTION ON A DIFFERENT THREAD. YOU ARE BEST TO STICK TO ONE THREAD OR WE WILL ALL GET CONFUSED AND NOT KNOW WHICH TO REPLY TO.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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I have also read that the in the t&c's you should be in full employment, which I was. Does anyone know how long you should have been employed for, as I only started my job 5 months before signing for the car.

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Sandbro, you have been extremely helpful and many thanks.

 

Can I just ask, Im not very sure how much I should be asking for, so can I ask them to give me a breakdown?

 

Hello Tracy.

 

is this what they charged you

 

Total Amount Payable £2290.56. Then this is what you reclaim back, let them agree the toss about the rest.

have you read this, it was posted on one of the threads tonight.

hope it gives you confidence,

It is of no relevance who or how long you worked for a company if you believe you did not ask for ppi.

From TimesOnline

 

 

 

Banks braced for billions in claims

 

The City watchdog has given consumers the green light to claim for ‘useless’ debt insurance, which many people don’t even know they have. Once they do, the revolt could be bigger than bank charges. By Clare Francis

 

Banks face being hit with billions of pounds in compensation claims for “useless” debt insurance in a consumer revolt that could be bigger than that over bank charges.

Millions of people with overpriced loan insurance — supposed to cover repayments if you can’t work — have been given the green light to claim for mis-selling after two announcements from the Financial Services Authority (FSA) in the past month.

Insiders say the scale of the scandal could eventually dwarf bank charges and even endowment mis-selling. There are some 20m loan insurance policies worth £5.5 billion in Britain, and one industry insider, who wished to remain anonymous, thinks as many as 70 per cent could have been mis-sold. If so, the industry could face claims worth up to £3.85 billion from 14m people.

By contrast, about 2m people are thought to be reclaiming ‘illegal’ overdraft charges at a cost to the industry of up to £1.2 billion a year, according to Credit Suisse, an investment bank.

function pictureGalleryPopup(pubUr l,articleId) { var newWin = window.open(pubUrl+'templ ate/2.0-0/element/pictureGalleryPopup.jsp?i d='+articleId+'&&offset=0 &&sectionName=MoneyCon sum erAffairs','mywindow','me nubar=0,resizable=0,width =615,height=655'); }Related Links

 

·Protection cover in the dock again

·The biggest scandal since endowments

Consumers have not yet started to revolt against debt cover, though, because so few know they have it: firms often add it to your loan without asking.

This is exactly what happened to Nasim Kanji, 58, a university lecturer from Oxhey in Hertford-shire. She did not realize she had been charged £9,000 for insurance for a £62,000 loan secured on her home until she went to Chase de Vere Mortgage Management, a broker, to remortgage.

Not only did the policy account for 15 per cent of the loan, but she would never had needed it anyway because she had savings set aside in case she lost her job.

Kanji said: “I had no idea I had been sold the insurance until it was pointed out by my adviser. I was horrified when I found out how much it had cost me. There is no way I would have taken out such insurance because I have assets that would cover my payments were anything to happen which stopped me working.”

Simon Tyler at Chase de Vere said: “This was terrible advice and there is no way such a policy was suitable.”

Consumers are therefore being urged to check their loan, credit-card and mortgage agreements to see if they have been sold protection insurance without realising it. If so, you have a very good case to lodge a claim.

An announcement last week by the FSA, the City watchdog, could open the floodgates. It said that people who had been sold single-premium policies, where the cost of the cover is paid upfront and often added to the loan, could now be eligible for refunds if they cancelled the loan part-way through the term.

In the past insurers pocketed the money. Now customers who have cancelled policies and got very little back are being urged to complain to their providers.

Matthew Turley, 30, pictured with his girlfriend, Rachael House, and their two children, Mitchell, 10, and Mia, 3, could be entitled to a refund. He took out a car loan for £4,700, but was charged an additional £5,612 for debt cover. Once this and the interest were added to the loan, his repayments would have totalled £14,537 — three times the amount he borrowed. This was not explained to him but he soon realised the mistake and repaid the loan. Even then he still had to pay £6,740 — £2,000 more than he borrowed.

He is in the process of trying to reclaim the £2,000 plus the interest he was charged.

The scandal goes beyond single-premium policies, though. The FSA indicated last month it thinks all payment-protection insurance has been systematically mis-sold for several years.

In a speech last month, Stuart King of the FSA said: “Our work in the PPI [payment-protection insurance] market has demonstrated it has not been sold correctly over a prolonged period. We have seen too many real cases of individuals who do not appear to have been fairly treated when purchasing PPI.”

Claims firms such as Brunel Franklin think the scandal could be even bigger than the FSA realises. They are just starting to win payouts for clients who have been mis-sold debt insurance, and they reckon the average refund could be in the region of £2,000 to £3,000, compared with about £1,400 for bank charges.

Ian Allison of Conkers, Brunel’s claims-handling firm for PPI, said: “The FSA’s speech was pretty explicit for a regulator, but I still don’t think it realises how huge this will be. We are just seeing the tip of the iceberg.”

The Competition Commission is also looking into PPI, following an inquiry by the Office of Fair Trading that concluded consumers had been stung for some £1 billion through the sale of overpriced debt cover. Since only one in four policies pay out, the cost to the consumer is even higher.

About 7m PPI policies are sold each year by banks and building societies when people take out loans, mortgages and credit cards. High-street stores also push the cover to customers buying electrical goods using instore finance arrangements. However, consumers can pay up to 10 times more for cover from these firms than they would from a stand-alone provider such as the Post Office or Paymentcare.

The policies are designed to cover your loan repayments if you can’t work due to an accident, sickness or redundancy, but they have many exclusions that are rarely explained at the point of sale. For example, PPI does not cover the self-employed, students or housewives. Nor does it pay out if you are sacked or have preexisting conditions that are not declared on the application form. Certain illnesses, such as stress and back pain, are also routinely excluded.

Teresa Fritz at Which?, the consumer lobbyist, said: “When the insurance was sold, the adviser should have explained it and investigated whether it was suitable for you. In most cases this hasn’t happened, so anyone who has PPI and doesn’t think it’s right for him or her should complain to the company that sold it.”

Ways to reclaim your money

Payment protection insurance — was I mis-sold?

If you were sold a policy that you later discovered was unsuitable, perhaps because you are self-employed, you can claim for mis-selling. You can also claim if you were never told about the cover or it was not explained fully.

What does the FSA’s latest announcement mean?

It relates to single-premium PPI policies where customers are charged a lump sum for cover that is added to their loan. The FSA estimates about a third of policies have been sold in this way. Many include ‘nil-refund’ clauses — if the cover is cancelled during the term, the policyholder is not eligible for a refund. This has been banned.

All new single-premium policies must include a ‘partial refund’ clause. The size of the refund will depend on how far into the term you are when you cancel. People who have made claims on their policies will not be eligible. Firms must also apply partial-refund conditions to all existing policies. Millions of customers who have cancelled policies in the past and received no refund are now being urged to ask their insurers for their money back.

So how do I lodge a claim?

Write to the company that sold you the policy. Ask for the cost of the PPI, plus any interest, to be refunded. You may also be eligible for claiming lost payouts, if you were turned down on a policy that you should never have been sold. The firm must reply within eight weeks. If it fails to do so, or you are not satisfied with its response, take your case to the Financial Ombudsman Service (financial-ombudsman.org.uk) or the small-claims court.

Bank charges — am I eligible?

If you have been charged a penalty fee for going overdrawn without permission or for having a direct debit refused, you can ask for the money back. If the Office of Fair Trading imposes a cap on the amount that can be charged, you are likely to get only the difference back. In the meantime, banks are refunding the full amount.

 

This refers to all insurances including PPI's and Mortgage Indemnity Guarantees which are often sold as 'House Insurance'____________

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Thanks for that. Im not sure if they have charged me £2290 or if it is £1302.56. I have calculated that I have paid premiums of £47.72 for 29 months. I dont really understand the agreement. I might have to write to them and ask them to send me a breakdown of what I have actually paid. Although I really wanted to avoid doing that.

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Thanks for that. Im not sure if they have charged me £2290 or if it is £1302.56. I have calculated that I have paid premiums of £47.72 for 29 months. I dont really understand the agreement. I might have to write to them and ask them to send me a breakdown of what I have actually paid. Although I really wanted to avoid doing that.

 

Hello Tracy

 

In you post you have stated

 

Payment Protection Insurance £1302.56

Shortfall Insurance £ 245.00

Total Premiums £1547.56

Finance Charge £ 743.00

Total Amount Payable £2290.56

 

 

I am unsure what shortfall insurance of £245 is. maybe you need to ring or write to them regarding the breaksown. Once you know then you can decide if you wish to procede with this and what you are entitled to reclaim

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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.....Hello again...Tracey, what is Finance Charge and Shortfall Insurance? R u claiming them back as well? have you cancelled them ?What is the cancellation policy(have they refunded you anything?)?Have u requested(or have you got) copy of your agreement?

 

Kind regards,

 

 

Maria

Carphone Warehouse WON £195.00

Welcome Finance in Court. N244 accepted.

Barclaycard WON with contractual, PPI and charges for time spent and letters sent

Halifax solo, switch, Credit Classic, Halifax one Itsme Vs Halifax 2 accounts

Creation Finance Prelim received offer of £79.88.... Itsme VS Creation Finance

Vodafone overcharged Vodafon.. anything that could be done?

 

U know where the scales r:)))))

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Shortfall insurance is a gap insurance, you take it as a precaution against if your car is written off in an accident. Basically it means you wont have to find the difference between the payout from the accident insurance and what you owe the finance company.

Its actually a very sensible option.

The finance charge is what they charge you for arranging the finance, a bit steep but as far as i'm aware perfectly legal if not extortionate.

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Thanks Dimack

 

So I will probably have to find out from Welcome how much I have paid them for the PPI before I can reclaim

 

Hello Tracy,

 

You will have to find out whether it was a single ppi payment or a monthly ppi payment

See infor from the ppi sticky

 

1) Monthly paid premium (as used by most of the credit card companies)

These policies should not be a big problem to cancel; normally they will cancel this type of policy if you write to them or Phone them. Of course if you consider that you have been mis sold this type of policy you can of course try and reclaim all the premiums that have been made, plus claim the interest on each payment at the Contractual Interest Rate.

 

2) Single Premium Policy (these are the biggest rip off ones) These policies are

Paid for in full to the insurance company at the start of the policy. Most loan

Companies will finance the full cost of the policy by adding the cost onto your loan. What they do not tell you is that you will also be paying interest on that amount at the loan interest rate for the full term of the loan.

 

 

IMHO if the ppi was monthly you claim back all the monthly payment plus interest.

 

If the ppi was a single payment added at the start of the loan, you reclaime the whole ppi plus interest.

 

It does sound like it was a single ppi policy as they are coming after you for £600.

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Do you know how much interest I would charge them? Also, I was also lead to believe that the shortfall insurance (or GAP insurance) was compulsary so I think I will claim this back also.

 

Hello Tracy,

 

APR 22.8% Put something like this in your letter

 

I am therefore writing to ask you to refund the premiums paid together with interest equal to your APR at the time under the accepted principle of mutuality and reciprocity.

 

They probably won't want to give you it, but must insist, If you feel htat they gave you no choice then you must reclaim back everything you were charged for

 

I have done a few figures If you started paying in Sptember 2004 at 22.0% the interest on £2290.56 on its own is £1312.96.

 

If they refuse and you take it to court you will receive the statutory 8% interest which is £477.44. Still no to bad.

If you need help just ask

Hope this helps

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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Tracey, can you scan the copy of the agreement? can you email it to me?

 

Regards,

 

Maria:)

Carphone Warehouse WON £195.00

Welcome Finance in Court. N244 accepted.

Barclaycard WON with contractual, PPI and charges for time spent and letters sent

Halifax solo, switch, Credit Classic, Halifax one Itsme Vs Halifax 2 accounts

Creation Finance Prelim received offer of £79.88.... Itsme VS Creation Finance

Vodafone overcharged Vodafon.. anything that could be done?

 

U know where the scales r:)))))

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Tracy, how r u doing..did you send the letter? Did you send Prelim as yet?

 

Thank you

 

 

Kind regards,

 

Maria

Carphone Warehouse WON £195.00

Welcome Finance in Court. N244 accepted.

Barclaycard WON with contractual, PPI and charges for time spent and letters sent

Halifax solo, switch, Credit Classic, Halifax one Itsme Vs Halifax 2 accounts

Creation Finance Prelim received offer of £79.88.... Itsme VS Creation Finance

Vodafone overcharged Vodafon.. anything that could be done?

 

U know where the scales r:)))))

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  • 1 month later...
Where can I find a template to send a S.A.R to Welcome. I used it before but cannot find it.

 

Hello,

 

I used this one for a loan with a couple of companies. It is a full sar relating to all info.

 

DATA PROTECTION ACT 1998

SUBJECT ACCESS REQUEST

 

Dear Sir/Madam

Name xxxxxxxxxxxx

Account No’sXXXXXXXXXXXXXXXXXX

 

 

I understand that you currently hold details of my personal and financial information within your internal record systems with regard to personal loan accounts and credit cards accounts

Please supply me with a complete list of transaction and charges relating to my history with your organization, INCLUDING Loans and other products. Alternatively a complete set of statements for the accounts or associated accounts is acceptable. I would be grateful if you would provide the following for ALL accounts or associated accounts I have held with your organization:

-Full copies of all contracts which you believe exist or have existed between myself and your organization, including true copies of any documents you hold in support of the same.

- A complete list of all transactions or statements relating to ALL of my Loan Accounts with your organization.

-Copies of all documents which include any of my personal information including copies of any contacts or invoices, emails or computer records containing my personal information, or any records which pertain to this information.

-Full copies or transcripts of any correspondence in postal, email or any other format which you have entered into with any individual, organization or third party which contains my personal or financial, or which pertains to me.

- Where any previous information or records held have been deleted or disposed of, the methods used to do so, including dates, certificates or references confirming details of destruction. Where you are unable to provide such certificates, please provide a declaration, signed by an authorised officer of your company, confirming the dates and methods of destruction of this data.

-Full hard copy print outs of my personal or financial information, held in a digital, magnetic or any other format which is held in any archives, backups or other storage devices / locations.

I enclose a cheque in the sum of £10 to cover your fee.

IF YOU UNABLE TO DEAL WITH THIS REQUEST, YOU SHOULD IMMEDIALTELY FORWARD IT TO THE PERSON WITHIN YOUR ORGANISATION RESPONSIBLE FOR DATA PROCECTION.

I look forward to hearing from you in the first instance of receipt.

Yours faithfully

 

XXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXXX

 

Hope this helps:grin:

 

 

 

 

 

 

 

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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