How do you think Welcome Finance will reply to this letter ?

[minus-millions]

I would be greatful for comments and suggestions , obviously i will add the policy number etc later .

 

To whom it may concern at Welcome Finance .

In accordance with professional advise I would like to cancel the payment protection insurance policy attached to my loan . I understand that as I dealt solely with Welcome Finance third parties should be dealt with in a likewise manner .

To avoid unnecessary speculation or confusion I list below some valid reasons for which I might pursue cancellation , however I sincerely hope my request will meet with your approval forthwith without complication .

Please note , I would prefer any refund calculated to be deducted from the loan amount rather than returned.

 

Despite it being explicitly required under the rules of the Financial Services Authority (FSA) the following terms of service were not met :-

1, At no time did Welcome Finance ask about existing insurance cover .

2, At no time did Welcome Finance advise the PPI was optional .

3, Welcome Finance did not comply with disclosure rules as they did not disclose the

amount of interest that is payable on the premium .

4, Welcome Finance failed to explain or bring attention to the exclusions and

Limitations of the policy .

 

Please be aware that I am currently 7 months into the FSA complaints procedure regarding an unrelated matter with another company , I have refused the FSA’s first recommendation and insisted upon deeper investigation . That matter is one of an unnecessary two week inconvenience caused by an insurance companies delay in repairs . I offer this in the hope it will encourage an amiable response as I’m sure you are as loathe as myself to involve the FSA in this matter .

[T2upNorth]

I would be greatful for comments and suggestions , obviously i will add the policy number etc later .

 

To whom it may concern at Welcome Finance .

In accordance with professional advise I would like to cancel the payment protection insurance policy attached to my loan . I understand that as I dealt solely with Welcome Finance third parties should be dealt with in a likewise manner .

To avoid unnecessary speculation or confusion I list below some valid reasons for which I might pursue cancellation , however I sincerely hope my request will meet with your approval forthwith without complication .

Please note , I would prefer any refund calculated to be deducted from the loan amount rather than returned.

 

Despite it being explicitly required under the rules of the Financial Services Authority (FSA) the following terms of service were not met :-

1, At no time did Welcome Finance ask about existing insurance cover .

2, At no time did Welcome Finance advise the PPI was optional .

3, Welcome Finance did not comply with disclosure rules as they did not disclose the

amount of interest that is payable on the premium .

4, Welcome Finance failed to explain or bring attention to the exclusions and

Limitations of the policy .

 

Please be aware that I am currently 7 months into the FSA complaints procedure regarding an unrelated matter with another company , I have refused the FSA’s first recommendation and insisted upon deeper investigation . That matter is one of an unnecessary two week inconvenience caused by an insurance companies delay in repairs . I offer this in the hope it will encourage an amiable response as I’m sure you are as loathe as myself to involve the FSA in this matter .

 

 

Looks good to me. I see from a different thread you already have the Ruddington address - that's the one to use. I would be inclined to request a cheque for the refund - otherwise they may work their "magic" and before you know it there is a new agreement in place, different terms, new PPI and a staff party at Welcomes office...

 

Also - I'm sure you already know this - send recorded delivery, unsigned, or they won't respond (what letter?)

 

They will of course try to pass the buck again and will send a form asking you for info about your claim - which is just a way to ask you to show your hand...

[sam614]

make it for the attention of

david mcnab...head of compliance

 

SAM

[minus-millions]

Thanks T2upNorth if i alter the letter to say (see below) do you think that about covers everything ?

 

Please note i do not wish to alter the loan agreement in anyway so please just remove the seperate PPI arrangement and calculate any refund to which i am due .

[andie_303]

Reading this as Welcome would they will just cancel the policy and credit the reamining payments to your account - should you not be asking for the premiums you have paid so far back as well. Remember you should also be asking for catractual interest, statutory interest and compensation.

[minus-millions]

I get the feeling andie 303 knows what he is talking about but i am not sure i understand him ? (i left school at 14 several light years ago!) .

 

Is he saying don't request refund but ask for compensation on interest ?

 

I'd be grateful if someone could clarify .

[andie_303]

No I'm saying your not asking for a refund properly

 

Your letter reads that you would like to cancel your insurance - it does not make clear you are alleging the policy was mis-sold and therefore wanting all the prmiums paid back.

 

You need to be more clear here as Welcome will likely just cancel your policy and refund future premiums not the ones you have already paid.

 

You also need to work out the amount that you request back so you know exactly how much you are owed.

 

You also need to put in your letter that you request ALL premiums refunded AS WELL AS interest both statutory i.e. the interest you have been charged and contractual i.e. for you losing the benefit of that money and compensation for your inconvinience.

 

And i'm a she by the way

[andie_303]

Try something like this instead

 

Dear Sir/Madam,

 

Re: Agreement Number

 

I purchased the above policies from you in connection with the loans referenced above.

I believe that I was mis-sold these policies for the reason(s) given below, and wish you to investigate my complaint according to your normal complaint procedures.

 

The policy exclusions weren’t explained to me before or at the time I took out the insurance. I was therefore unable to make an informed decision as to whether this insurance was appropriate for me.

 

It was not explained to myself that the insurances were optional and infact I was instructed by your agent that obtaining the loan relied on taking out insurances.

 

The cost of a single-premium front loaded policy was never fully explained to myself nor was a sufficient needs and demands questionnaire completed by myself to assess whether the products being sold were suitable.

 

I am also now aware that your sales advisors receive commision upon the sale of insurance products and therefore their actions cannot be impartial. This should have been made clear to myself at the time of the insurance being sold.

 

Please now investigate my complaint within the eight weeks allowed to you. I expect that you will uphold my complaint and refund all premiums paid plus both statutory and compound interest and compensation.

 

If I have not recieved a satisfactory response within 8 weeks I will forward my complaint to the small claims court where you may be liable for my costs incurred.

 

 

 

Yours Faithfully

[minus-millions]

OK thank you andie i'd gladly tip your scales but i'm not exactly sure what that entails ?

 

I think i will go back to the drawing board then because i actually have insurance cover or else i would not have a mortgage and it seems reasonable to assume that Welcome while acting as an insurance broker should have suspected this but it was never questioned so miss sold seems obvious .

[andie_303]

Exactly and had they done a proper needs and demands they would have known this.

 

But i've seen the comissions they get on insurance products and believe me they sell them cos they are a bloody good rate. If your insrances were say £2k in total the commision paid is somewhere between 20-25% so why wouldn't a sales person be told to push them????

 

Don't go into chapter and verse in your letter to them - just give them your basic reasons and leave them to do the rest otherwise they will try and get you to say a number of different things to get out of it.

 

Welcome are notorious - and they hate me as I have discovered a lot of illegal activity whilst researching my own PPI against them.

 

Make sure you don't sign any letters you send them they are also quite good with cut and paste on photoshop!!

 

the scales are next to the red triangle in the bottom left corner of my posts

[minus-millions]

Whoa they copy and paste signatures ! that is a criminal offence , surely consumer forums or somebody else could easily collect evidence of this and pass it on to the organised crime squad ?

 

PS your scales are tipped .

[andie_303]

believe me Welcome Finance are under investigation from a number of organisations including the serious fraud squad. Welcome are in mighty big trouble so get your claim in quick!

[minus-millions]

Jeez i'm now worried because i think my mortgage had PPI attached !

[andie_303]

unless your mortgage is with Welcome you will have no probs - you should have a version of PPI with your mortgage - generally if you are with a reputable mortgage company there will be no issues - it's just Welcome and the like

[minus-millions]

Reputable mortgage company ? does such a thing exist ? . i was a victim of Gregory Pennington financial services , i paid GP in installments £5000 to settle £5000 worth of credit when i had an A1 credit rating . As a result i found myself at the end of the agreement nearly £20,000 in debt and defaulted on everything . It took me 7 years to get out of debt though my credit rating is still poor and the interest rate on my mortgage is terrible as a result .

[minus-millions]

July 2009 I started my complaint about Welcome Finance - last week October 2011 i lodged a complaint against the financial ombudsman service because as yet nothing has been done .

 

The ombudsman today admitted my original complaint against Welcome has been deleted but the follow on complaint against Bluesky (whom it later turned out was the real firm behind Welcome) was still active . The ombudsman also apologised because my original complaint was not correctly dealt with leaving me misinformed . Hence i will one day recieve a PPI refund BUT must start a new complaint if i want to recover the £2500 charges and interest added to a £5000 loan without my knowledge .

 

So i paid Welcome or Bluesky £5000 to borrow £5000 and must repay £10,000 plus interest .

 

As it has taken over 3 years by due process to reclaim £2500 of illegal charges i simply dont see the point in trying to claim back the other £2500 . 6 years grief over a 5 year loan - i dont think so !