3 secured loans with welcome finance. *WON*

[ozzywizard]

Going to make a claim for PPI with welcome finance. I do have other issues that are being dealt with this company but due to their current situation I ewant to get a claim in asap. Issue is, it is so complicated as had 2 rewrites so not sure how to calculate amount owing. I have all SAR and agreements if anyone needs to see. here is letter so far if somone could help please.

 

 

Re: Complaint and request for return of Payment Protection Insurance premium and contractual interest.

On the 19/10/2004 I took out a secured loan with yourselves to the value of 5000 with total insurances of 1724.91.

On the 08/10/2004 I took out a further secured loan to the value of 8500 with total insurances of 2458.61 .

On the 13/07/2005 I took out a further loan for the value of 15000 with total insurances of 2413.76.

When I took it out the above loans, I signed up for Payment Protection Insurance [PPI]. At the time I was experiencing some short term financial difficulties and I was told that I could not have the loan unless I agreed to take the insurance.

No claim was ever made under the policies.

I now realize following the recent OFT and FSA investigations, that you miss-sold me these insurance policies, which I did not want and did not need. I believe I signed up for the insurance under economic duress and that your actions were unconscionable.

I would draw your attention to the terms of the contract which you agreed to at the time that I opened my account. It is an implied term of that contract that you would conduct yourselves lawfully and in a manner which complies with UK law.

No attempt was made to ascertain if the product provided was fit for purpose, suitable for my needs or if indeed if I really needed it at all. No inquiry was made as whether I had pre-existing insurance for accident, illness or unemployment. I was not given a copy of the insurance policy nor were any rights to cancel explained. I believe you manifestly failed in your fiduciary responsibilities, your duty of care.

Unless you can satisfactorily justify to me that the policy was fair and reasonable I am requesting a full refund of all premiums, and subsequent interest on these payments, that I have paid to date. As I believe I have been deprived of this money I also expect 8% statutory interest, the amount a court would award, to be added to each payment made.

I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks or I shall be contacting the Financial Ombudsman to investigate my complaint.

 

 

Edited January 6, 2010 by ozzywizard

[ozzywizard]

Here is the spreadsheet but not sure how to intergrate this into letter, also each of them were a rewrite so not sure which figures to use.

CAG PPI Calculator1.xls

[ozzywizard]

haha. according to the spreadsheet im claiming for £ 15,898.83

 

I know this is not correct.

[ozzywizard]

Anyone had the chance to have a look through this ?

[ozzywizard]

Received a questionnaire through the post from welcome finiance for claim for missold PPI.

Any advise on how to complete without hanging myself appreciated.

 

 

 

 

1) Why do you now believe PPI policy is now not suitaboe for your needs.

2) at the time you bought the ppi were you in paid employment.

3) has the nature changed since you bought the ppi.

4) was your job secure, was their risk of losing your job.

5) when you bought the policy were you in good health.

6) how long would your income of lasted if you had lost your job.

7) would your income of have continued of you had been unable to work due to accident or sickness.

8) at the time you bought the police did you have anyone who was financially dependant on you.

9) at the time you bought the policy did you have any other policy that protected your income in event of sickness or accident.

10) any other comments to support your claim.

.........................

 

any advise apprecited.

[djwigster]

Firstly, those questions are totally different to the ones on the questionnaire we received

 

I think this questionnaire is a load of waffle, designed to fudge the issue. At the end of the day, they said you needed the PPI in order to be accepted for the loan, which is blatant mis-selling...you were coerced into taking it.

 

Im pretty sure they will threaten to close your complaint if you refuse to send back the questionnaire though, so I would fill it in and, like you say, be careful you dont give too much away.

[ozzywizard]

Thanks heaps DJ, I am amazed I gots a bunch of differant questions lol.

 

I will fill it in with like one word answers so I have met their requirements but not given anything away, your right though it is totallly irrelevent to my claim as I am claiming that they told me I would not get the loan without insurance as I am high risk and my wife remembers this clearly also.

[ozzywizard]

Anyone any advise on this questionaire ?

[ozzywizard]

goingto be completing this tomorrow if anyone any help ?

[ozzywizard]

bump

[ozzywizard]

anyone gonna peep at my thread lol

[ozzywizard]

bump

[ozzywizard]

Would of preffered a bit of advise with this but either way got to complete form tomorrow. I will keep yas updated if anyone reading lol.

[ozzywizard]

1) Why do you now believe PPI policy is now not suitable for your needs.

 

I have always been of this opinion and voiced this on many occasions but always advised it was essential to get loan as bad creditor.

 

2) at the time you bought the ppi were you in paid employment.

 

Yes

3) has the nature of your employment changed since you bought the ppi.

 

No

4) was your job secure, was their risk of losing your job.

 

None

5) when you bought the policy were you in good health.

 

None

6) how long would your income of lasted if you had lost your job.

 

Not known

 

7) how long would your income of have continued if you had been unable to work due to accident or sickness.

 

continuous

 

 

8 ) at the time you bought the police did you have anyone who was financially dependant on you.

 

Yes

9) at the time you bought the policy did you have any other policy that protected your income in event of sickness or accident.

 

No

10) any other comments to support your claim.

 

Both my wife and myself was informed by yourselves we could not receive loan without insurances as we were bad creditors. This I now know to be incorrect and feel you have created an unfair relationship.

 

I really need to be putting this to paper so please any advise ?

[djwigster]

Looks fine to me. It covers the main argument for mis-selling, without giving anything away!

[ozzywizard]

this is response I sent.

 

 

1) Why do you now believe PPI policy is now not suitable for your needs.

 

Please refer to page one question one as not enough space to write here.

2) at the time you bought the ppi were you in paid employment.

 

Please refer to question one page one as not relevent to my complaint.

 

3) has the nature of your employment changed since you bought the ppi.

 

Please refer to question one page one as not relevent to my complaint.

 

4) was your job secure, was their risk of losing your job.

 

Please refer to question one page one as not relevent to my complaint.

 

5) when you bought the policy were you in good health.

 

Please refer to question one page one as not relevent to my complaint.

 

6) how long would your income of lasted if you had lost your job.

 

Please refer to question one page one as not relevent to my complaint.

 

7) how long would your income of have continued if you had been unable to work due to accident or sickness.

 

Please refer to question one page one as not relevent to my complaint.

 

8 ) at the time you bought the police did you have anyone who was financially dependant on you.

 

Please refer to question one page one as not relevent to my complaint.

 

9) at the time you bought the policy did you have any other policy that protected your income in event of sickness or accident.

 

Please refer to question one page one as not relevent to my complaint.

 

10) any other comments to support your claim.

 

Please see page one question ten as not enough space to write here.

 

................................................................................

 

seperate letter.

 

 

Response to question one.

I was informed by your agent that my loan would not be accepted unless I took out the payment protection insurances. I have subsequently discovered that all insurances should be optional; I was NEVER given any option to take the loan without the insurances and was never provided with a comparative quote for the loans without the insurance premiums attached.

 

 

Response to question ten.

Both my wife and myself were explicitly informed by your sales agent that we would not in any circumstances qualify for the loan without insurances attached as we were “bad creditors”.

This I now know to be incorrect and feel you have created an unfair relationship due to the fact that the attached insurances are supposed to be optional.

Quite simply we were never given the option of taking out the loan with no insurances attached, the insurances themselves were not fully explained (Other than they were a necessity) and therefore were not sold following an accurate analysis of whether or not we required said cover and therefore were missold.

Therefore questions 2-9 on your questionnaire are not applicable to be answered, there was no investigation at the time of the loans as to these circumstances and the suitability of the cover and looking back in hindsight on these would only cloud current matters.

Put simply it is irrelevant as to whether or not policies may have benefited me as the option to take these out was never presented and I was misinformed that they were in fact compulsory after later discovering that they were optional. My circumstances were not considered at the time of applying these policies to my loans; therefore play no part in assessing mis-selling after the event. I was told that I had to take out the insurance to get the loan and so was misinformed and would like this resolving immediately.

Edited February 18, 2010 by ozzywizard
correction of sentance.

[charger1]

:d

[ozzywizard]

WON WON WON.

 

On the 1st March received full and final settlement of PPI from all 3 loans inclusive of interest and also 8% stat interest. total 5K cheque and paid off the 500 pound arrears on the account (figures are rounded off ) .

 

Cheque is now received and cashed, also the 500 pound has been applied to my account and arrears are now zero with confirmed statement through post.

 

Thanks to this site for all their help and support........

 

Mods please mark as won and move to sucesses. .

 

(if anyone needs to see any of the letters from welcome in response to this please mail me at username at this site address)

[cerberusalert]

Changed to *WON*

[landy_alert]

Great work Ozzy - CONGRATULATIONS

[Ricecake]

Wonderful...well done...