Welcome Finance PPI and Mr Z ** SUCCESSFUL OUTCOME **

[citizenB]

postggj

 

my thoughts at the moment are to accept the payment as its PPI, once you have banked the cheque, go after them again for the other mick mouse insurance products

 

is the offer a full acceptance on all the insurance crap or just the ppi, in other words

 

is the settlement proposal Full and final, how is the acceptance (offer) letter worded from welcome

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Originally Posted by steven4064

The chances are that it would never get to court. You might be hesitant to go down the court route but Welcome are terrified. Also, with PPI you probably have a strong case and CAGwill help you to not "cock it up". Your decision though.

 

 

I feel a potential cock up lurking...

 

I spoke to my local court about my fees remission form. I asked if I should include with my N1 form and EX160, the fee indicated, presuming my calculations for remission are correct and approved by the court. I was advised to send no fees with my application and the court would advise after processing the fee payable.

 

The N1 form is asking for the court cost and solicitors fees. As for court cost should I put the standard fee of 245 as shown on form ex50, or the reduced fee from the remission table that I qualify for?

 

I am acting as a LiP, what should be listed for solicitors fees, if anything? Should I leave it blank or enter 0.00?

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

 

Originally Posted by postggj

my thoughts at the moment are to accept the payment as its PPI, once you have banked the cheque, go after them again for the other mick mouse insurance products

 

is the offer a full acceptance on all the insurance crap or just the ppi, in other words

is the settlement proposal Full and final , how is the acceptance (offer) letter worded from welcome

 

 

 

Hi postggj,

 

Thanks for the visit. I am going to scan the letter and post up shortly...10 minutes please

 

 

Edit:

 

Here is the letter.

 

PPI_SecondOffer.pdf

 

They did not include a Breakdown or explanation of calculations. The amount is less than it should be. Its based on PPI only, not the LIFECARE and MEDICARE that are part of th same policy and make up the premium.

Edited May 10, 2011 by citizenB

[citizenB]

postggj

 

how much was the PPI on the agreement and

 

how long have you been paying

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

Originally Posted by

postggj

how much was the PPI on the agreement and

 

how long have you been paying

 

 

 

 

 

 

the amount for the premium on the agreement was 3218.32 since Jan 2004.

 

The loan was taken out Dec 2003.

 

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Originally Posted by postggj

again

 

how much the other piece o crappy insurance.

 

 

Sorry thats all the insurance combined as its all part of the same policy. I know this because I have the original docs...they didnt send it to me. When I complained I complained about the entire policy not just PPI.

 

But here is the Breakdown

LIFECARE 175.00

MEDICARE 300.00

Payment protection 2743.32

 

Total 3218.32

 

My ORIGINAL complaint was for all three under the SAME insurance policy number. I detailed the reason for the mis sale is that I already had insurance through my employer and that NONE of the the insurance was needed. That complaint was upheld. However I did not agree with it being used to pay arrears, it did not include the LIFECARE and MEDICARE, and only calculated 12% interest as opposed to the contractual interest of 16.20%

Edited May 10, 2011 by citizenB

[citizenB]

postggj

with the payment going to welcome ref the arrears

 

after they have been paid, how much will be left to end the agreement and

 

has the financial

Ombudsman

been involved at any time

 

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

If I accept the offer and they apply the offered amount to arrears that will leave a balance of £20,000.00, which is essentially the orginal amount of the loan from 7 years ago.

 

I have not involved the

fos

as they admitted to mis-selling straight from the start. The dispute has been how much is due and how it should be paid.

 

Edited May 10, 2011 by citizenB

[citizenB]

dx100uk

site team

 

the fos has a series of new and very informative FAQ PDFS on their site

look at the examples and pick yours

 

dx

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

I certainly hope its not being suggested I need to get the fos involved...is it? My case is clear. I was mis-sold. I have admission from Welcome of being mis-sold. One from my original complaint, and another after a followup complaint demanding that MEDICARE and LIFECARE were not accounted for and should have been. Two complaints, both upheld. But they are still offering less than what is due. I want the full amount, not part amount.

 

It seems since the lastest Judgment from the High Court that many on the forum are suggesting to bypass the fos and get it into court. The court is more likely to award the full amount and restitution and means of enforecement, as opposed to the fos who have no "teeth".

 

If Welcome are as bad off as it may appear I really dont want to spin wheels with the FOS.

 

Am I mistaken in this line of thinking?

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Can anyone help me with the court forms please? I have a general outline of the particulars of claim, but I need help with it. Should I mention they have upheld my complaints of being mis-sold? Should I be seeking the full value of the policy or just what I paid into it so far? How do I ask the court to order the unpaid amount to be written off the account, or do I ask for the full value as cash and then decide if I want to apply it to the loan myself. I want to ask for restitution as well, not just statutory interest.

 

I must point out that I no longer have a charge on this loan so its unsecured at the moment. I dont want to give the **** a reason to draw up a new agreement with a charge attached to it.

 

If I get them to court over this I will have the upper hand with regard to the other charges and the MIF.

 

I could really do with some help here!!!

Edited May 10, 2011 by citizenB

[citizenB]

steven4064

site team

 

If you have it in writing that the PPI was mis-sold then I would say that is a cut and dried case. Welcome would be completely crazy even to defend and, if they did, you could just go for a strike out and summary judgement IMHO.

 

What you should go for is PPI already paid plus interest already paid and interest at their lending rate on top in restitution (Sempra v Inland Revenue)

 

There is no rason for them to redraw the loan although you should have revised repayments once the PPI is removed. I think they will not want to go to court so you have the whip hand - don't agree to anything you don't want and keep presing toward court until they give in

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Originally Posted by steven4064

If you have it in writing that the PPI was mis-sold then I would say that is a cut and dried case. Welcome would be completely crazy even to defend and, if they did, you could just go for a strike out and summary judgement IMHO.

 

What you should go for is PPI already paid plus interest already paid and interest at their lending rate on top in restitution (Sempra v Inland Revenue)

 

There is no rason for them to redraw the loan although you should have revised repayments once the PPI is removed. I think they will not want to go to court so you have the whip hand - don't agree to anything you don't want and keep presing toward court until they give in.

 

 

 

Can you explain or point to a thread/page that shows how restitution interest would be calculated? Welcome are no longer lending. My contract rate is 16.20% AIR and 19.98% APR. Would I just calculate it as I would statutory interest, but using the rate of 16.20% instead of 8%? I've googled the above case and see the basis, but havent seen clearly how to apply it to my situation. And also would it be on top of the statutory interest or instead of?

 

Claiming only what I have paid will keep it small claims which is a bit of a pressure relief as I wont have to worry about costs in a worst case scenario. I agree with you, its very cut and dried and likely wont get to court but I need to consider that possibility.

 

Edit: I have seen the tutorial on the wiki. Trying to get my head round it now.

 

Do I even need to do the calculation or can I just ask for it in my claim and then wait for the Judgment to calculate the totals? Sorry if I am being daft, I just want to make sure I fully understand what I am asking for.

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Originally Posted by

steven4064

If you have it in writing that the PPI was mis-sold then I would say that is a cut and dried case. Welcome would be completely crazy even to defend and, if they did, you could just go for a strike out and summary judgement IMHO.

 

What you should go for is PPI already paid plus

interest

already paid and interest at their lending rate on top in

restitution

(

Sempra v Inland Revenue

)

 

There is no rason for them to redraw the loan although you should have revised repayments once the PPI is removed. I think they will not want to go to court so you have the whip hand - don't agree to anything you don't want and keep presing toward court until they give in.

 

 

 

 

 

Can you check my math to let me know If I am working this out correctly? I am using the APR of 19.98% as stated on the contract. The payment amount is PPI with interest each month.

 

£40.94 since 31 Jan 2004 is 2649 days with interest totaling £112.62

 

Is that about right or way off the mark? Should i be using the APR or the AIR as the rate?

 

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

I feel pretty confident now on how to calculate the restitutionary interest, which is compounded from the date of each payment. Now I need to know:

 

When calculating should I use APR or AIR? I assume AIR as that's what supposedly charged on the account. (even though the interest actually charged doesnt appear to be at the AIR or APR, but that's an argument for another day )

 

Do I calculate the restitution and add it to the amount claimed for the total claim amount, or do I claim just what I paid and then in my particulars of claim ask for the restitution on top?

 

What about the statutory interest? Is restitution in addition to the statutory interest or instead of?

 

If statutory interest is sought, is the amount added to the claim total, or is it requested in the particulars?

 

I am keen to get this claim to the court sooner rather than later so any help with this is greatly appreciated!

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

Will this letter suffice as enough notice before making a court claim? Bearing in mind there have been 2

lba

's prior to this.

 

PPI_Response4.pdf

 

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Can anyone confirm if the letter in post 130 is sufficient to send prior to making my claim? I would like to send it in todays post.

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Caution, a rant follows!

 

I am becoming very disheartened with the forum. Whilst I admit it has served me well in that there is a wealth of information here, but the lack of help and follow through is becoming apparent.

 

I have in the past read many threads with great interest...but I noticed something peculiar. Many threads seem to get to a certain stage and then are abandoned. Particularly when the courts are involved.

 

There seems to be a general consensus from some on the forum which encourages consumers to "take em to court". With statements like "dont worry,we'll help you along the way". I dont know if its fear of liabilty, lack of time, or general dis-interest, but for some reason the help is hard to find, let alone depend on.

 

I have more than my Welcome issue that I feel will only be resolved in court. I am determined to stand up for my right, and hope I make the best choices and will have my voice heard during my day in court. That being said, if I have to go it alone, I will. But it would be nice if the help that has been alluded to, would come to fruition.

 

I am simply voicing my opinion and observation, and hope it is not taken in offense by anyone. And of course I am exceedingly greatful to all of those who have thus far offered help and support, with no promise of anything in return or benefit to themselves. That in fact, is the spirit that makes this forum so attractive.

 

Rant over

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Letter sent. Lets hope I didnt make a mistake that will soon bite me in the backside!

Edited May 10, 2011 by citizenB

[citizenB]

Prudence

Good luck with the letter and your case Mr Z and thank you so much for you input on my thread. It's true, there are times on here when you feel totally abandoned. I was watching your thread yesterday and hoping someone would come along and answer your questions/support you. When we had the CCJ overturned it was with tremendous help & support on here all the way, so I don't know if it's just a sign of the times, with people having problems of their own, lack of time etc because there are some very knowledgeable and generous people in this community when you can get to them!

 

Edited May 10, 2011 by citizenB

[citizenB]

dx100uk

site team

pers i think you were going your own way what ever we advised, be it right or wrong.

 

i pointed to the calc pdfs on the

fos

website to use those

i also think you are going to be refered to this by the judge:

 

http://www.fscs.org.uk/news/2011/mar...cial-7pghpepm/

 

although likewise i do not agree with the comp going to welcome in total either

 

dx

 

Edited May 10, 2011 by citizenB

[citizenB]

MrZ

 

Originally Posted by Prudence

Good luck with the letter and your case Mr Z and thank you so much for you input on my thread. It's true, there are times on here when you feel totally abandoned. I was watching your thread yesterday and hoping someone would come along and answer your questions/support you. When we had the CCJ overturned it was with tremendous help & support on here all the way, so I don't know if it's just a sign of the times, with people having problems of their own, lack of time etc because there are some very knowledgeable and generous people in this community when you can get to them!

 

 

 

Again, thanks for the support. I do understand that people have their own fish to fry, so to speak. Maybe its just bad timing on my part.

 

Either way, I wont allow this thread to fall in the same group of those which have been abandoned. I will update this thread until the very end. I will learn along the way and hopefully offer something useful to others.

Edited May 10, 2011 by citizenB

[citizenB]

Prudence

 

That's the spirit! Right on!

Edited May 10, 2011 by citizenB

[MrZ]

Rumor mill alert!

 

Having just spoken to a friend in the know at the FOS...apparently Lloyds are processing claims on behalf of the FOS re PPI!!!!!

[citizenB]

MrZ

 

Originally Posted by dx100uk

pers i think you were going your own way what ever we advised, be it right or wrong.

 

i pointed to the calc pdfs on the fos website to use those

i also think you are going to be refered to this by the judge:

 

http://www.fscs.org.uk/news/2011/mar...cial-7pghpepm/

 

although likewise i do not agree with the comp going to welcome in total either

 

dx

 

 

 

 

Hi dx,

 

Thanks for the advice and link. I suppose at the end of the day, its up to me to listen to all advice that is given and then make the decision that I feel is appropriate.

 

With regard to your post about the fos pdfs, I did browse the fos, but with out a direct link to a specific pdf, I wasnt sure exactly what your thread was suggesting. I did reply to the thread asking if it was being suggested that I send my complaint to the FOS. Unfortunately no further clarification was given.

 

There will always be opposing opinions, which is welcomed, as it helps to bring to mind other possibilities that maybe werent conidered. There are some members and admins that seem to have alot of knowledge about specific issues. And those opinions dont always agree. But as I said in an earlier post, it seems to me that there is a general push to take PPI claims to court.

 

It has been suggested that since I have admission of mis-sale that my court case would be straight forward with a high likelihood that Welcome wouldnt defend or allow it into court. After considering my options, which is essentially another 8 weeks or more with the FOS which in all likelihood will uphold Welcomes (less than full) offer, or taking it to court with the possibility of "real" enforcement of the full amount, and possible restitution, I felt that a court claim was in my best interest.

 

With regard to taking the claim to court, I admit to feeling like I have jumped into the deep end, but I will either sink, or learn to swim...hopefully not with any sharks though!

 

My case is a little different than some others as it does not fall within the jurisdiction of the FSCS. Because of the date of the loan/policy, the FSCS will not deal with my claim. Its up to me and Welcome...and now unless Welcome offer the full amount, then it will be me, Welcome and the court.

 

Initially the FSCS sent me a claim form, but after submitting it, they said its not within the time period for claims they are dealing with, and I have to deal with Welcome directly.

Edited May 10, 2011 by citizenB