Welcome Finance - paid the loan figure, but they want extra sums due to old arrears - is the correct?

[jules64]

The insurance crap as usual was missold

 

only three years cover on a five year agreement yet you are paying for it over five years

 

ill get that back for you at welcomes apr 26.1 %

 

that policy will never pay out anyway

 

look at the small print

 

ill put something together for you over the weekend

 

Thank you so much I really appreciate any help you can give me

[jules64]

Post, Welcome previously told me if I paid my arrears of £896 in full they would freeze the remainder of my balance at £1600 and I could agree monthly payments with them - I was thinking of approaching my bank for a loan of £1500 and offering it to them as full and final settlement of my account - do you think this would be a good idea or not. I just want them out of my life!! Thanks.

[postggj]

If that is what youwant then i wont say no but

 

reclaming the insurance crap will settle the loan

 

get everything in writing

 

keep me updated

[dx100uk]

def not.

 

put in a reclaim for the PPI atleast and i bet that will almost clear the arrears.

 

postggj is in/out of hospital a lot

so we'll have to wait a bit

 

dx

[dx100uk]

hi post

 

sri

 

dx

[jules64]

def not.

 

put in a reclaim for the PPI atleast and i bet that will almost clear the arrears.

 

postggj is in/out of hospital a lot

so we'll have to wait a bit

 

dx

 

Who do send the claim to - is it welcome themselves and sorry but I am not sure re how this works - is there a template somewhere I can use.

 

Thx

[dx100uk]

either look at a few thread here in the welcome forum about PPI

or pop along to the PPI forum

look at the stickys on its front screen

particularly 'notes for claimants'

 

dx

siteteam

[jules64]

dx, sorry for sound 'thick' but looking at my wf statement and the policy how do I work out an amount to claim. I also am going to try for the adhoc charges as well.

 

thx

[dx100uk]

you need to do some reading...............

 

to make sure you know what you are doing.

 

see notes for claimants stickys.

 

then comeback with any issues.

 

dx

[jules64]

Below are details of the letter I propose sending to wfs. can you please advise if you think it is in order.

 

Dear Sir/Madam,

 

Ref: Agreement No.

 

I am writing in regards to the insurance policy which I was sold by you, Welcome Financial Services in conjunction with my application for a secured loan on 21st September 2005

I now believe that I was mis-sold this policy because I was:

 

a) Suffering from a pre-existing medical condition that could affect my insurance and was not asked about this by your salesperson at the time

 

b) Not informed that taking the PPI policy was optional

 

c) Not asked whether I already had sufficient cover in place at the time the policy was sold to me

 

d) Not informed that the policy premium was to be added to my loan as a single premium and therefore attract interest

 

e) Not informed that the PPI policy would expire before I had fully repaid the loan

 

f) Not made aware of the features, exclusions and terms of cancellation relating to the PPI cover

 

g) Told that taking the cover would improve my chances of getting my credit application approved

 

As such, unless you can prove that this policy was sold to me fairly and that it is, in itself, fair and reasonable, I request a full refund of all premiums and subsequent interest on these payments that I have made towards this policy to date. I will also ask that you add the 8% statutory interest deemed as reasonable by the courts to each payment I have made.

 

Also in conjunction with the above I also believe I have incurred unfair charges, please see attached, for which I also request a full refund and subsequent interest plus the 8% statutory interest deemed as reasonable by the courts.

 

I would like you to investigate this matter further and look forward to receiving a full response from you within 8 weeks. Should my complaint not be appropriately dealt with during this time I will be asking the Financial Ombudsman to investigate.

____________________________________

My final loan payment is due to be made on 27/9/10 once I make this payment can I stop any future direct debits while awaiting the outcome.

[dx100uk]

pers i would not 'speculate' upon why the PPI was mis-sold.

 

put down the reasons that are true in your case.

 

you'll get a PPI questionaire back as a delaying tactic out of them anyhow i bet.

 

also becareful about 'what' you expect back.

 

clearly state that you want the PPI cancelled forthwith & that....

 

you should be put back into a position whereby the PPI was never sold to you & under restitution, be given 8% stat int back on any payments already made from the date [each month]

you ACTUALLY PAID for the PPI to the date of your claim.

 

i would also make the charges reclaim a separate issue [letter] to that of the PPI reclaim.

 

dx

[jules64]

I have sent my claim to wf but what would you recommend regarding by payments. The final payment will be out of my bank on Monday 27 and this will leave the arrears of £890 & the interest of nearly 3k left owing - should I let them know I am stopping all future direct debits once the final payment has been made pending the outcome of my claim.

[dx100uk]

did you get the statement of price as asked?

and 'what' are you recaiming, does this figure cover the outstanding?

 

dx

[jules64]

I am claiming the PPI and no I have'nt got the statement of price yet but as per my previous posts, apparently, the PPI has definately been mis-sold I am still looking into the 'unfair charges'.

Edited September 24, 2010 by jules64

[dx100uk]

how much?

 

dx

[jules64]

I have put my ppi claim to welcome along with a separate claim for unfair 'adhoc' charges and I have received a letter acknowledging my complaint. Since my loan technically matured on 5/10/10 am I within my rights to stop my direct debit payments of £181.79 and offer to pay them £100.00 per month of the arrears, which are £864, pending the outcome of my complaint. (Welcome are saying I still owe them £2600 as interest has been charged on my arrears since they occured in '05/'06)

 

Any advice appreciated.

 

Thanks

[NICHOLS76]

Likewise - I put a complaint in saying that I have paid the full original amount and then some...Cash loan of £1500. Because I fell behind with the payments in 2007, they told the loan was 'rewritten' and the total amount to pay back is £5300. Obviously I responded and told them to 'DO ONE!' with a CCA request, as surely I would have needed to authorise and sign a new agreement? I have also filed a complaint with the FOS. I'm still waiting for a response to my PPI reclaim.

[jules64]

Did you or are you making payments to them - I don't mind paying the arrears but there is no way I am paying them the rest.

[NICHOLS76]

I'm in the same boat...

As far as I'm concerned I have paid off the balance (according the SAR and checking my bank statements). So I stopped paying them. It's now with the FOS. A word of warning though... Keep an eye on your Credit File as they might trash it! Have you already complained to FOS?

[jules64]

I have spoken to the fos and they told me to let them know if welcome didn't respond to my personal complaint

[NICHOLS76]

I waited for nearly three months for them to respond. Then they told me that my complaint is unjustified. So I have now filed a complaint with the FOS aboutt them wanting £5000 for a £1500 loan! and also not responding to my complaint with 8 weeks. I'm going to fight this one out! Only give them eights weeks and no more!

Good luck with it.