help with welcome finance please??

[midlandgirl]

hi i am in desperate need for someone to guide me along the right path!!

 

I took a loan out with welcome aug 2008!

Loan: £2000

insurance: £1433.36

acceptance fee: £75

interest charged: £3640.88

 

total a hugh £7149.24

 

i never realised this was the figure until i went through this the other night with my partner! it's ova 36 months at £198.59

 

i am shocked i even took this out but was desperate at the time!! i pay £200 a month and £160 is interest my balance is creeping up and i am getting really scared, i only work part time as have kids and £200 out of a £500 wage is killing me!! I have written the first letter of about claiming insurance back but as yet no response?? I was never told when sold this loan the total payable and they don't add this up for you on the agreement, i feel i complete mug and will be very grateful of any advise??

many thanks in advance:(

[Sol]

When did you send letter; where did you send it and was it recorded?

[Dibbothe3rd]

How the hell can they justify insurance (i assume its PPI) of £1400 on a loan of £2000?? that cant be right surely.

 

If it is PPI then you should be able to claim it all back. Someone with a bit more knowledge should be along to help you soon.

 

In the mean time, if you have a copy of your agreement, can you scan it (Black out all personal details and reference numbers) and post it up in this thread for the guys to read.

[midlandgirl]

hi i sent the letter claiming ppi on 18.09.09 by recorded delivery

[postggj]

Ouch

 

This Needs Sorting

 

Do You Have A Copy Of Your Agreement

[midlandgirl]

yes will post it on this evening as still tryin to work out how to do that bit !!

[ms mongoose]

Ow! I'm in a similar boat, but my gosh, that's a really high rate of PPI. You're not alone, I had a loan of 1500.00 with an acceptance fee of 75.00 and insurance of 563.00. It was only a lot later when I realised how my interest they had charged - 60% APR!

 

Do persist with the PPI reclaiming - you'll be owed a lot of money, as the interest they charge is compound.

 

A hint on how they calculate interest, by the way - they have one rate in the demands and needs statement that you got with your loan, but it might not be right.

 

As part of this process you'll proberbly want to look at your statement and work out how much interest they're actually charging you month by month, so you can make sure they're paying you the right amount back. if you want to post a page of your statement - with all the spersonal details removed - I'll be happy to do the calculations for you.

[midlandgirl]

please see attached file, many thanks

welcome agreement.pdf

[midlandgirl]

enclosed is attachments for a statement of the account as of nov 2009, many thanks in advance

[postggj]

Hi Midland Girl

 

Ready For This

 

Boy Did They Shaft You, Even By Welcomes Standards, This Is Criminal

 

Ready To Take Them On

 

Ill Guide You All The Way

 

First Thing I Need To Know

 

This Is Ref The Micky Mouse Insurance

 

At The Time Of Signing The Agreement Did You

 

Have Any Pre Exsisting Medical Conditions

Self Employed

Worked Part Time

Have Any Other Insurance Products Not Associated With Welcome

[midlandgirl]

hi thanks for the quick response!! yes i am ready to take them on.....

I worked part-time when i took the agreement on, no medical conditions, no other insurance other than house but thats in the Mr name!!

[postggj]

ok, thats what i wanted to know

 

did you get docs from welcome called

 

STATEMENT OF MEANS

 

STATEMENT OF PRICE

[midlandgirl]

no i have everything they have ever sent me and no i don't have any of these!!

[postggj]

WELL WORKING PART TIME WOULD INVALIDATE PPI

ALL THE INSURANCE PRODUCTS WOULD HAVE TO BE SHOWN TO BE SUTABLE

 

THIS IS DONE BY WELCOME FILLING OUT A NEEDS AND DEMANDS STATEMENT TO ASK QUESTIONS ON SUTABILITY. ITS A LEGAL REQUIREMENT.

 

WELCOME ARE MORE INTERESTED IN COMMISSION THAN THIS SO WE WILL GET ALL THE PPI ETC BACK AT 60 % CONTRACTUAL INTEREST

 

YOU NEED TO SEND THIS BY RECORDED DELIEVERY

ITS MY OWN SPECIAL SAR

 

SEND BY RECORDED DELIEVERY AND ENCLOSE A TEN QUID POSTEL ORDER

 

THEN PHONE THESE PEOPLE AND ASK THEM TO SEND OUT ALL INFO THEY HAVE ON YOU REF INSURANCE AND WELCOME

 

Direct Group - Where Insurance and Innovation Combine - Home Page

 

 

Welcome financial services

Compliance

Ruddington fields business park

Ruddington

Nottingham

NG11 6NZ

 

[DATE]

 

 

 

Data Protection Act 1998

Subject Access Request

 

 

 

Dear Sir/Madam

 

 

ACCOUNT NUMBER: xxxxxxxxx (or multiple numbers if more than one account)

 

 

Please supply me with copies of all the data which you hold on me in relation to any matter and in any form and for any period of time.

Please note that I require disclosure of any personal data which you hold on me for the entire period of my dealings with you.

The Subject Access is not limited to my transaction history and it is not linited merely to 6 years of historical information.

Additionally, where there has been any event in my account history over this period which has required manual intervention by any member of your staff, or any other person, I require disclosure of any indication or notes which have either caused or resulted in that manual intervention, or other evidence of that manual intervention in relation to my financial business with you.

I require all information on details of all insurance products supplied by welcome financial services. This is to include the statement of means, statement of price, details of all insurance premium tax paid, and underwriting sheets.

If mortage indemnity insurance has been added to the agreement, i require all details on who this premium was paid to, and who underwrites this insurance.

 

If you are unable to supply this data because there has been no such manual intervention, then please be so kind as to confirm this in your response.

 

I enclose the statutory maximum fee of £10. You have 40 days in which to comply. Furthermore, if I discover that you have levied disproportionate penalties or charges which are invalid under the Unfair Terms in Consumer Contracts Regulations against me, then I shall be reclaiming them together with any interest charges which you have levied on them.

As it is your wrongdoing and mishandling of my account which has created the necessity for this Subject Access Request, I shall also be reclaiming the enclosed £10 DPA subject access request fee.

 

If there is specific information which you require in order to satisfy yourself as to my identity, please let me know by return. However, please note that the above address is the one which you normally use to communicate my private business to me and which you have hitherto found to be acceptable.

I would be happy to collect the Data from my local branch.

 

 

Yours faithfully,

 

 

 

[name]

Edited November 25, 2009 by postggj

[midlandgirl]

brillant will pop that in the post tomorrow, should i stop paying my £200 a month or carry on??

[postggj]

Make The Next Payment And We Will Wait To See What Welcome Send Or Not Send You

 

If You Have A Good Credit File, We Dont Want To Tarnish It By Jumping The Gun

[djwigster]

Post - you need to amend your SAR letter to say "print name" instead of "signature".

[postggj]

Well Spotted

[midlandgirl]

i will print, thanks again!! fingers crossed!!