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welcome ppi - help please

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Hi all!


Well yesterday i rec'd final response from welcome as follows:


Dear Mcc


I have investigated the issues raised and can responde as follows. Although we do not agree with your assertions, i have as a matter of goodwill, decide to refund the full PPI policy plus associated interest to you as a full and final settlement.


My calculations are


PPI premium £481.08

Associated Interest £192.69

8% interest £53.90


Total £727.67


If you accept offer of above amount will be refunded back on to your active loan account. pls sign and date the form and return within 14 days. If however you are not prepared to accept our offer please respond to the above address (complaints dept, ruddington)


In your letter you have stipulated a figure of £5660.78 that you are prepared to accept. You also state these figures include the PPI, associated interest and statutory interest that you have paid on these premiums. However the offer we have made includes these, therefore we are not prepared to increase this offer.


In addition you have stated that we breached 8.6 of the banking code. I can confirm, the banking code is a voluntary code of pratcise and we are not a member. Therefore i can not agree with your assertions.


I trust that this resolves the matter. Should you remain unsatified you can escalate this complaint to the FOS within in six months of the date of this letter.



So is this bog standard and what is my next step??






Yes a bog standard letter offering to refund without admission of liability (they do this because the Financial Services Authority have issued fines on companies as much as £7m and they do not want to be next in line for a huge fine that will affect their shareholders annual bonuses :D)


So your next step is to decide if the offer is fair, looking at you paperwork, credit agreements, PPI premiums etc.


If you are happy accept the dosh and happy Christmas, if you are not happy then you can refuse and complaint to the Financial Ombudsman Service but you will then be in a long queue for a result.


It seems that they are offering the PPI premium and associated interest and the 8% Statutory interest that would be awarded by the FOS or a Court.


Your call.



I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.


Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement


PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc


1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***


Please do not PM me for advice as it may be sometime before I can respond.


Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.


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Thanks AA


So have the just added on the interest to the PPI amount where as in my calculations i added on the interest to each payment that had been paid to them? What would the FOS award their calculations or mine? Could i accept the amount but ask for payment towards me rather than on the loan? As we are disputing the loan to due to inaccurate CCA?


we dont need the money straight away so the FOS is an option even though it will be timely.


Tell me honestly, what would you do???






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Had another thread as we had an attachment of order earning, So posted agreement in thatere. I dont know how to link it to this ine, aklthough they are 2 seperate issues IMO. But its in the welcome forum, Attachment of order earning help please.


If i need to repost the link to the agreement. Just let me know





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  • 7 months later...



Havent updated for a while, as this has been on going with FOS.


Had to chase up as FOS as after hearing from them saying that welcome will look into our case again, had not heard anything from them directly. Although we had to give them an additional 12 weeks which run out on the 22 july.


Have since had a letter from FOS which inclided a letter from welcome which they apprently sent us on the 5th may. Which we never received and that they have never chased since????


Anyway the letter says as follows:


I write with regard to the above complaint made to the FOS.


The above agreement is currently in arreas of £1935.36 and the agreement exprired on the 01/09/2008. We are therefore unable to undertake a cancel and rebook on the agreement and will use the insurance refund to reduce the arrears.


The breakdown of this figure is as follows:


PPI refund (premium + interest - rebate) = £673.77


8% interest (will be used to redused arrears = £131.40


Total to be applied to expired account = £805.17


Please contact your local branch to arrange an ongoing payment arrangement.

I trust that this matter has now been concluded to your satisifaction. Should you have any further queries please contact your local branch.


Carol Smith



So this second offer is only slightly better than the first. There is not the interest rate on there that they charged me, only the stat interest rate.


Im a bot confused here as what to do now as i think that this is now classed as a final settlement???


Advise please??





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  • 2 weeks later...



It appears as you say that welcome are only offering 8% statutory interest on top of the premiums paid and not interest charged at their rates.


As has already been advised, it is entirely your choice whether to accept the offer from welcome or not.


However, in order to put you back in the position you would have been had the insurance not been added, they would need to include the interest at their rate. I doubt though that the FOS will see it this way however, as many others have found.


You could contact the FOS and see what they say. If they agree with welcome's offer, then I believe the only other option open to you is to take this to court.



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