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Welcome Finance : Welcome PPI/ Charges. How to get some payback.


alpwing
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Hi. My name is Alpwing and I've been suffering with Welcomitis for several years...

 

I have been following the forum for a few months, and buoyed up by the experiences of other users, I am preparing to "man up" and confront my Welcome issues.

 

As briefly as I can:

 

16/03/02 I took out a loan with WF...

 

£1500 Cash Advance

£170 Healthcare

£389.58 PPI

£65 Acceptance Fee

 

£2124.58 Total Loan

£132.30 per month

56.4% APR

24mth Estimated repayment period.

 

(just writing that down makes a now older and wiser man wince)

 

I was told, in no uncertain terms that they would not extend credit to me unless I took out PPI. This was not optional.

 

Payments went well. No missed payments.

 

22/01/03

 

Refinanced the loan because my partner became ill (very stupid move).

 

£1367 Amount used to settle existing loan.

£1000 New cash advance.

£150 Medicare.

£800.86 PPI

£75 Acceptance Fee

 

£3393 Total Loan

£155.42 Per Month repayment

45% APR

36 est repayment period.

 

Started off OK, but after 18mths I fell badly behind. They hit me with charges for anything and everything. I wasn't paying the loan off any more, just charges and the massive interest.

 

In May 06 I defaulted in a big way, having paid out £4500 and still owing £4200...

 

This debt is still outstanding, but they are no longer charging interest.

 

What I want to do is reclaim the PPI, reclaim the unlawful charges and satisfy the loan. I want this off my credit record too (wishful thinking).

 

I'm sending the template SAR, tomorrow.

 

Any thoughts or suggestions are very welcome.

 

Thanks for making a great resource, people!

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  • 2 weeks later...

Update:

 

On the 23/3/11, Mackenzie Hall searched my credit file. That's 1 day after WF should have received the SAR. Is this usual? I know MH are WF's chosen DCA, but the search was conducted without my knowledge or consent. Is this usual?

 

I have sent WF a CCA request which should shed more light.

 

Thanks again.

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  • 2 months later...

I've recieved everything back and I'm in the process of compiling a spreadsheet of all transactions.

 

What's clear is this:

 

There was lots of PPI paid in advance that I have paid subsequent interest on. I said I didn't want the PPI in the first place but the advisor (names are clearly apparent) told me I would not be granted credit without it. This is PPI reclaim case, right?

 

The agreement is pre 2006. Who do I complain to? FOS?

 

Despite paying them over £5k, they claim I still owe £9k+. This is compund interest and what appears to be unlawful charges (£20 here, £5 here, unspecifield "capitalisation" there). So which do I prepare to reclaim first and how do the two effect each other, if at all?

 

Any ideas as to the first moves from here?

 

Thanks.

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