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Welcome Finance - Misols Insurances


pears23
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thanks everyone, am in process of reclaiming mis-sold insurances and MIF on first agreement.

 

just wondering what I need to do about 2nd & current agreement?? Is it unenforceable. My understanding that all prescribed terms are there. sorry the copy I have is barely readible hence why I have not posted up.

 

all advice welcome (pardon the pun!)

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All credit is to Post, seriously yeah im getting there but takes me like ages per agreement and using kinda templates from Posts previous calculations haha. . . but yeah I guess maybe if I do another 50 agreements I will be able to do them freehand rofl.

 

Pears, you have been charged MIF on your orriginal agreement, both agreements are incorrect and not justified. I would concider which direction you wish to go with this and get a letter together, i do not concider either to be enforceable. Also im sure they cannot charge an acceptance fee on a rewrite as your allready accepted by them right ?

 

Do you feel you were missold the PPI ? if so for what reason ? did you ever claim from it ?

 

You allready sent them letter on the 20th Jan, await response from that see what they say on MIF and PPI ... give them 14days and post back.

 

 

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Your 2nd loan, correct me if the figures I use are not correct as not seen agreement.

 

loan £19,400.53 over 300 months at 12.9 % apr

 

thats a monthly repayment of £207.12

interest £42,738.10 (that is loads of interest)

total payable £62,138.63

 

no insurances.

 

 

so we add the acceptance fee of £235 to give a total £62,373.63

 

 

to give a total amount repayable £62,373.63

divide by 300 to give a monthly figure of £207.91

 

Your agreement is incorrect and will leave a shortfall of 330.63

 

anyone any advice about how to proceed? Does this mean loan unenforceable despite all prescribed terms being present??

 

Not sure what my next move should be........ :rolleyes:

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Sent the following letter on 18th January 2010...............

 

Dear Sir or Madam

Re: Account number:

 

I am writing in relation to the the mis-selling a number of insurances including, medicare 24, lifecare 24, homecare 24, payment protection (PPI) policy. I believe you have not treated me fairly for the following reasons

· These insurances were added without discussion and my knowledge.

· I was not asked about any pre-existing medical conditions I suffered from

· I was not asked whether I already had any existing insurance or employer benefits that would cover my repayments.[/font]

· I was sold a single premium policy that was not fully explained to me as the whole cost of the insurance was not made clear to me

· It was not explained that theses insurances would not run for the full term of my loan.

Unless you can prove that these policies are fair and reasonable and that I was treated fairly when I was sold the insurance, I demand a full refund of all premiums, and subsequent interest on these payments, that I have paid in relation to this policy. I also expect 8% interest to be added to each payment I have made as this is the statutory amount a court would pay.

In addition I would like you to refund the mortgage indemnity fee which was also applied to my account, which was added without any explanantion nor was the whole cost of this fully explained to me.

 

I look forward to your full and prompt response to this letter. If this matter is not settled within eight weeks of this letter I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

 

 

and received the following response back today..............

welcomeFR001.jpg picture by pears23 - Photobucket

 

welcomeFR002.jpg picture by pears23 - Photobucket

 

welcomeFR003.jpg picture by pears23 - Photobucket

 

would appreciate advice on how to proceed, not sure about going to FOS as many CAGGERS not finding them helpful.

 

should I just go for unenforceability based on calculations as per posts above.:confused::confused::confused::confused::confused::confused:

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It would seem wrong calculations dont amount to much push with the fos (someone elses thread said fos werent concerned with it) Im not sure how wrongly calculated along would stand as a claim by itself in court.....

I am a consumer just like you, please get a second opinion or investigate yourself on anything I advise as I am in no way legally trained. Everything I know has come from the Mighty CAG and fellow CAGGERS. :cool:

 

If I have helped in any way please click my reputation star and make a donation to CAG to enable us all to continue to help each other :cool:

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I have a quick query regarding the addition of an MIF to secured loan, i asked this question of welcome & had the following cases quoted at me:

 

griffiths v welcome (2007) & the southen pacific case.

 

CAN I SEE THAT REPLY FROM WELCOME

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here goes Post...........

welcomeFR001.jpg picture by pears23 - Photobucket

 

welcomeFR002.jpg picture by pears23 - Photobucket

 

welcomeFR003.jpg picture by pears23 - Photobucket

 

however this response only dealt with the MIF aspect of my complaint & completely ignored my complaint about mis-selling of PPI!

 

p23

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I have a quick query regarding the addition of an MIF to secured loan, i asked this question of welcome & had the following cases quoted at me:

 

griffiths v welcome (2007) & the southen pacific case.

 

CAN I SEE THAT REPLY FROM WELCOME

 

 

any joy understanding the reply/ case? does the griffiths case mean the end of us trying to reclaim the MIF charged to secured loans under £25K?

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  • 2 months later...

thanks, glad to see you back.

How's the knee??

 

I have filed complaint with FOS meantime as welcome did not reply to any of my queries except the MIF! but would appreciate your views. FOS replied with a PPI questionnaire which I see many are being asked to fill in.

 

hope all is well with you???

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  • 1 month later...

Hurrah, I won the PPI aspect of this complaint, recieved a cheque today for > £4K!!(more than expected). FOS still dealing with MIF issue, has been sent to another dept for review.

 

I have a further question.... I had this loan re-written back in 2008 to remove PPI but did not receive a breakdown of how this new loan value was calculated (had just had a baby 4 weeks prior & car accident the week before so my brain was well & truly fried!!!) so don't remember asking for it. Looking back over my SAR there is no evidence for this either.

 

I suppose my question is the validity of this new agreement in light of welcome admitting mis-selling of PPI for old loan agreement? hope this makes sense. any views appreciated.

 

thanks

pears23

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