Advice needed on Welcome Finance PPI Loans from 2002-2004

[jack starfish]

Hi there. Long time lurker on this site but have never had the need to post/ask for advice until now. Any advice very much appreciated.

 

I had 3 loans with welcome- 2002, 2003 and 2004. The second and third loans included amounts from the previous loans. I defaulted on the third loan some years ago and until recently had heard nothing of it until Mckenzie Hall recently got in touch to chase the debt.

 

I wrote to welcome to complain about the PPI and received a complaint form which I filled in and returned a couple of weeks ago. I also included copies of all 3 loan agreements as luckily I still have all the paperwork.

 

I received what I believe is the bog standard rejection letter this morning. It informs me that my claim is rejected as the events took place prior to 27th feb 2003. They also included a leaflet and details of how to complain to the FOS. I'm sure many others have been in this situation and I would be glad of any advice on what my next step is.

 

Firstly only 2 of the loans were prior to 27/02/03 so do I go back to welcome and try again to have PPI on the third loan refunded? or do I go straight to the FOS or are there other options open to me.

 

Im a bit out of my depth with all this but really do want to pursue it. I have had a read at some of the other threads and am gaining lots of useful info which I'm sure will help but I haven't (yet) found a thread about a situation like mine. I will keep reading and learning and hopefully some kind person will point me in the right direction.

 

Thanks for reading and thanks in advance for any advice

[BankFodder]

Don't worry about their 10 year rule. In fact include a complaint about it in your FOS complaint.

 

Read here - http://www.consumeractiongroup.co.uk/forum/showthread.php?360123-PPI-Welcome-and-Staggered-Short-Term-Settlements

Get all of your money back. Apply the contractual rate of interest. Don't hang around

[teabag118]

I am in same situation with Welcome, I took out a loan 3 days before they were registered under the guidelines, they won't pay out and FOS won't take it on.

[jack starfish]

Thank you very much for the quick reply. Have done some more reading and now my head hurts lol

 

Teabag have you complained to the FOS? If so what was the outcome? Have they given any advice on how you should proceed? Sorryso many questions. Be really good to hear how someone in the same situation is dealing with it.

 

Also does anyone know when complaining to FOS do I include the figure that I am reclaiming or do the FOS work this out themselves

[teabag118]

I spoke to the FOS on the phone and they said they wouldn't take it on as a complaint

[jack starfish]

well I think I might as well put a complaint in anyway. Nothing to lose at all. Surely they would at least look at my third loan which wasn't taken out until 2004.

 

Does anyone have any views on if it would be worthwhile going down the court route?

 

All help and advice would be really welcome

 

thanks

[ims21]

PPI policies through Welcome prior to Jan 2005 are dealt with by Welcome themselves.

 

Have a read of No.1 in my signature and use the spreadsheets at the end to work out how much you are due back.

 

What reasons did they give for not looking at your earlier loans? Just stating it is pre 2003 isn't a reason.

[jack starfish]

Thans for the quick reply IMS. I have had a look at the spreadsheets and am now slowly trying to get the figures I need to get them done. Not helped by it being school hols, raining and having 3 bored kids....the only way I can get near a PC is insomnia or bribery!!! lol

 

Yes I just got what I assume is a standard rejection letter. They state in the letter 'The rules of our regulator - The FSA state that where a complaint relates to an event that took place before 27 February 2003 We are not required to investigate your claim. Sales of insurance made before this date were the responsibility of the insurance provider not the broker who sold it'. I doubt they even noticed that one of my loans was post Feb 2003. I'm assuming they saw the dates for the first one and that was it. Do you think it's worth replying to them and pointing this out? And asking who the insurance provider was. I have been through every piece of paper and nowhere does it mention who provided the insurance.

 

I just wondered if its worth having another go at them on the third loan and then pursue the other 2 by a different means or if it would be easier to keep a single claim for all 3 loans. I do hope I'm making some kind of sense

[ims21]

Keep a single claim for all three loans.

 

Welcome can be a toughie to crack and will try all angles to get out of it so persistence is key.

[jack starfish]

Thanks for that. So once I get the figures sorted should I send these to Welcome as a claim or should I just go straight to the FOS. I don't mind if I have to go as far as claiming in court against them. I'm pretty much expecting a long and challenging road ahead with this but I'm up for it.

 

Thanks again for your helpful advice

[ims21]

Complete a fos questionnaire (available from the fos website) ans send that, together with a copy of your spreadsheet and a brief covering letter to the lender.

[jack starfish]

Due to one thing and another I have had to put things on hold with this for a couple of weeks. I now have time to sit down and try to do it properly.

 

I have read the very useful guide on single premium PPI and that has helped me understand things alot better than I did. I have also got the spreadsheets and they too are excellent. I am however still confused about some things, mostly the figures for loans 2 and 3 which were both rolled over loans.

 

I have started with the first loan and worked out what percentage of my monthly payments were for PPI etc. This was pretty straightforward. I also understand how to do the calculations with regard to working out what PPI from loan 1 went on to loan 2 and so on. (Ithink!)

 

I would be very grateful if anyone could help me out with the following questions. Sorry if they sound a bit like obvious questions. Still feel a bit out of my depth and dont want to get it wrong.

 

1. As well as PPI I have items such as healthcare, family care and emergency homecare added to the loans. Do I include these as part of the claim? I also have acceptance fees on all 3 loans - are these claimable?

 

2. On the spreadsheet do I enter the total I was charged for ppi or do I enter single monthly payments up to the date the loans were rolled over?

 

3. When I go on to do the loan progression spreadsheets for loans 2 and 3, am I using the figure for the amount of new cash advanced or the total amount of loan? (this is the one that I am very confused with)

 

Again sorry if these seem like obvious questions. I think Ive figured out the answers then I start doubting myself. Any help is as always very gratefully recieved. Thank you

[ims21]

Due to one thing and another I have had to put things on hold with this for a couple of weeks. I now have time to sit down and try to do it properly.

 

I have read the very useful guide on single premium PPI and that has helped me understand things alot better than I did. I have also got the spreadsheets and they too are excellent. I am however still confused about some things, mostly the figures for loans 2 and 3 which were both rolled over loans.

 

I have started with the first loan and worked out what percentage of my monthly payments were for PPI etc. This was pretty straightforward. I also understand how to do the calculations with regard to working out what PPI from loan 1 went on to loan 2 and so on. (Ithink!)

 

I would be very grateful if anyone could help me out with the following questions. Sorry if they sound a bit like obvious questions. Still feel a bit out of my depth and dont want to get it wrong.

 

1. As well as PPI I have items such as healthcare, family care and emergency homecare added to the loans. Do I include these as part of the claim? I also have acceptance fees on all 3 loans - are these claimable?

 

If it were me and they were mis-sold then I would claim the other insurances too. Acceptance fees are not reclaimable.

 

2. On the spreadsheet do I enter the total I was charged for ppi or do I enter single monthly payments up to the date the loans were rolled over?

 

List the monthly PPI payments made

 

3. When I go on to do the loan progression spreadsheets for loans 2 and 3, am I using the figure for the amount of new cash advanced or the total amount of loan? (this is the one that I am very confused with)

 

Total amount of loan so the formula is " Rollover amount / Total loan amount x 100 " to give the percentage of the loan which relates to rolled over PPI.

 

Again sorry if these seem like obvious questions. I think Ive figured out the answers then I start doubting myself. Any help is as always very gratefully recieved. Thank you

 

 

ims

[jack starfish]

Thank you once again for your very helpful answers IMS. The first 2 were what I thought but I needed confirmation. The third answer with the formula for calculating has helped me enormously!

 

I can now get on and start putting figures into the spreadsheet.

 

Again, Thank you very much