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Letter of complaint to Welcome Finance please read and comment .

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This letter will be posted today so please point out any mistakes or anything i have missed out ok thanks all .

 

Dear sir/madam

I purchased in connection with the loan referenced above Payment Protection Insurance (PPI) .

 

I believe that I was miss-sold this policy for the reason(s) given below and request you investigate my complaint in accordance with the Financial Services Authority (FSA) Regulations .

 

Despite it being explicitly required under the rules of the FSA - at no time did Welcome Finance ask about existing insurance cover .

 

Welcome were at the time well aware that I am a mortgage holder and as a condition of mortgage I must remain insured against every possible eventuality , it seems reasonable that while acting as an insurance broker Welcome Finance should have questioned the need for PPI of their own accord thus preventing the sale of an entirely unsuitable insurance.

 

At no time was it explained to me that the insurances were optional and I accepted them assuming that obtaining the loan relied on my acceptance .

 

At no time did Welcome Finance explain to me the amount of interest that is payable on the premium as is required under disclosure rules .

 

At no time did Welcome Finance explain or bring attention to the exclusions and limitations of the policy .

 

It follows that I was unable to make an informed decision regarding the PPI as a direct result of Welcome Finance failing to act within the rules explicitly required by the FSA .

 

I trust you will uphold my complaint and so refund all premiums paid including both statutory and compound interests and compensation in the prescribed manner within an acceptable timescale .

 

Please note ;

Though I would expect the loan agreement to be restructured to take into account these changes but any attempt rewrite the loan agreement will only convince me that I should look to resolve the matter either through the Courts or the Financial Ombudsman .

 

Also I am advised as I dealt solely with Welcome Finance while purchasing PPI that Welcome take responsibility for any third parties involved .

 

Yours Faithfully

 

I . Am . Skint !

 

 

 

Edited by minus-millions

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second to last paragraph should say court or Financial Ombusdman Service not FSA as it's the FOS that judge these things not FSA.

 

 

Otherwise good to go.

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Thanks andie do you work here or something ? i'll change it now before i get any more comments .

Edited by minus-millions

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