Welcome Finance

[Realist]

Just placed a formal complaint against Welcome via the Financial Ombudsman Service.

 

Waiting for the paperwork.

 

Regards.

[Madhafu]

hi realist

 

on all the welcome threads i ask this question and to date welcome seem reluctant to give.

 

with your ppi policy

 

DO YOU KNOW WHO THE POLICY IS WITH AND WHO ADDMINISTERS IT.

 

even through an sar, this info is non exsistant.

 

there are reasons for this question

 

I may be able to help ere postggj -

 

i have a claim with welcoem right now awating 1 week for full a refund. Speaking to advisors at Direct group and at welcoem hq - compliance team, i recorded all calls and played them back whilst i spoke to DG and vice versa now DG administer the Policy and it is with them, hence they advising me i was ineligible for it twice! The welcome team at DG advised a full refund should be made BUT, only the premium and teh interest applied on teh preminum comes from Welcome however welcome refuse to answer this bit and DG cannot confirm where the interest goes either but, i know for certain the interest applied goes to welcome as DG were willing to refund the full amount but, not incl interest! If welcome month-end do not refund it plus interest i will just lodge a court claim for it as SAR from DG hold evidence they've written that policy was not right and customer ineligible. i am awaiting to get the FULL refund and when this succeeds i will be happy to post as much info as i can as to how i did it as so far i seem to be nearing the end of the battle which only lasted for 2weeks!! also welcoem provided SAR within 1 week!!!! advised it was missing ppi stuff they insisted they put it and would send copies again recorded delivery nothing recived but, i am not bothered i have some original pperwork from their showroom where i got the car IF needed as evidence in court of their mis-selling

 

 

x

Edited March 19, 2009 by Madhafu
ps. received sar again from welcome incl letter from compliance re-refund of interest chrgd on ppi, advsng wil reply by 4/5/9

[Realist]

Its been a few months and so far received no response from the Financial Ombudsman Service.

 

Anyone know if there is a time limit?

 

Regards

[postggj]

Its been a few months and so far received no response from the Financial Ombudsman Service.

 

Anyone know if there is a time limit?

 

Regards

 

hang tight realist

the fos does take time

 

send them a note asking what stage your complaint is at

[Realist]

I did call them a few weeks ago and they said its been handed over to someone to look at and thats it.

 

They also said they have written to Welcome and are waiting a reply.

 

Regards

 

hang tight realist

the fos does take time

 

send them a note asking what stage your complaint is at

[Realist]

Ok update.

 

Received a letter from the FOS and I quote "I'am pleased to be able to let you know that blah, blah Welcome Finance etc has agreed to make an offer to you." They also state that Welcome will pay me £200 extra compensation for distress and the inconvenience.

 

Now, they also state that "The settlement of your complaint will be calculated by taking into account the type of PPI policy or policies you have - and whether or not they are still in force".

 

Now, as far as I see it if they have already agreed they are at fault and my loans are 2 months from being cleared does this mean I will not get all the PPI back plus interest to date? because the FOS letter says "offer" and not return of the over paid PPI.

 

I have one loan that I refinanced and brought out a new loan plus I have a car agreement as well so in fact there are 3 agreements with paid PPI.

 

Any ideas?

 

Regards

Edited July 17, 2009 by Realist

[Realist]

Anyone?

[alanalana]

Ok update.

 

Received a letter from the FOS and I quote "I'am pleased to be able to let you know that blah, blah Welcome Finance etc has agreed to make an offer to you." They also state that Welcome will pay me £200 extra compensation for distress and the inconvenience.

 

Now, they also state that "The settlement of your complaint will be calculated by taking into account the type of PPI policy or policies you have - and whether or not they are still in force". (this is the issue of single premium policies which were the biggest ripoff)

 

Now, as far as I see it if they have already agreed they are at fault and my loans are 2 months from being cleared does this mean I will not get all the PPI back plus interest to date? because the FOS letter says "offer" and not return of the over paid PPI.

 

I have one loan that I refinanced and brought out a new loan plus I have a car agreement as well so in fact there are 3 agreements with paid PPI.

 

Any ideas?

 

Regards

 

Did your complaint to the FOS detail all three of your loans ? if so:

 

You should get back all the monthly premiums you have paid on the loans plus the interest paid on those premiums plus the statutory 8% interest from the date the loans started up to the date you accept the offer.

 

You should cancel any PPI still in force on any of the loans BUT make sure you have alternative cover. There are cheaper options around Moneysavingexpert has a site with a tab for insurance just google the site hit the tab and you should get cheaper alternative insurance.

 

When you cancel any existing PPI policy you should get a rebate on the PPI policy but with only a couple of months until your loan is paid up the rebate will probably not be a great amount

 

You could also if you wish, refuse the offer and ask for the case to go before the Ombudsman.

 

Your call on this.

[Realist]

If you read my post you would see I did indeed complain via the FOS and its them that sent me the letter. I did include the old refinanced account, the new account and the car in the complaint.

 

So Welcome have agreed and the FOS has said so but Im confused that the FOS says Welcome will provide me an offer not refund all PPI paid to date.

 

No point in me cancelling, not long to go so I might as well leave it as it is, its going to be cancelled anyway.

 

Regards

[alanalana]

If you read my post you would see I did indeed complain via the FOS and its them that sent me the letter. I did include the old refinanced account, the new account and the car in the complaint.

 

So Welcome have agreed and the FOS has said so but Im confused that the FOS says Welcome will provide me an offer (the offer will be a goodwill offer without any admission of liability. This is done to prevent the FSA taking an interest. WF will be aware of the huge fines the FSA has imposed on companies for blatantly mis-selling PPI) not refund all PPI paid to date.

 

No point in me cancelling, not long to go so I might as well leave it as it is, its going to be cancelled anyway.

 

Regards

 

The FOS have a set of rules to ensure you get a fair settlement but if you accept you should insist on all of the paperwork from WF showing how they worked out the settlement offer and if you are not happy with their calculations you can you back to the FOS.

[Realist]

I was going to call the FOS tomorrow and find out these things because the letter is a bit vague.

 

Also I was going to call Welcome and ask what terms they was going to offer because I dont want them to just say we will close my accounts and call it quits.

 

The PPI alone on the 3 accounts with interest comes to over twice as much as I currently owe so if they do close the accounts Im still due money back. Should I call the FOS and Welcome and the FOS has sent me a letter to sigh agreeing to the offer but I dont know any figures to agree with.

 

Regards

[alanalana]

I was going to call the FOS tomorrow and find out these things because the letter is a bit vague.

 

Also I was going to call Welcome and ask what terms they was going to offer because I dont want them to just say we will close my accounts and call it quits.

 

The PPI alone on the 3 accounts with interest comes to over twice as much as I currently owe so if they do close the accounts Im still due money back. Should I call the FOS and Welcome and the FOS has sent me a letter to sigh agreeing to the offer but I dont know any figures to agree with.

 

Regards

 

You can certainly call WF and ask but I am not sure if you will get the response you may expect.

 

Also call the FOS and ask them nicely if they can give you any indication on the settlement figure. Again you may not get the response you expect. Do you have any idea on how much PPI you have paid in premiums on the three loans? and do you have copies of the agreements on the loans?

[Realist]

I did have the agreements but I looked today and cannot find them. The last time I called the FOS they said that they was waiting for Welcome to produce paperwork, this I presume was the agreements.

 

I calculated that the whole 3 could be over £6,000 without interest and any other fee's due plus the £200 Welcome said the would pay.

 

This is over what I now owe.

 

Im not going to sign a contract agreeing to Welcomes terms until I have all the figures in front of me and I hope the FOS has them.

 

Regards

[Realist]

Called the FOS and they said yes it was for the 3 accounts plus 8% interest and £200 for hassle.

 

Sent paperwork via fax, now I have to wait upto 8 weeks for a reply from Welcome.

 

Regards

[alanalana]

It is a long wait my claim took about 12 months from start to finish and I am now on with another 5 plus at least 2 for bank charges.

 

The good thing is the FOS are upholding 90% of complaints on the issues of PPI being mis-sold.

 

good luck

[Realist]

I used the calculator thats available here and with the details of only 2 accounts (the current ones) and not including the refinanced account, I see so far that Welcome owe me £7200 and thats only 2 accounts.

 

I can see them trying to just close the 2 accounts I have and try and call it quits, no way.

 

I owe about £5000 in total so Im expecting £2500 plus back as well.

 

Lets see how it goes.

 

Regards

[Realist]

Reveived a call from Welcome saying because they have loads and loads of cases to go through, they will take more than the 8 weeks the FSO stated.

 

What can I do or for that matter what can the FSO do if they dont resolve my case under the 8 weeks.

 

Regards

[postggj]

tough crap welcome

 

eight weeks is long enough

 

after eight weeks go back to the fos

[Realist]

Received a letter from Welcome today, well 2 actually but should of been 3 so I'll have to have a chat with them over that, anyway. They want us to sign a new contract but its back dated to the original contract date but without PPI added, is this the right way to go?

 

They say that if I dont agree within 4 weeks they are in so many words washing there hands with the claim, will call the FOS tomorrow and ask their opinion.

 

Letter attached.

 

PS,

 

2 batches of letters, one is for a loan and the other is hire purchase.

 

 

 

 

Edited September 15, 2009 by Realist

[Realist]

Also today I've received a photocopy of a new contract but although they say in the letters above that the new contracts will be back dated, the new contract dont have any dates on them?

 

So are they legal contracts?

[082stewie]

Why should you make the effort to make an appointment to go and see them. They should come to you or post BOTH batches out for you to review in the comfort of your home without pressure from Welcome staff.

 

And 4 weeks to sign and re-do the contract. Tell them they will get the new contract when you are comfortable signing the new documents. They make you wait, return the favour!

 

PS: they tried the back loading trick on my PPI contract, I am now to waiting for my "new" contract and its been 2 weeks.

[Realist]

Been in contact with the FOS and they say the resigning a new contract is normal and expected.

 

So do I sign?

 

Also, how is the interest worked out because looking at the new contract and the old contract I've overpaid the PPI by £2951.64.

 

So will they refund me that at their interest rate plus 8% and the £200 for the hassle, if thats the case I worked it out they owe me £4334.54 and thats only one account.

 

Anyone know.

[alanalana]

Been in contact with the FOS and they say the resigning a new contract is normal and expected.

 

So do I sign?

 

Also, how is the interest worked out because looking at the new contract and the old contract I've overpaid the PPI by £2951.64.

 

So will they refund me that at their interest rate plus 8% and the £200 for the hassle, if thats the case I worked it out they owe me £4334.54 and thats only one account.

 

Anyone know.

 

I would seriously check again. I cancelled PPI with RBS did not have to sign new contracts and my monthly payment was reduced and I got £10.5K back for them mis-selling.

 

IMO do not resign any new contracts this I believe is a way for the banks to keep you on the hook with repayments for existing loans for a longer period of time. Welcome should be able to cancel the PPI adjust your existing account to reflect the removal of PPI without you having to sign up to anything new. BEWARE they are still trying to keep your money.

 

aa

Edited September 15, 2009 by alanalana
text added

[Realist]

Thats what an official from the FOS said today via phone and Welcome cant keep my money cos the 2 accounts are now all paid up.

 

Was on the phone to Welcome today and I asked about arrears and she said that the new contracts will be dated from the new start date without any PPI and any arrears.

 

So I said so in effect I dont owe you anything because the accounts are now all paid up as of yesterday, she then said they may remove all the arrears.

 

My question then was that if the PPI was not added to the loan in the begining then any arrears would not be added to the account so in effect Welcome owe me more money.

 

I have a contract here to sign and send back for a loan but the car I have to go to the local branch and sign on there premises, I didnt with the first agreement so whats changed.

 

Welcome and the FOS said the contracts will be dated from the beginning without any PPI added.

 

One account the payment had dropped from £326 a month to £244.00 saving me a whopping £82 a month. Now times that by 37 months (£3034) plus there interest rate which I didnt know was this high (30.27%) plus the 8% stat interest rate and the £200 they owe me for the hassle, and thats just one account.

 

Another one to go

 

Regards

[electric2]

if you have the info on the ppi please advise asap

i cant stress the importance of this

 

Hi Post

If shortfall insurance covers what you are looking for I have a policy schedule I can scan/email to you. If its not sorry cant help

 

electric