where to start? PPI with welcome

[grantyblade]

Hey, Got some great help off the welcome threads for a few things now really need to kick start my mis sold ppi and other insurances from 2004. Can anyone point me in right direction with letters and how much to claim please?

 

This account is now settled, VT'd some way through and took out new HP with them.

 

Agreement dated 26/2/04

 

ppi - 1935.99

mechanical breakdown - 650.00

emergency recovery - 330.00

shortfall ins - 145.00

collision call - 40.00

 

total premiums - 3100.91

finance charge - 1860.37

total amount payable - 4961.28

 

apr - 28.4%

 

48 monthly payments of 103.38

 

this agreement started with opening balance on 26/2/4 of £15081.12

 

the account finished on 20/11/06 with a balance of £7890.04. The only figure carried over to my new account was £1000.00.

 

I would just like to know if I have a claim for all the insurances I paid during this time? And if so how would I come to work out what amount to ask for? Fortunately I was cleverer on my 2nd account and didn't get stung for any insurances.

 

Thanks in advance

[birchave0]

if you have the account number send them a SAR, it will detail everything on the account, including the PPI. It should include a copy of the agreement which will demonstrate the breakdown of the total amount for credit.

 

if you then feel you were miss sold the insurance, write to them and complain, this has to be the first step, the FOS will not look at anything unless you have complained to the company who sold the insurance first.

 

You will have to state why you feel you were miss sold the product, etc, etc.

 

[grantyblade]

I have the SAR from welcome, is there a standard letter to send to reclaim? Know my reasons for the mis selling. Just don't know how to go about getting a figure to reclaim or should I leave it for them to work out? Can I claim all 5 insurances? (ppi, med care, breakdown etc etc - never used any and I feel they were all totally underhandedly sold to me)

 

Cheers

[grantyblade]

* bump *

[birchave0]

I don't think there is a standard letter, just write to their complaints department, state why you feel you have a reason to complain.

 

If you feel the policy was not suitable for you, or you weren't advised you could purchase it elsewhere, or maybe they just added it without your knowledge or consent, put these down as the reasons.

 

Each PPI case is different so include as much info in your letter as you can and send it recorded delivery.

The FOS are upholding up 90% of PPI complaints, there is also a good chance that your complaint will be dealt with quite quickly and not even get to the FOS stage.

[grantyblade]

ok brilliant.

 

I'll try and find someone else's letter from one of the threads somebody may have sent.

 

If for example i VT'd after 24 months of 48, I presume I ask for 24 * £103.38 (the monthly insurance premiums)(post1) = £2481.12. Nice! Do i ask for 8% statutory interest too? if so do I need to calculate each individual monthly payment + 8%?

[dx100uk]

yes

 

dx

[grantyblade]

Cheers!! I shall scribe this evening. Enjoyment.

[grantyblade]

Finally got my letter sorted and the charges worked out. Can anyone look at the letter and confirm that it's ok, please?

 

]Thanks...

Dear Sir/Madam

Agreement Number xxxxxxxxxx

 

I purchased the above Loan from you on the 26th February 2004, however included with the loan were a number of additional insurance products, namely Payment Protection Insurance, Mechanical Breakdown Insurance, Emergency Recovery, Shortfall Insurance and Collision Call. The reason I am writing to you is that I believe that all of the aforementioned policies were missold to me for the following reasons;-

Your salesperson did not tell me that these policies were optional

 

I have subsequently discovered that these policies that I was forced to have are in fact optional. This has left me feeling extremely hurt and disappointed at the fact that your salesperson has clearly taken advantage of my lack of knowledge for their own and / or their companies gain at my expense, not just once, but on several occasions.

 

At no point was I offered a quote without insurances attached to compare the cost, at no point was I told that these were optional, in fact as mentioned before I was informed that these policies were a necessity to be able to offer me the loan - a "fact" I know now to be untrue.

 

I feel extremely let down and misled on this matter, I had expected that I would be treated fairly as per your obligations to the Financial Services Authority, however on several occasions I have been treated extremely unfairly and so want matters resolved as a matter of urgency.

 

I am now 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. The total amount of insurances that have been paid on this account equates to £2617.57 and the interest charges applied at 8% equates to £1007.69. Therefore the total claim is £3625.26. A full schedule of these charges is attached

 

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.

Yours Faithfully,

 

Is 8 weeks correct or should I expect sooner?

 

Thanks

Edited April 12, 2010 by grantyblade
editing was all weird when i posted it

[dx100uk]

look nice.

 

now expect the 'questionaire throught to door soon...

delaying tactics........

 

dx

[grantyblade]

Cheers dx,

 

yeah i've read about them on here, just need to find the damn thread again with the template type answers!!

[dx100uk]

answer each q none of your business

it wont make any odds

its just a stalling tactic.

 

dx