Help with 'Welcome' please.

[djwigster]

That looks fine to me!

[dawnytrish]

Thanks for looking....Going to post it first class recorded on Monday...

 

Many thanks

Dawnx

[gpm0708]

Good afternoon all.

 

We have decided we may go for the cancellation rights under the 30 day clause.

 

Any views/comments on the letter below would be much appreciated.

 

Welcome Financial Services

Compliance

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ

4th November 2009

 

 

Dear Sirs,

POLICY REF:

ACCOUNT:

I am writing to you to cancel the policies relating to the above account - this being Welcome PPI, Unsecured PAP and Welcome Lifecare 24.

 

I have received policy documentation relating to the above account from Direct Group on 3rd November 2009 and in reading the terms and conditions fully I realise that these are unnecessary for my circumstances...especially the Lifecare 24 for a 5 year term on a 3 year agreement, and so wish to exercise my right to cancel, as within the terms and conditions it states that you may cancel the insurance within 30 days or within 30 days of receiving policy documentation whichever is latest.

 

I have enclosed a copy of the covering letter and postmark from the documentation received from Direct Group as proof of date of receipt and now request that the policies are cancelled and all premiums and interest paid be refunded..

 

It is my understanding that all premiums for Insurances are paid up front within the agreement and therefore I claim back the full £ 1639.27 (cost) + £ 1701.24 (interest) = £ 3340.51.

 

In order to ensure this is dealt with swiftly a copy of this request has also been forwarded to Direct Group to ensure the policies are cancelled and refunded.

 

Kind Regards

 

Thanks in advance

Dawnx

hi just reading your post and my husband is in a similar sittuation at the moment, before sending this letter please take a look at www.which.co.uk that give tenplate letters for you to copy, and tells you who exactly who to send them to {i dont think its the insurance company you send them to} and also you wish to claim statutory compensation in the view of the fact that you have been declined of the use of this money. ive sent the template letters to welcome customer services, direct house, whiterose way doncaster, dn4 5nu. good luck!

[dawnytrish]

Thanks gpm0708.....I will have a read.....and thanks for reminding me about the statutory interest to be added.

 

Will redo again over the weekend.

 

Dawnx

[gpm0708]

Thanks gpm0708.....I will have a read.....and thanks for reminding me about the statutory interest to be added.

 

Will redo again over the weekend.

 

Dawnx

hi dawn, i dont know if youve read what my husbands situation is but it re

ally not much different from your daughters boyfriend.

 

on my husbands statement from welome finance it says that homecare was paid in full to the amount of £145 so was lifecare to the amount of £215 and so was personal protection insurance to the amount of £2615.87, so today i decided to ring direct groups customer service to check if this is so, according to them, welcome paid homecare, upfront and life insurance, upfront, but the ppi was NOT paid upfront, therfore the cost of the ppi was added to our dept incuring intrest on a monthly basis, when in fact it hasnt been paid upfront at all, direct group said they recieve £44pm for the ppi from welcome, so therefore they making £55 per month in intrest on the ppi alone. and thats increasing the capitalization on our account. we pay £284.17pm and there adding £321pm intrest so our loans going up not down, this is only happening because they have claimed they paid it up front and added to our loan amount. i dont know if you understand what im waffling on about but the moral of the story is.... you need to check if the ppi on your agreement was actually paid in full due to the fact that it probably wasnt and this is whats happening on your account to. i hope you understand what point im trying to get accross.

[dawnytrish]

Hi Gpm......I think I understand what you are saying....but what will this mean re the cancellation of the policies......and should I go about this differently. Or will the letter still be ok.

 

Surely if the policies are cancelled then the balance of account will reduce by the full amount he has been charged plus the interest....but maybe not......should I just be asking for the policy amount but not the interest???

 

My head is spinning now....don't know what to do next.

 

Help by one and all would really be appreciated.

Dawnx

[gpm0708]

hi dawn, to put it straight they will have sold you something (ppi) without even paying for it themselves then they have added it to your dept be making a fortune off it in intrest then there paying the policy in monthly instalements.

my husband borrowed £10.000 to be repaid over 15 years, they added £2.975.87 for insurances that they claimed were paid upfront so now the dept has gone up to £12975.87 plus the acceptence fee and mif takes it up to £13210,87 so the intrest that they can acumilate on this is a lot more than it is on £10.000. so they tell you they have payed this upfront so they can rob you blind. we pay £284.17 a month and then they add £331.92 intrest a month so our loans going up not down. now if they hadnt of added these insurance the loan would be going down, not by much but it wouldnt be riseing.

basically if we were to go in to welcome tommorrow to pay up the loan we would be paying an extra £2615.87 for nothing because they LIED about paying ppi upfront.

as for were you go from here......... im personally following the tempate letters from www.which.co.uk as ive used these template letters in reclaiming bank charges and was sucsefully paid them back just by writing two template letters from this website. hope ive helped you a little bit more here.

[dawnytrish]

hi Gpm...thanks for taking the time on this.

I have just got the magnifying glass out on some paperwork from Direct and it says Protected monthly benefit.£238.55(which is his monthly payment) then at the side it says weekly repayments £59.64....do you think this is what Welcome are paying weekly for the insurance....If so his loan will never go down as he is only paying £55.05 PW to Welcome. LOL.

 

Yet as you say these insurance amounts including interest are added onto the loan at the start.

 

Regarding the reclaiming do you think I should just go the mis sold way or also state the 30 day clause as we have only received the insurance documents since we sent SAR.

 

Think I may probably re do the letter from a template for mis-sold but also state we wish to cancel due to the 30 day rule.

Go in with all guns blazing:D

 

Dawnx

[dawnytrish]

Just had another look and that can't be right...I dont know what the £59.64 weekly payments can be unless that is what he is insured for....

[gpm0708]

hi dawn, to put it straight they will have sold you something (ppi) without even paying for it themselves then they have added it to your dept be making a fortune off it in intrest then there paying the policy in monthly instalements.

my husband borrowed £10.000 to be repaid over 15 years, they added £2.975.87 for insurances that they claimed were paid upfront so now the dept has gone up to £12975.87 plus the acceptence fee and mif takes it up to £13210,87 so the intrest that they can acumilate on this is a lot more than it is on £10.000. so they tell you they have payed this upfront so they can rob you blind. we pay £284.17 a month and then they add £331.92 intrest a month so our loans going up not down. now if they hadnt of added these insurance the loan would be going down, not by much but it wouldnt be riseing.

basically if we were to go in to welcome tommorrow to pay up the loan we would be paying an extra £2615.87 for nothing because they LIED about paying ppi upfront.

as for were you go from here......... im personally following the tempate letters from www.which.co.uk as ive used these template letters in reclaiming bank charges and was sucsefully paid them back just by writing two template letters from this website. hope ive helped you a little bit more here.

ps please ring and check with direct group insurance if the ppi was paid upfront {i bet it wasnt}

 

on the template letter it will ask you to fill in the reasons why you were mis-sold the policys so heres what i would put.

 

i was not told these insurance where optional and was led to believe that my application for credit would be refused if i did not take out these insurance.

 

the policy exclusions where not explained to me either before or at any time i took out these insurances therefore was unable to make an informed dicision as to wether these insurances where appropriate for me

 

it was not explained to me that the policy premiums would be paid upfront as a single premium and would be added to my dept and attract intrest.

 

the insurances will still be in force after ive finished paying my loan agreement and this was not made clear to me at the time the insurances where sold to me.

[dawnytrish]

Thanks again.

I will get him to ring Direct group on Monday morning (dont expect they will be open tomorrow.If the insurance hasn't been paid up front what will I reclaim...

 

Will I just reclaim the full amount of the policies and then just interest on anything that has been paid to Direct Group....at 72.24%APR which is what he is being charged.(How disgusting is that)

[gpm0708]

i wouldnt cancel the insurance just yet because they will try to offer you a refund of about 25% if you accept i dont know where you would stand. by what your saying they have also told you its been payed upfront when it clearly hasnt due to the fact that welcome are paying it in monthly instalments. i would just follow the link www.which.co.uk do what they tell you for now the mis-sold ppi claim [you have to type in mis-sold ppi on this website] im going to the citizens advice next week as to what to do about them adding this ppi when they havent paid it themselves to find out what we can do about that and to see if its worth getting a solicitor involved

[dawnytrish]

Right.

Thanks for your thoughts.

Will have a read over the weekend and ring Direct Group on Monday.

I am following all the welcome threads so will keep up to date with you.

Thanks again.

Dawnx

[gpm0708]

over the next 15 years were going to end up paying welscum £51.000 [at least] there going to add £49.000 [plus££££££] so we would only have paid just over a £1000 of the loan, so when we think its our last payment 179 months in to this there going to slam us with at least a 12 grand dept again surely there must be something we can do about this.

when you say £55.05 per week it might not sound much but its still £220.20 a month and thats a lot. hot long is this loan for did you say?

[dawnytrish]

Its a three year loan.He borrowed £2500.

His reapyments with the ppi etc are 238.55 per month which I multiplied by 12 and then divided by 52 to get a weekly amount for him to pay.He does have some arrears but I told him just to go in and pay the weekly amount for now while we try to get it sorted.

Such a mess for the sake of £2500 which was wasted by his ex girlfriend anyway......

[gpm0708]

over the next 15 years were going to end up paying welscum £51.000 [at least] there going to add £49.000 [plus££££££] so we would only have paid just over a £1000 of the loan, so when we think its our last payment 179 months in to this there going to slam us with at least a 12 grand dept again surely there must be something we can do about this.

when you say £55.05 per week it might not sound much but its still £220.20 a month and thats a lot. hot long is this loan for did you say?

also if you read the small print on the terms it says the apr can vary, but when you sign the agreement your signing to the apr on the agreement form and i cant see anywhere on the agreement form where it says it can change. so does this mean it can go higher when they chose to make it higher.

i rang them and asked them to send me a copy of the original agreement it cost me a tenner, and when it came it was unreadable, the ink was smudge all over the place it made me wonder .......... is there something they dont want me to see.

[gpm0708]

have you got a 12 month statement from them? if so check what capitalization they are adding each month.... can you tell me the highest ammount please

[dawnytrish]

Hello again.

The last amount of capitalisation is £228.69.

I have posted all the documents Pictures by dawnytrish - Photobucket

 

Takes quite a time to read them all though:)

 

Thanks again

Dawnx

[gpm0708]

have you got a 12 month statement from them? if so check what capitalization they are adding each month.... can you tell me the highest ammount please

whats the start amount of the loan when insurance have been added on. this will show at the start or the end of a 12 month statement

[dawnytrish]

The start amount including the insurances is £4214.27.

The statement is copied in the above link.

 

I have to go now but will be back tomorrow.

 

Thanks for helping and....

 

Happy reading.LOL

 

Dawnx

[gpm0708]

hi dawn just done a quick calculation of this loan so here go's

 

if you pay £238.55 per month over 12 months and they add intrest at 72% this totals to £4922.64 x3year=..........£14767.92 (this is intrest)

so after paying 36 months of paying a total of £8587.80 welscum ****ty finance or going to say he still owes £6180.12

this doesnt include late payment charges, charges for phone calls, charges for sending out letters etc etc etc

[dawnytrish]

OK guys.....Here is the letter I will post on Monday.....Thoughts please:)

 

Welcome Financial Services

Compliance

Ruddington Fields Business Park

Ruddington

Nottingham

NG11 6NZ

9th November 2009

 

Dear Sirs,

POLICY REF:

ACCOUNT:

I am writing to you to cancel the policies relating to the above account - this being Welcome PPI, Unsecured PAP and Welcome Lifecare 24.

 

I have received policy documentation relating to the above account from Direct Group on 3rd November 2009 and in reading the terms and conditions fully I realise that these are unnecessary for my circumstances.

I also feel that I was mis-sold these policies for the following reasons:-

1. It was implied by your salesperson that taking out these policies would assist my credit application and that if I did not take them my application may be refused.

2. It was not fully explained to me the cost of these policies and the interest that would be applied.

3. Lifecare was sold to me for 5 years on a 3 year agreement.

4. I was not informed that similar cover could be purchased elsewhere.

It concerns me that these policies were not sold to me in my best interests and so wish to exercise my right to cancel, as within the terms and conditions it states that you may cancel the insurance within 30 days or within 30 days of receiving policy documentation whichever is latest.(This being 03/11/09.)

I have enclosed a copy of the covering letter and postmark from the documentation received from Direct Group as proof of date of receipt and now request that the policies are cancelled and all premiums and interest paid be refunded. As I have been deprived of this money I also expect 8% statutory interest be added to each payment made.

 

I look forward to a full and prompt response from you regarding this matter.

Yours Faithfully

Thanks again

Dawnx

[dawnytrish]

Also ...why do I keep getting all this font stuff when I copy and paste from Word????

[djwigster]

Also ...why do I keep getting all this font stuff when I copy and paste from Word????

 

I would guess that this forum doesnt recognise the Verdana font. Maybe changing it to Arial in Word before pasting here might work.

 

The letter looks fine...very similar to the one I recently sent to will be interesting to see if we both get the same response.

[dawnytrish]

Hi DJ...Thanks for the tip regarding the font.....will try that next time.

I did copy some bits from your letter....hope you don't mind.

 

Will keep my thread updated and watch yours too.

 

Thanks again.

Dawnx