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    • FINAL UPDATE.  I have not posted as the defence were reading the thread.  An agreement was reached on the day of the hearing.   I am unable to go into detail but for those in this position the forum has been priceless support and advice so thank you all in the site team.   for those going through this, follow the process, ignore intimidating tactics and threats and get to the Judge.  They are very supporting of those self representing.   I note her name has gone from the heading of the thread.  Was this them ?  Thanks again.  
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    • We received a copy of the completed Directions Questionnaire (N181) from the solicitors along with a draft copy of their directions. I am on a course today so can upload over the weekend if needed. By 4pm on 16th May both parties must each give standard disclosure of documents by way of list by category. By 4pm on 30th May any request for inspection or copies of docs must be made and compiled 14 days thereafter. I will provide more over the weekend.
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volks23 v Welcome Finance PPI


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Hi All

 

I have been reading various posts and stickies regarding the process of claiming back PPI and now feel somewhat over whelmed and not sure where to start the ball rolling. I had two accounts with Welcome Finance one a loan and the other was car finance.

 

I have looked over all the paperwork regarding figures paid and Im not sure now what I am intitled to claim back

 

Car Finance Account:

The orignal sum for credit is £6000 with all associated charges etc the total sum is £9844.24 (APR 28.4%)

The Insurance sums are £2013.06 finance charge of £1127.10 total of £3140.16 (APR 26.5%) over 48 mths

The total monthly payment was £265.30 although the sum for insurance was £65.42 with the first payment in May 2003 and I guess ending in Sep 2007.

 

Loan

The orignal sum for credit was £1000 (APR 47.90%)

The insurance sums are £561.19 (APR 42.6% i think) over 36 mths

The total monthly payment was £74.94 with the first payment on Sept 2006. I have no idea what propotion of the monthly payment was for insurance.

 

How does the calculations work regarding the dates for claiming interest and what are the differences between compound and statutory interest. I have had no joy with being able to download the calculators mentioned in the stickies.

 

I am hoping to fire off a letter sometime over the weekend so any help with working out what I can claim back would be most appreciated.

 

Thanks

 

volks23

Progress

 

Barclays/Woolwich Claim 1

Pre Lim letter sent 15/12/06

LBA sent 29/12/06

N1 filed 25/1/07

Acknoledgement received 15/2/07

Defence filed 26/2/07

Amendment submitted on 5/3/07

AQ submitted on 15/3/07

Hearing Date 13/07/07 friday

Offer received on 07/07/07

Settled in Full on 09/07/07

 

Barclays/Woolwich Claim 2 (Pre 6 Years)

Pre Lim Letter sent13/07/07

Response Received

LBA sent 24/07/07

Response Received

N1 Filed (07/08/07)

NatWest Claim 1&2 (Pre 6 Years)

S.A.R sent 11/07/07

Statements received 04/08/07

LBA sent 04/08/07

Associates CC

S.A.R sent 13/07/07 - Awaiting their response

Capital One CC

Working out charges

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the easy way i would do it would be

 

take the cost of the insurance crap say £1000

then work out how many months its over, you will need the statement of price for that

 

then do it at the contractual interest on the agreement, not 8 %

 

that works if you have had no arrears

 

remember welcome front load interest/charges

 

if you have arrears

 

just do the cost of the insurance with the contractual apr

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  • 2 weeks later...

thanks for your reply am still not sure what you mean. I had intended to send this claim off but have been reading other posts on claiming back PPI. I have also finally managed to download the simple calculator but again (think I am having a thick month as not sure if my interpretation of the figures is correct I am really to claim back 10,986.76 for a 3140.16 policy? seems a bit excessive (spreedsheet detail below)

 

Loan Amount £ 9,844.24

PPI Premium £ 3,140.16 (A )

Total payable with PPI and Interest £ 12,734.40

Annual Int.% 23.76

Apr% 26.5

Annual PPI Int. £ 746.10

Monthly Int.% 1.980

Total PPI Int. £ 2,984.41

No. of Payments 48

No. of Years 4

Actual Costs (So far)

Monthly Payment £ 265.30

Monthly PPI Int. £ 65.42

No. of Months Paid to Date 48

 

Statutory Contractual

Total Paid £ 6,280.32

Total Interest £ 3,235.86 / £ 4,706.44

Total Refund Required £ 9,516.18 OR £ 10,986.76

Date Calculated:29/09/2010

Progress

 

Barclays/Woolwich Claim 1

Pre Lim letter sent 15/12/06

LBA sent 29/12/06

N1 filed 25/1/07

Acknoledgement received 15/2/07

Defence filed 26/2/07

Amendment submitted on 5/3/07

AQ submitted on 15/3/07

Hearing Date 13/07/07 friday

Offer received on 07/07/07

Settled in Full on 09/07/07

 

Barclays/Woolwich Claim 2 (Pre 6 Years)

Pre Lim Letter sent13/07/07

Response Received

LBA sent 24/07/07

Response Received

N1 Filed (07/08/07)

NatWest Claim 1&2 (Pre 6 Years)

S.A.R sent 11/07/07

Statements received 04/08/07

LBA sent 04/08/07

Associates CC

S.A.R sent 13/07/07 - Awaiting their response

Capital One CC

Working out charges

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Volks,

 

According to my calculations and in line with the FOS guidelines your claim for the Car finance should be:

 

PPI: £2013.06

Compound interest: £1127.10

8% on monthly repayments: £1348.90

8% on balance since settlement:£860.32

 

Total claim = £5,349.38

 

For the loan:

 

PPI: £561.19

Compound interest: £441.66

8% on monthly repayments: £203.60

8% on balance since settlement: £87.26

 

Total claim = £1293.71

 

For the purpose of these calculations, I have used the 30th of each month as the payment dates and calculated up until todays date on the interest.

 

Now go get your money back.

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DJ1971

 

Many thanks for your help with working out these claims. I will update my letter and aim to post today. Just been reading another post and it mentions that welcome have ceased trading. Having a quick look on the web it appears that they are no longer accepting requests for new loans but are still trading to exisiting customers only. As I have finished paying on both policies this techinically means that I am no longer an existing custmers is this likely to impact on the outcome of me being able to claim my money back?

 

Anyway I will post the letter asking for afore mentioned sums to be returned and see what happens.

Progress

 

Barclays/Woolwich Claim 1

Pre Lim letter sent 15/12/06

LBA sent 29/12/06

N1 filed 25/1/07

Acknoledgement received 15/2/07

Defence filed 26/2/07

Amendment submitted on 5/3/07

AQ submitted on 15/3/07

Hearing Date 13/07/07 friday

Offer received on 07/07/07

Settled in Full on 09/07/07

 

Barclays/Woolwich Claim 2 (Pre 6 Years)

Pre Lim Letter sent13/07/07

Response Received

LBA sent 24/07/07

Response Received

N1 Filed (07/08/07)

NatWest Claim 1&2 (Pre 6 Years)

S.A.R sent 11/07/07

Statements received 04/08/07

LBA sent 04/08/07

Associates CC

S.A.R sent 13/07/07 - Awaiting their response

Capital One CC

Working out charges

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just had another thought should I be sending off a SAR if I have all the orignal documentation?

Progress

 

Barclays/Woolwich Claim 1

Pre Lim letter sent 15/12/06

LBA sent 29/12/06

N1 filed 25/1/07

Acknoledgement received 15/2/07

Defence filed 26/2/07

Amendment submitted on 5/3/07

AQ submitted on 15/3/07

Hearing Date 13/07/07 friday

Offer received on 07/07/07

Settled in Full on 09/07/07

 

Barclays/Woolwich Claim 2 (Pre 6 Years)

Pre Lim Letter sent13/07/07

Response Received

LBA sent 24/07/07

Response Received

N1 Filed (07/08/07)

NatWest Claim 1&2 (Pre 6 Years)

S.A.R sent 11/07/07

Statements received 04/08/07

LBA sent 04/08/07

Associates CC

S.A.R sent 13/07/07 - Awaiting their response

Capital One CC

Working out charges

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Letter posted today will now have to wait and see what happens

Progress

 

Barclays/Woolwich Claim 1

Pre Lim letter sent 15/12/06

LBA sent 29/12/06

N1 filed 25/1/07

Acknoledgement received 15/2/07

Defence filed 26/2/07

Amendment submitted on 5/3/07

AQ submitted on 15/3/07

Hearing Date 13/07/07 friday

Offer received on 07/07/07

Settled in Full on 09/07/07

 

Barclays/Woolwich Claim 2 (Pre 6 Years)

Pre Lim Letter sent13/07/07

Response Received

LBA sent 24/07/07

Response Received

N1 Filed (07/08/07)

NatWest Claim 1&2 (Pre 6 Years)

S.A.R sent 11/07/07

Statements received 04/08/07

LBA sent 04/08/07

Associates CC

S.A.R sent 13/07/07 - Awaiting their response

Capital One CC

Working out charges

Link to post
Share on other sites

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