WELCOME and PPI ..where do we begin !!

[donbracho]

cheers dx one day ill get it allright wi no mistakes !

right i have tried the calulator ...

 

Having read other posts first i see i should put the interest at 8% and the dates from first time paid (14/04/03) up till now ?

that gives 2185.35 for the ppi "loan" and 967.27 as interest accrued ?

[donbracho]

oh another thing is the amount i ask for the total amount due PLUS the interest accrued at 8 % ??

sorry to be a pain !

[dx100uk]

nope.........

 

use:

Compound interest calculator

 

in principal ..................put in the charge

rate of int:...................8%

number of rests = ..........compound monthly

start date = ................date from statement

end date = ..................date of your claim.

 

hit calculate

 

do that for every MONTHLY payment you made [each date will be diff!]

 

dx

[donbracho]

cheers !

[donbracho]

only prob with that is i have paid weekly on car agreement not monthly as agreement says ?

it was supposed to be 175.76 a month which includes 45.93 a month for PPI and shortfall and finance charge !

If i aint claiming for the shortfall (195) or finance charge (791.54) but the PPI = 1218 how do i figure it out ??

[dx100uk]

i've merged all the pdf from above here:

[dx100uk]

one thing

 

that witness signature on 132.97 pcm loan

 

was it an employee of where you got the car from?

 

dx

[dx100uk]

you need to get postggj onboard

 

dx

[donbracho]

cheers mate

[donbracho]

right so having read other posts it seems i need to contact Direct Group to get the tings postggj said i need then i can figure out whats what.

ill make that call today.

the witness to the car loan was an employee of welcome cause it says on and behalf of welcome ..

[donbracho]

right have tried ringing direct group from the number on the website they advised me they are the claims team and i need to tring this number 08454564877 that number puts me thru to welcome ? are they the people i need to get statemtn of price from or am i been given the run around ?

[donbracho]

hello all this is me letter have got permission from author...

Head Office

Welcome Finance

Compliance Services

Mere Way

Ruddington

Nottingham

NG11 6NZ

Date: 3rd July 2010

Dear Sir/Madam.

Re: Complaint and request for return of Payment Protection Insurance premium

Loan Account Number:

 

I am writing to request the repayment of monies paid by myself to Welcome Finance for PPI policies on a number of loans which were mis-sold (loan account numbers as above detailed above).

At the time of undertaking the credit agreements, the agent acting on your behalf misled me into procuring Payment Protection Insurance (PPI) as part of the overall credit bargain.

The Insurance Policies sold to myself were not defined nor explained and were not "optional" as laid out in the said agreements, as I was informed that the Insurance was part and parcel of having a loan and that without it the loan would not be approved.

Your agents misrepresented the fact that the insurance was compulsory and due to inexperience in financial matters at the time this was taken at face value.; I felt that there was no choice but to agree to the credit bargain.

I consider that your representations that the PPI plan was required, reasonable and suitable to my needs were deceptive, and as such I was deceived into agreeing to pay the insurance.

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves with reasonable care and skill and in a manner which complies with UK law.

Full details of my reasoning behind why I believe the PPI policies were mis-sold are attached to this letter.

You will be aware of the recent government intervention on this matter informing the FSA and OFT to make significant changes to the manner in which personal payment protection is sold.

In particular your attention is drawn to FSA principles for business:

Principle 1: Integrity: A firm must conduct its business with integrity.

Principle 2: Skill, care and diligence: A firm must conduct its business with due skill, care and diligence.

Principle 3: Management and control: A firm must take reasonable care to organise and control its affairs responsibly and effectively, with adequate risk management systems.

Principle 5: Market conduct: A firm must observe proper standards of market conduct.

Principle 6: Customers' interests: A firm must pay due regard to the interests of its customers and treat them fairly.

Principle 7: Communications with clients: A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

Principle 9: Customers: relationships of trust: A firm must take reasonable care to ensure the suitability of its advice and discretionary decisions for any customer who is entitled to rely upon its judgment.

In view of the way I was mis-sold this very expensive insurance, I am hereby giving you 14 days notice to reply positively or refund the whole of each premium paid, including interest , forthwith.

What I require

I now require full repayment of the outstanding paid premiums together with any and all interest levied as such upon these premiums as detailed below:

 

Loan Account Number:

 

My targets to resolve this matter

I hope that you will enter into a sincere dialogue with me about this matter and I am writing this letter to you on the assumption that you will prefer to do this than merely respond with standard letters and leaflets or proceed to court.

 

I will give you 14 days to reply to me accepting unconditionally my request for repayment and letting me know a date by which I will receive this.

For the avoidance of doubt if in 14 days you have not replied positively or supplied a full refund, I will issue a letter before action before commencing a claim against you with the county courts. Additionally I will immediately lodge a complaint against you with the Financial Services Authority.

After that there will be no further communication from me and I shall issue a claim at the expiry of the deadline.

I trust that will not be necessary and I look forward to hearing from you.

Yours Sincerely

 

Edited July 8, 2010 by donbracho
p i nfo

[postggj]

so they passed you back to welcome did they, thats direct group,

 

passing the buck it seems

 

listen up

 

direct group hold copies of all policy documents, t&c, statement of price etc

 

how dare they pass you back to welcome

phone 0844 412 4100

 

ask them to send all copies of docs they hold on you ref insurance with welcome

 

if they try and pass you off to welcome again say

 

you are the data subjects processor of my data

 

you hold that info (or confirm you dont)

 

its direct group ime asking for the info from

 

NOT WELCOME FINANCE

 

STICK TO YOUR GUNS

[donbracho]

muchas gracias hermano

[donbracho]

this is really stupid !

 

first of all they say they dont hve any info on anything to do with insurance and try to give me welcomes number again as any info about cost price date took out are thru them - welcome (?) which to be fair and not libellious ....

 

they said could not provide a statement of price or underwriting sheet or statement of means ...

 

i persisted ...

 

then they say ok give us a ref number and we'll check - when i asked if they could just confirm or deny whether they had any info.

then said no thats not a valid ref it should start with some letters.. do you want to make a claim ?!

 

then i give them a ref thta had no letters anyway and they ask for address and dob and da da something comes up but again they say they cant give any info as dont have any ?!

only policy wording can be sent ????

 

do i have to send a S.A.R request to them or what !!

Edited July 9, 2010 by donbracho
spelling

[donbracho]

ha ha ha ha !

i rung back !

we dont have any info on u at all ?!

 

anyway ill pass u to someone who may help..

customer services say yes we do !

 

ill pass thru to someone else who says ok you need to SAR me at ....

FAO sally evans

direct group

direct house

white rose way

doncaster

dn4 5nu

[donbracho]

last person was alright actually but how does this look as a SAR ?

 

Sally Evans

direct group

direct house

white rose way

doncaster

dn4 5nu

 

Dear Sir/Madam

Re: Subject access request , Data Protection Act 1984 / 1998

Former Addresses: xxxxx

Current Address: xxxx

Account Numbers inclusive but not limited to: xxxxxxx

I understand that you currently hold details of my personal and financial information within your internal record systems with regards to me.

I would be grateful if you would provide the following for ALL accounts I have held with your organization:

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

• Statements of price.

• Statements of schedule.

• Underwriting sheets.

• Statements of means.

•

• A complete list of all transactions or statements relating to ALL my accounts with your organisation.

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

• Full copies or transcripts of any computer logs or database records kept in relation to myself or in relation to my financial or personal information.

• Full copies of any correspondence in postal, email or any other format which you have entered into with any individual, organisation or third party which contains my personal or financial information, or which pertains to myself.

• 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 any 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 postal order in the sum of £10 to cover your fee.

If you are unable to deal with this request, you should immediately forward it to the person within your organisation responsible for Data Protection.

If you do not provide the information requested within the given time limits (40 days) under current Law, a complaint will be registered with the Information Commissioners Office and the Office of Fair Trading.

I look forward to hearing from you in the first instance

 

[loopylil]

Hi Don, they have done the same to me, wouldnt give information at first, after four calls to them and one to Welcome who gave me the wrong account number didnt tally up with direct. I had a letter wednesday with just one insurence for mecanical breakdown on, no t&c, price etc.and on Welcome note paper.Still waiting for Welcome to send copies of aggreements which should have been with my SAR.

[donbracho]

think am gonna send this sar to direct group on monday first thing to get as much info as possible.

[donbracho]

Right i have figured out that roughy the PPI makes up about 55% of the total charge for every months payment of £45.93.

This monthly payment is for PPI/ shortfall insurance/ and the finance charge.every month then i was charged about £25.26 for the PPI with the interest included.

If i just add 8% to that amount from the date i paid it to now and so on that becomes my schedule of charges ?

[dx100uk]

you cant reclaim finance charge

you can reclaim the int charged per month on the ppi but that should already be in the ppi pcm you quote.

 

dx

[donbracho]

hey up cheers for the advice. i aint gonna try to claim for the finance charge mate the loan was put together in that way so the charge for credit/acceptance fee/finance charge are all in one bundle at ceratin rate of APR ...the PPI/shortfall insurance and ANOTHER finance charge are all together at another rate of APR.

The total amount for this second bundle was 2204.64.

To unravel the amount i was paying for the PPI i decieded to do some calcs...

1218.08 was the PPI so i divided that by the total (2204.64) to get 55%.

55% of the monthly amount (45.93) i had to pay every month for the bundle is about 25.26.

I dont add any other interest to that besides the 8% .

am i on the roght track ?

[dx100uk]

nope you claim the whole 45.93 each payment justadd 8%

 

dx

[donbracho]

lol not for the first time i'm confused ! ...

 

The £45.93 includes shortfall insurance and finance charge (for the PPI and shortfall) ?

i thought i couldnt claim for them ??

Edited July 11, 2010 by donbracho
spellng

[dx100uk]

lol not for the first time i'm confused ! ...

 

The £45.93 includes shortfall insurance and finance charge (for the PPI and shortfall) ?

i thought i couldnt claim for them ??

 

yes its the credit charge for the PPI / short fall

 

hithem for it every week/month at 8%

 

can you explain 'what' those 7 pages are plase as you've left no dates on the agreements.

 

and those sheets of transactions which ids for which loan/hp.

 

did you have one rolled into another [refinanced]?

 

dx