Welcome Finance and PPI Claim

[detayo1]

Hello,

To prepare a spreadsheet of claim, I take it I will need to obtain a statement of account from the loan company that shows/showed monthly payments and records. Would you say that the first step is to send a SAR for the statement?

I took out a £3000.00 loan from Welcome Finance in June 2008 and I was pressured into taking their 'lifecare insurance

I remember telling the Welcome Finance officer, I did not need the cover but I was pressurised to believe that the Protection Insurance was compulsory. The officer certainly implied that I would stand more chance of getting the loan if I took Protection cover. I was also never advised about the cost and terms of the insurance nor was I even told I could buy insurance elsewhere to cover the loan.

I read that FSCS are dealing with Welcome Finance PPI claim. They stated they will be contacting all customers that have been missold PPIs. I don't know when this would be and I don't want to lose out.

I also do not know what I can claim. I maintained regular payments for very long but I defaulted due to financial hardship. however, I have since made further payments reducing the balance to £100.00 to be cleared off next month as advised.

Please advice if i have a claim. Where do I start? Do I request for statements? . I have located the Loan Agreement. I could scan and post it for advice.

Thanks a million for your advice

[ims21]

Hi

 

The FSCS are handling Welcome's PPI stuff...although it is actually Welcome staff who are doing it under their watchful eye.

 

You don't necessarily need the loan statements if you have your current account statements showing the payments you made. If you have no record of payments then yes a SAR would be the thing to do.

 

Have a read of No.1 in my signature. There is a spreadsheet at the end which will help you calculate your claim amount. FSCS are paying out 90% of the full amount I believe

 

ims

[detayo1]

Thanks a million,

 

Do I just click on the signature icon for access to view the No1 & spreadsheet as advised?

[ims21]

Hi

 

Here's the direct link

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered

 

ims

[detayo1]

Thank you ims,

 

Very very helpful.

[detayo1]

Thank you ims.

 

I am not sure of what I can claim. I maintained regular payments for very long but I defaulted due to financial hardship.

However, I have since made further payments by debit card and redued the balance to £100.00 to be cleared off next month as advised.

Can I make a claim for the payment I made with debit card after defaulting or just for the period when regular payments were being made?.

Kind Regards

[ims21]

Hi

 

Ok we can help you. You said you have the loan agreement. Can you post it up as a PDF (MINUS ALL PERSONAL INFORMATION)

 

Use this method by dx100uk

 

scan the required letters/agreements/sheets

as a picture[jpg] file

remove all pers info inc barcodes etc using paint program

but leave all figures and dates.

 

goto one of the many free online pdf converter websites

it would be better to upload a multipage pdf

than many single ones

or if you have PDF as an installed printer drive use that

or use word and save as pdf

open a new msg box here

hit go advanced below the msg box

hit manage attachments below that box

hit the add files button on the top right

hit select files, navigate to your file on your pc

hit upload files

NB:you can set where it goes in the post by hitting insert inline.

then hit reply button

 

 

ims

[detayo1]

PDF.pdf

Thank you so much

Please find the pdf documents as requested. Should I call the FSCS to lodge a claim and request their questionairre now? Also If I am unable to retrieve my bank statement going far back as 2008, should I send a SAR for all docs?

 

Kind Regards

[ims21]

Hi

 

Here is the spreadsheet you will need.

 

StatIntSheet v101.xls

 

The insurance part of your loan is 6.1% of the total loan (195 /3195 x 100) so this means that 6.1% of every payment you actually made went to the insurance part of the loan.

 

Take hold of the spreadsheet an amount equal to 6.1% of each repayment you made giving the date, a description and the amount. The spreadsheet will do the rest for you.

 

If you made reduced payments then you enter 6.1% of any reduced payment you made.

 

Give the FSCS a quick call and tell them that you are claiming back from Welcome and they will tell you about the relevant paperwork and where to send it. I believe it goes to Welcome but check just in case things have changed.

 

If you haven't got your records of payment then I would SAR Welcome to get the loan statements.

 

Regards

 

ims

[detayo1]

Hi,

Really grateful for your advice & time. I'm going to contact my bank and ask if they could provide a statement of all pymts made to welcome. If they can't do this then I'd send a SAR or whichever is less expensive.

I will post progress on this thread.

Thanks a million again

[detayo1]

Hi,

 

I no longer have a cheque book. Could I send a postal order for the SAR?

[ims21]

Hi,

 

I no longer have a cheque book. Could I send a postal order for the SAR?

 

Yes you can

 

ims

[detayo1]

Yes you can

 

ims

 

I just contacted FSCS to ask for the relevant paperwork. I was put through to welcome finance. I told them i wanted the FSCS to make a claim against welcome. She said i was at the right place, took my details checked & said "there is no PPI on your account". I told her that their 'lifecare insurance' is a PPI.

she said they are only looking at PPI's right now and that they are almost at the end of that stage and will begin to look at other insurance soon after. She said she will add my details to the spreadsheet & they will write to me when they start looking at other covers but unable to tell me when.

I told her I will seek other means of redress.

[detayo1]

Hi ims,

 

Hope you are well. I have finally received my statement of accounts from Welcome Finance and have also cleared my the debt in full on 24.05.2012.

 

I am yet to receive appropriate claim form from the FSCS. (Reminder e-mail sent today)

 

Thanks again for the PPI calc spreadsheet.

 

Would you kindly go through the attached and pls advice if I had completed it correctly. Pls make any amendments as necessary and your advice is very much appreciated.

 

Kind Regards

 

 

 

PPI Claim -Welcome Finance- Check page.xls

Hi

 

Here is the spreadsheet you will need.

 

[ATTACH]33877[/ATTACH]

 

The insurance part of your loan is 6.1% of the total loan (195 /3195 x 100) so this means that 6.1% of every payment you actually made went to the insurance part of the loan.

 

Take hold of the spreadsheet an amount equal to 6.1% of each repayment you made giving the date, a description and the amount. The spreadsheet will do the rest for you.

 

If you made reduced payments then you enter 6.1% of any reduced payment you made.

 

Give the FSCS a quick call and tell them that you are claiming back from Welcome and they will tell you about the relevant paperwork and where to send it. I believe it goes to Welcome but check just in case things have changed.

 

If you haven't got your records of payment then I would SAR Welcome to get the loan statements.

 

Regards

 

ims

Welcome Finance Statement of Account.pdf

[detayo1]

Hello ims,

 

I also want to make a claim against MBNA credit Card PPI.

 

However, I think the application was completed online and I apparently ticked 'yes' to the ' would you want PPI question'.

I have received my statement following a SAR.

Would I still be able to make a claim? I obviously ticked yess to PPI, as I had thought , my application would be turned down if I did not incluse PPI

 

Thanks again.

[ims21]

Looks OK to me

[detayo1]

Looks OK to me

 

 

Hi,

Could a PPI claim be made even when the credit card application was completed online?

I also want to make a claim against MBNA credit Card PPI.

 

However, I think the application was completed online and I apparently ticked 'yes' to the ' would you want PPI question'.

I have received my statement following a SAR.

Would I still be able to make a claim? I obviously ticked yess to PPI, as I had thought , my application would be turned down if I did not include PPI

Thank you

[ims21]

Some on-line applications used pre-ticked boxes and also some would not allow you to continue the process of applying for finance without the PPI box being ticked.

 

Having a copy of an application with a box ticked doesn't always mean that you ticked it or that it wasn't compulsory.

[detayo1]

I just contacted FSCS to ask for the relevant paperwork. I was put through to welcome finance. I told them i wanted the FSCS to make a claim against welcome. She said i was at the right place, took my details checked & said "there is no PPI on your account". I told her that their 'lifecare insurance' is a PPI.

she said they are only looking at PPI's right now and that they are almost at the end of that stage and will begin to look at other insurance soon after. She said she will add my details to the spreadsheet & they will write to me when they start looking at other covers but unable to tell me when.

I told her I will seek other means of redress.

 

I just recd this response below from the e-mail I sent to FSCS regarding claiming against welcome finance. I have read somewhere that even their lifecare insurance is a PPI. (this is the policy I was missold)

Would you please advice if I do have a case for making a claim. Thank you.

 

Dear Mr xxxxxxx

 

Thank you for your email received 18 June 2012 regarding a Payment Protection (PPI) claim.

 

I have completed a review on the account you took out with Welcome Financial Services (WFSL). I can confirm you did not take out PPI on this agreement.

 

Therefore you are unable to make a claim regarding PPI at this time.

 

I hope my email has been of help, however, should you need any further assistance, please contact our Customer Service Team on 0845 373 0386 who will be more than happy to resolve any queries.

 

Yours sincerely

 

xxxxxxxxxx

Customer Experience Team

 

>>>>>>>>>>>>>>>>>>>>>>>>>>>>>

 

Dear Sir/Madam

 

I have previously asked you to send me the relevant claim form for claiming PPI compensation from Welcome Finance. However, I received no response from you.

 

Would you please send me the claim form as soon as possible and include details of where to send it.

 

Thank you very much.

 

My details are as follows:

 

Mr xxxxx.

Address.

 

Account No.xxxxx