Me and Welcome Finance Loans and PPI REclaiming too

[postggj]

If not an insurance then it must be a charge for credit

 

i have docs stating this mif is included in a statement of price underwriting sheet for welcome elite brokers

[MrZ]

If not an insurance then it must be a charge for credit

 

i have docs stating this mif is included in a statement of price underwriting sheet for welcome elite brokers

 

Thats precisely what was argued in the Griffith case. It was shown to be a charge for credit. But the borrower said it should have been in the amount of credit because it was a contract of insurance. The judge ruled it was not a contract of insurance and therefore was correct to be shown as a charge for credit.

 

I dont disagree that it was used to fund a commission, in fact this is what I am claiming, and it is an undisclosed/secret commission.

 

Welcome will readily tell you that it is not insurance or has ever been used to purchase insurance.

 

What they wont tell you, is what they DO use it for.

Edited August 16, 2011 by MrZ

[postggj]

We will crack this welcome egg

 

that i can assure you on

[MrZ]

We will crack this welcome egg

 

that i can assure you on

 

Quite right, I am on a mission!

[kregrs]

The broker fee is all in house as they pay themself

 

its called

 

welcome elite brokers

 

just another way to swindle you

 

mif is an insurance policy

 

so demand to see the policy

 

There wasn't a broker involved when I took out the loan, I applied at the local office, it was all handled there so no broker was involved. But, with the car finance I have, I received a couple of bits of paper with a SAR, that related to commission and Welcome Elite Brokers, how much commission was paid etc.

[MrZ]

There wasn't a broker involved when I took out the loan, I applied at the local office, it was all handled there so no broker was involved. But, with the car finance I have, I received a couple of bits of paper with a SAR, that related to commission and Welcome Elite Brokers, how much commission was paid etc.

 

Well there you go. Dont take this as absolute fact, but I think Welcome Elite Brokers only has to do with car finance. I have not seen it in any secured home loans. I may be wrong on this, but this is my conclusion based on what I have seen so far.

 

Either way, its all dodgey.

[pdb1980]

There wasn't a broker involved when I took out the loan, I applied at the local office, it was all handled there so no broker was involved. But, with the car finance I have, I received a couple of bits of paper with a SAR, that related to commission and Welcome Elite Brokers, how much commission was paid etc.

 

Welcome elite brokers - this is welcomes way of paying themselves commission on their own loan! They then charge you for the privilege and charge interest on top of it.

 

Post will love this

[kregrs]

Had another reply from Welcome today, they are looking into my complaint for PPI and may take upto 8 weeks to deal with it. Standard reply?

[kregrs]

Another letter arrived the other day, saying Welcome in default, FSCS dealing with it now. Do I need to contact the FSCS or will they just take it over from Welcome?

[dx100uk]

FSCS are welcome as such

 

there is a sticlkie either here or in the PPI forum on what the FSCS are doing with claims

 

have a read of it.

 

leave them too it.

[kregrs]

Well, after not hearing anything for ages, I thought I'd give them a ring to see how things are progressing. So I ring Compliance, get put through to the right dept, who give me a ref number and a different phone number. So I then ring this new number, give them the ref number, and hit a stumbling block straight away. I had to go through the previous 3 addresses I've lived at, before they found the one they have on their records, this is all despite having written to, and received replies from, Welcome all the addresses mentioned, so why they have an old address on file is beyond me. Then they say they can't change the address over the phone, and they have absolutely no record of my PPI claim that Welcome claim to have passed on to them. But, they have apparently written to me in the past few months about reclaiming the PPI, alas they sent it to the old address.

So now I have to write to them, provide proof of new address and start the claim all over again.....

[kregrs]

Also, having just had a quick look at some Q & A's re FSCS, I came across this...

 

"Under the FSCS rules claimants will be entitled to 90% of the value of their claim. Amounts of compensation payable will be first set off against any outstanding loan balances you may owe to WFSL, which could mean that we will not send you your compensation."

 

Now, as I have outstanding car finance with Welcome, will my PPI refund be paid to that a/c? I was under the impression it wouldn't but am now not so sure, can anyone clear it up?

[kregrs]

Was having a look at the Q & A's on Welcome/FSCS and came across this...

 

"Under the FSCS rules claimants will be entitled to 90% of the value of their claim. Amounts of compensation payable will be first set off against any outstanding loan balances you may owe to WFSL, which could mean that we will not send you your compensation."

 

I've got some outstanding car finance with Welcome, nothing to do with the PPI claim, will my refund be paid to this a/c? I'd been told that it wouldn't, but now I'm not so sure. Can anyone clarify?

 

Thanks

[pdb1980]

Also, having just had a quick look at some Q & A's re FSCS, I came across this...

 

"Under the FSCS rules claimants will be entitled to 90% of the value of their claim. Amounts of compensation payable will be first set off against any outstanding loan balances you may owe to WFSL, which could mean that we will not send you your compensation."

 

Now, as I have outstanding car finance with Welcome, will my PPI refund be paid to that a/c? I was under the impression it wouldn't but am now not so sure, can anyone clear it up?

 

In short yes

 

Any money they award you will first be set off against outstanding arrears or loan amount thats what they did to me

[kregrs]

Ok, I had a secured loan with Welcome back in Jan 2005, for £2500. I done a SAR a few years ago, and had held off on claiming back any charges as A) Welcome didn't really play ball when I contacted them about it, and B) the amount I thought I could claim didnt seem to be worth going for. But since having a look at a compound interest calculator, I'm hoping the figures I've come up with are right, and so worth claiming back.

Now, the charges I was told I could claim back are the Ad Hoc charges, of which there are 3, of 'only' £20 each, for 3 missed payments, the Settlement Penalty Interest at £206, the MIF at £275, the remainder of the insurance (PPI and Medicare) which wasn't credited back to the account when it was settled in July 2005, which is £342 and possibly the second amount of a months interest (added on the day the loan was settled, a week after the 1st monthly interest for that month was added).

So, my question is, which of those can I actually claim back? If its all of them, what started off as just under £1k has risen, according to the calculator, with the APR of the loan of 37.6%, to just over £10k!

 

I should add that the loan ran for just under 6 months, from January to July 2005, and was settled when I managed to remortgage in July.

 

A copy of the statement detailing charges etc...

 

And a copy of the agreement...

 

And finally, does anyone know what the Fee Rebates are at the top of the statement? Are they claimable?

Edited July 12, 2012 by kregrs