Am i too late or shall i go for it ? old welcome Loan with PPI - WON

[hellskitchen]

I have an old loan approx. 7 years and 3 months old.

I have kept all the paperwork and realised that aswell as the ppi there are also other charges added to it. I do want to claim back those charges but am not sure if i am too late.

I did read on Martin Lewis's website that it was still possible after 6 years if all paperwork was in hand.

I am just wondering if this is correct and would someone could point me in the direction of a template to claim back these charges. Thankyou

[MrZ]

You can claim. Is the loan fully settled or is there money still owing?

 

More info would make it easier to assist you.

[rebel11]

Hi he

 

On the PPI element, read the following,

but make sure you do your own interest calculations, number (3) in my signature.

http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/

 

There are quite a threads on charges.

[hellskitchen]

Hi Mrz and Rebel11,

Thankyou for getting back to me.

Here are the details of the loan :

Amount of new cash advanced (i think this means the ammount i asked for) $ 1000.00

Healthcare $50.00

Familycare $175.00

Optional payment protection insurance $ 311.15

Acceptance fee $75.00

 

Amount of credit $1611.15

 

Amount of each monthly payment $105.67

 

p.s i cant get the pound sign up so dollar sign it has to be .

Rebel11 will have a look at the link you have provided , not great on maths just wondering if you could assist with interest calculations above?

Thankyou guys

Apr 69%

Rate of interest a month 4%

Repayment period 24 months

 

This was all signed for on 26.02.04

It has been fully paid off.

[MrZ]

Hi Mrz and Rebel11,

Thankyou for getting back to me.

Here are the details of the loan :

Amount of new cash advanced (i think this means the ammount i asked for) $ 1000.00

Healthcare $50.00

Familycare $175.00

Optional payment protection insurance $ 311.15

Acceptance fee $75.00

 

Amount of credit $1611.15

 

Amount of each monthly payment $105.67

 

p.s i cant get the pound sign up so dollar sign it has to be .

Rebel11 will have a look at the link you have provided , not great on maths just wondering if you could assist with interest calculations above?

Thankyou guys

Apr 69%

Rate of interest a month 4%

Repayment period 24 months

 

This was all signed for on 26.02.04

It has been fully paid off.

 

Youre in for a nice little windfall...Any chance you have your statements from Welcome?

[hellskitchen]

No i dont have the statements unfortuately. The money used to get taken out of a Halifax account which got shut down a very long time ago . All i have is the original contract/paperwork ...How much are we talking ?? haha

[ims21]

If it is a ppi claim and you have the agreement (as you clearly have) you shouldn't need the statements. the ppi base claim can be calculated as a percentage of the total.

 

ims

[ims21]

APR 69%!

[MrZ]

The total of all the insurances on the loan plus interest.

 

Statements would be very helpful. Welcome are only required to keep records for 6 years after the agreement end. Theoretically they should still have records. You can request a copy by sending a request under s 77 of the CCA 1974. You can a template in the library.

 

In order to calculate the interest you need to know the dates and amounts of payments. One could "guess" but its best to have the actual dates and amounts if possible. If it was paid via direct debit at the same time every month, and if you made every payment for the same amount this will be sufficient to get you a very close ball park figure. Otherwise you really need to request the statements from Welcome.

 

As your loan was dated before 14 Jan 2005, you will not have to bother with the FSCS. You can claim directly from Welcome. Give them time to respond, and if not happy take them to court and sue them for the full amount plus damages. A nice little pay for you in any event.

Edited May 17, 2011 by MrZ

[hellskitchen]

Thanks for all your help friendlies ,

I had a look at the link Rebel11 gave, and requested a ppi claims request application form from wf so all i can do is wait.

I have a simillar issue with Halifax so i will be popping into that forum asap .

Will let you know the the turnout

[hellskitchen]

Hi just a quick update . WFS have emailed me requesting more info which i have sent today !! Fingers crossed .

[hellskitchen]

Hello well i expected more after a month so after numerous emails and and phonecalls they sent a letter/questionaire out for me to fill in. Sent it back . They sent another one which stated that the investigation will take upto 8 weeks . So there we go.

[hellskitchen]

Hi everyone another update. Welcome Finance have offered me 520.23p

This is how they broke it down :

 

Ammount of ppi added to loan : 311.15

Ammount of interest added du to ppi premium : 132.53

Ammount of compensation due before calculating 8% interest : 443.68

Amount of payments recieved towards the ppi premium and interest since loan start date : 147.03

8% (simple) interest on the payments made towards ppi : 76.55

Total compensation due after calculating 8% interest : 520.23

 

So my question is do i accept what they are offering ? Is it a fair offer or am i being short changed ,( please refer to my original post regarding the paperwork info)

If i dont accept and take it to the financial ombudsman and they find in Welcome Finance favour , will i lose the ammount they were offering all together ?

Also i did also put in my complaint that i was also miss sold family and healthcare insurance too but they havent taken that into aacount , are they allowed to just ignore it?

 

Look forward to reading your advice . Thankyou

[ims21]

Hi

 

They say that you paid £147.03 towards the PPI so did you settle the loan early?

 

Regards

 

ims

[hellskitchen]

Hi , yes i was given a 1000 pounds as a gift :-Dyes i know , a very generous mother.

If i recall i used some of it to pay off the balance still outstanding but im not ezactly sure when.

[ims21]

Hi

 

Well to be honest, without knowing the date you paid it off it is going to be difficult to be accurate.

 

From the figures you have given I would estimate that you paid it off after about 10-12 months. If that is the case then I reckon their offer is about right.

 

Regards

 

ims

[rebel11]

Thread moved to the correct forum.

[hellskitchen]

Hi rebel 11 can you tell me where this thread has moved too cheers .

[ims21]

Hi HK

 

Thanks for PM

 

Now I am confused....you say that the loan was for 24 months from 26/2/04. You said you paid it off with a lump sum of £800 odd in March 2006. If that is the case, then the maths doesn't work out as March 06 is more than the 24 months of the agreement.

 

Also their offer says you only paid £147.03 towards the ppi part of the loan. Your ppi loan was 19.31% of the total so of each of your monthly instalments of £105.67 would have been for the ppi part i.e. £20.40. If you had only paid £147.03 then that is only about 7 months worth of payments.

 

Did you miss payments or did everything run smoothly while the loan was in place?

 

Regards

 

ims

[hellskitchen]

Hi Ims21 , thanks for reply.

The first payment of the loan was 30/03/2004 . I have just rechecked the paper work. The loan agreement ( my copy of the yellow paper ) does state that the estimated repayment period is 24 months , however the repayments didnt go to plan and basically welcome finacial services collection unit took over and i was paying alot less than the 105.67 to them but i can remember how much . I must have done this for some months.

I do remember paying the balance off though.

I hope this makes things slightly clearer ?

I spoke to welcome finance yesterday because i was a bit miffed that the healthcare and familycare insurance was not added to the compensation , so they have made a note and will get back to me , dont know if i have any chance of that but hey ho .

[ims21]

Hi

 

In post #1 you said you had kept all paperwork but I guess that doesn't include the statement(s) of account?

 

It is going to be impossible to check their figures without knowing what payments you actually made because without that information we cannot work out the interest or even check that what they say you paid against the ppi is right either.

 

This is now going to depend on how far you want to go to get this checked.

 

If you are happy with the offer then of course you can accept it.

 

If you think you are being fleeced you can either ask them for a statement of the account and they may provide it to you. If not you will need to do a Subject Access Request to get the transaction history of the account but this will cost you £10.

 

Sorry I can't check your figures with what we have already.

 

Regards

 

ims

[hellskitchen]

Hello quick update . Welcome finance finally offered me $1129.00 . Very happy and already banked lol