Help Pls PPI and Welcome Finance

[FightingBackNow]

Hi Im hoping your can help me as this is all very new. I trying to claim back £2422.51 for a £12,000 loan I took out in April 2003. I have sent my letter claiming....

"This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned in September 2004.

Plus

Your salesperson implied that taking out the policy was essential for me to get the associated credit."

I received my reply on the 16th Oct., stating that "the agreement was correctly executed in April 2004. This pre-dates the regulation of our business by the FSA and therefore the principles you seek to rely on are not applicable"

Is this the case or is this a fob off.....dont know where to turn from here. Ive received no reply to my second point apart from the wording on the agreement stating "optional".....Help pls.....

[FightingBackNow]

Sorry it should read I took the loan out in April 2004 and not 2003 as stated. Tks.

[hellhasnofury]

Hi Im hoping your can help me as this is all very new. I trying to claim back £2422.51 for a £12,000 loan I took out in April 2003. I have sent my letter claiming....

"This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned in September 2004.

Plus

Your salesperson implied that taking out the policy was essential for me to get the associated credit."

I received my reply on the 16th Oct., stating that "the agreement was correctly executed in April 2004. This pre-dates the regulation of our business by the FSA and therefore the principles you seek to rely on are not applicable" a load of ball larks

 

Is this the case or is this a fob off.....dont know where to turn from here. Ive received no reply to my second point apart from the wording on the agreement stating "optional".....Help pls.....

 

 

Hello FBN,

 

Welcome (sorry no pun intended) to the forum,

 

Now they are probably correct in that the date of the loan pre-dated any investigation you may ask the Financial Ombudsman Service to look at. Disgusting I know, The FSA will not be interested either, They were set up to investigate the mis-selling of financial companies I think in late 2004, so before that you are on your own (apart from the help of the site).

 

Now what they are failing to let you know is that you can apply to let a judge look at the case for you. Can you post up your letter to see what you claimed for and to see if we can help:D .

[FightingBackNow]

Thanks Sanbro for all your help, this is quite scarey....below is my letter and their reply....

"Re: Customer No. XXXXX

I purchased the above policy from you in April 2004 but now believe that I was mis-sold this policy for the following reasons:

· This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned in September 2004.

Plus

· your salesperson implied that taking out the policy was essential for me to get the associated credit.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint."

Reply

"I have investigated the issues raised and can respond as follows. The credit agreement you entered into was correctly executed by us in April 2004. This pre-dates the regulation of our business by the FSA and therefore the principles you seek to rely on are not applicable.

Notwithstanding this, I enclose the declaration signed by you and witnessed at the time of taking your loan. These show the insurances purchased including PPI and the fact that they were optional. Please also find enclosed other documentation suggesting you were fully informed about their purchase. As a result I am satisfied that our staff have acted correctly in this matter.

However if you have any evidence on which you seek to rely, please forward this to me at the above address. On receipt of this I shall be happy to consider the matter further.

Should you not be able to provide any such evidence, pleased accept this letter as our final response. Should you wish to escalate your complaint to the FOS I am minded in light of the above, that this matter falls outside their jurisdiction."

Unfortunately I have no "evidence" but am sure that at the time we were told that our loan would be considered more favourable if we took out the insurance....there is also Medicare, Lifecare and MIF and only the PPI states optional. With regard to the other documentation there is a Customer Declaration Form re. PPI , it doesnt have a loan agreement number or date and whilst it is definitely our signatures it has a faint box around it which could be a cut out.....I certainly dont remember signing it, but then again it was a long time ago and we were desperate.

Any help you can give would be greatly appreciated.

[hellhasnofury]

Thanks Sanbro for all your help, this is quite scarey..Its isn't really..below is my letter and their reply....

 

 

"Re: Customer No. XXXXX

I purchased the above policy from you in April 2004 but now believe that I was mis-sold this policy for the following reasons:

 

· This is due to the fact that I paid a single premium for my policy but did not see it through to the end of it’s initial term after paying back my loan earlier than planned in September 2004. Did they refund back some of the ppi and interest and the other stuff, medical cover etc.

Plus

· your salesperson implied that taking out the policy was essential for me to get the associated credit. Good reason, Did you ever receive any information about the ppi, a policy document, policy no, the name of the insurance company, terms and conditions of the policy. Do you have any pre-existing medical conditions, and more importantly did they ask????

 

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

 

I look forward to a full and prompt response to this letter and for the matter to be concluded with eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint."

 

Reply

"I have investigated the issues raised and can respond as follows. The credit agreement you entered into was correctly executed by us in April 2004. This pre-dates the regulation of our business by the FSA and therefore the principles you seek to rely on are not applicable.

Notwithstanding this, I enclose the declaration signed by you and witnessed at the time of taking your loan. Where did you sign this, was it under duress. Did they say just sign this??????These show the insurances purchased including PPI and the fact that they were optional. Please also find enclosed other documentation suggesting you were fully informed about their purchase. What was this???? As a result I am satisfied that our staff have acted correctly in this matter.

However if you have any evidence on which you seek to rely, please forward this to me at the above address. On receipt of this I shall be happy to consider the matter further.

Should you not be able to provide any such evidence, pleased accept this letter as our final response. Should you wish to escalate your complaint to the FOS I am minded in light of the above, that this matter falls outside their jurisdiction."

 

Unfortunately I have no "evidence"only the recent coverage in the media and the fact the FSA and the OFT are investigating the practices of these companies but am sure that at the time we were told that our loan would be considered more favourable if we took out the insurance....there is also Medicare, Lifecare and MIF and only the PPI states optional. With regard to the other documentation there is a Customer Declaration Form re. PPI , it doesnt have a loan agreement number or date and whilst it is definitely our signatures it has a faint box around it which could be a cut out.....I certainly dont remember signing it, but then again it was a long time ago and we were desperate.

 

Any help you can give would be greatly appreciated.

 

Hello FBN,

 

Their letter was just a normal template, we know best letter. To put you off pursing this,

 

Sorry what is MIF please.

 

 

Have your sent a SAR for info regarding your account.

[FightingBackNow]

Tks Sandbro

No refund was ever given on any of the insurances.

To my knowledge we have never received any documentation and certainly dont know who the insurances were with. My husband has diabetes which I think was the case in 2004 but will check....certainly werent asked.

Yes we were certainly under duress as had incurred huge debts beyond our control for various reasons. It was signed in our home. Pretty much told to sign and they would take care of the arrangements (sounds so stupid now), but we honestly didnt have any choice at the time.

The document was a Customer Declaration Form as mentioned above.....no Agreement No., date and whilst the signatures are ours they could have been pasted in.

Sorry MIF = Mortgage Indemnity Fee.

Tks

[FightingBackNow]

Sorry Sandbro forgot to say, havent sent for a SAR.....

[hellhasnofury]

Sorry Sandbro forgot to say, havent sent for a S.A.R - (Subject Access Request).....

 

I would sent them a SAR request under the Data Protection Act to get all of the information that they have on you. Send it recorded delivery, It costs £10 send a postal order for that amount. and when you sign the letter do it in a way that you know if it is used again. (put a line through it)

 

Full S.A.R - (Subject Access Request) for ppi

 

They have 40days plus postage time to comply. Once you get the info we can have a look at it.

 

It is very interesting that you never received a policy documents and did not even know who the insurance was with. Really good selling job they did there:p

[FightingBackNow]

Tks alot and will do, will keep you posted.

[Gogivit]

Hello FightingBackNow,

 

I am similar to you on the following points:

 

I took out a loan with Welcome FinanceSpring 2003 I was told I had to have the PPI to be approved (have no proof of this mind like many people).

 

Although I had the PPI, I have no clue who the company was that would have paid out should I have required it!

 

Medical questions? I know nothing of medical questions by the rep!

 

When I applied for my loan it was merely short term so I could do the final touches to my home prior to selling it, which I did, but one question I have is that having paid of the loan early am I entitled to some of the PPI back?

 

The PPI was certainly not requested by me, I was told that the lender required me have it in order to be succesful in my application!

 

From what I am reading about Welcome seems to be a history of people being told they have to have the PPI in order to get the loans...

[FightingBackNow]

Gogivit, Good to know Im not alone as feel pretty stupid for not being wise to all of this!!!

HHNF - tks for all your help, this site is absolutely invaluable.

[Gogivit]

None of us were particularly wise to all these issues.

 

However this week I will be submitting my S A R and following the route to reclaim the PPI. Please do the same. It was not until I read the entries on here that the PPI one off payment was also subject to the APR interest. Thieving b...a.ds!