welcome finance

[wills7]

I have today recieved my first knock back from WF for claiming missold PPI. I have penned my second letter with the evidence i believe that i was misold which is basically, when i first took out the loan i did not have PPI on, it yet when i moved house i wanted to refinace the loan and went to my new local office of welcome. They insisted that i took PPI or i wouldn't get the loan even though i pointed out the previous office hadn't made me take it and apart from moving house my employment was still the same as when i originally took out the loan so i stupidly took it so i could refinance.. is this a good basis to reclaim what i believe was mis sold PPI?

[alanfromderby]

Certainly you should not have been forced to take out PPI - was the form pre-crossed, did they give you a genuine choice.

[wills7]

The only choice i was given was no PPI, no loan!

[wills7]

I have now recieved their final response in to the matter and they are not going to budge on it, they wont even answer my question as to why in one branch i have to have PPI and in another i don't. I amazes me that someone who can be given a job in such a high posistion can fail to answer such a simple question, and i fully believe if these people can get such high ranking jobs then surely there is hope for us all!!

Anyway, they have given me the option of taking my complaint to the FOS which having done so before and being let down i am inclinded to go down the court route (which, i did warn them on my final letter i would)

How would i go about this? I did my bank charges via this route but i am not sure as to how much i would claim or the paticulars of teh claim on teh court sheet.. Any help would be greatly appreciated.

[alanfromderby]

All your questions, and probably several more, are answered in the PPI stickies.

[wills7]

I've looked through all the POC info but i'm still a bit confused as to which bits i shoulod be leaving in and which bit i should take out. I basically feel i was mis sold it because i was told no ppi no loan! as you can you can appreiciate, i don't want to cock it up!!

[alanfromderby]

Can you confirm the structure of this loan - am I right in thinking that this PPI was added monthly as a percentage of the balance?

 

Have you got the original agreement - if so, what is the breakdown of the figures?

[wills7]

I have the agreement which says:

 

Amount used to settle existing loan - 1029.28

Amount of news cash advanced - 500

medicare 24 - 50 ( i have no idea what this is)

 

Payment protection insuarance - 336.96

Amount of credit - 1916.24

Acceptance fee - 75

Total amount of loan 1991.24

 

monthly payent 114.43

APR 44.3%

Estimated repayment period 24 months

[wills7]

edited

[Jonny Insider]

Hi Wills7

 

If you were clearly told that the PPI was compulsory and have evidence to support this, you have an excellent case for arguing the whole loan is legally unenforceable. The reason for this is that, for regulated loans (ie loans up to £25k) taken out prior to April last year, if they are not documented in a prescribed format, they are legally unenforceable. If PPI was a condition of the loan then it should have been documented as part of the Total Charge for Credit rather than as part of the loan. Your post indicates it was documented as part of the loan.

 

If you can prove you were told the PPI was compulsory, I'd go back to WF and say you will challenge the enforceability of the agreement under the CCA.

[wills7]

Hi Johnny - i've already had the 2 bog off letters form them and i've gone about asking for about it back the prescribed way.. On my last letter to them i told them i would be taking court action without further action should they not answer my questions as to why i was forced to take ppi as a condidtion of the loan and they didn't so i putting together my POC ready to file the claim.. The loan was taken out in 2005 originally.

[Ms-Pacman]

you might want to have a look at carcreditcomplaints.com as well as they have help on there as well for this sort of thing

[LilyLou]

medicare 24 - 50 ( i have no idea what this is)

 

My daughter has also discovered, not medicare 24, but lifecare 24, she nor my son-in-law were aware that they had been sold this. She has today written to them to have it removed and her account credited prior to settlement.

 

Will keep you updated