Welcome Finance PPI Claim

[hoverfly]

Hi there

 

I sent a SAR to Welcome Finance and have just received my paperwork. I’m hoping to claim back the mis-sold PPI on 3 loans I had through Welcome Finance.

 

I’m having some problems getting my head round how to work this out and was wondering if someone could please help me?

 

My first loan was taken out on 09/09/2003 and this was refinanced on 27/09/2004 and then refinanced again on 11/01/2006.

 

I've read the notes on PPI reclaiming on here but I’m confused when it comes to working out the figures. I can get so far on the first loan but then I don’t understand it when the loans are refinanced.

 

Also, I have insurance rebates when the loans were refinanced; I then set up a Debt Management Plan in February 2007 and then the loan was sold to a Debt Collector on 01/01/2010.

 

All very confusing I’m afraid but hopefully someone can help

 

Many thanks

[ims21]

Hi and welcome to CAG

 

This is going to be a little more complex than normal because your loan dated January 2006 is more than likely going to be dealt with by the FSCS while the previous two will be dealt with by Welcome themselves.

 

The FSCS will only pay out 90% of the total amount as well so that is something else to be remembered.

 

So before we start, have you got the agreements, a record of all of the payments made and the amounts of the rebates on refinancing?

 

Also have a read here regarding the FSCS side of things.

 

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

[hoverfly]

Hi, thanks for coming back to me.

 

I've had a read of the FSCS website and noticed that they will only deal with WF claims after 14 January 2005.

 

I have all the paperwork... agreements, payment history, loan history etc for all 3 loans. I've scanned them all on to my computer and blanked out my personal details but what's the best way to upload them on to here?

 

Thank you

[ims21]

what's the best way to upload them on to here?

 

Thank you

 

You can follow these instructions by dx100uk. Please make sure they are PDF files first.

 

set your default scan page size to A4 less than 300DPI [150 will do]

scan the required letters/agreements/sheets - as a picture[jpg] file

don't forget you can use a mobile phone or a digital camera too!!

'

BUT......

ENSURE: remove all pers info inc. barcodes etc

but leave all monetary figures and dates.

.

************************* ************************* *******

{DO NOT USE A BIRO OR PEN OR USE SEE THRU TAPE OR LABELS]

************************* ************************* ***********

.

DO IT IN MSPAINT.EXE or any photo editing program

goto one of the many free online pdf converter websites ...

http://freejpgtopdf.com/

http://www.convert-jpg-to-pdf.net/

..

if you have multiple scans/pics

put them in a word doc FIRST and convert that to PDF

or http://www.freepdfconvert.com/

or

use http://www.pdfmerge.com

 

convert existing PC files to PDF [office has an installable print to PDF option]

..

it would be better to upload a multipage pdf if

you have many images too rather than many single pdfs

.

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

or use word and save as pdf

or use Primo PDF.

.

try and logically name your file so people know what it is.

though DONT USE BANK NAMES or CAGicon in the title

i'e Default notice DDicon-mm-yyyy

.

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

...

YOU DONT have to put a link to the attachment in the msg box..just upload it ..job done

you can click on your links to check them too!

[hoverfly]

Hi

 

I've uploaded all documents for Loan's 1, 2 & 3...

 

I've also uploaded agreements 4 & 5 - for some reason, they decided to change the agreement number another couple of times... not sure why. I do have some different figures on them so thought they might be useful.

 

I really appreciate any help at all with this.

 

Many thanks

[ims21]

Ok so for loan 1 you need to work out the percentage of PPI to the total loan (excluding the acceptance fee.

 

PPI is £347.94 and total loan excluding the £75 is £2,097.94. Percentage is 347.94/2097.94 x 100 = 16.58%

 

So 16.98% of each repayment you made was for the PPI part of the loan.

 

Monthly repayment is £118.16 so 16.58% of that is £19.59.

 

In the Statutory Interest spreadsheet (see my article linked at No.1 in my signature), enter each payment of £19.59 actually made.

 

When you have done that, come back here for the next bit and we will work out the amount rolled into loan 2.

[hoverfly]

Hi, thanks for that

 

Am I able to claim healthcare (£150.00) back as PPI aswell... it's been included in the insurance premiums advanced on the payment history.

 

Thanks

[ims21]

If it was mis-sold then yes. (chances are it was indeed mis-sold).

 

Same principle...work out the percentage of the total loan and hence the percentage of repayment and enter those in the spreadsheet.

 

Actually, it might be an idea to do a separate sheet for the healthcare.

[hoverfly]

OK, I've done the spreadsheets for PPI and the Healthcare Insurance, which I've attached.

 

I need some help with working out the PPI amount rolled over to loan 2

 

Thank you

[ims21]

OK in the article of mine which you have read (no.1 in my signature), right at the end there is a loan analysis spreadsheet.

 

Use that and enter the three bits of information requested in the top section. The sheet will show you how your loan would progress over time.

 

It looks like you made 11 payments and if you look at the Loan Analysis spreadsheet you will see that the balance on the loan after 11 payments would be £1,292.22.

 

16.58% of that was the PPI part of the loan = £214.25.

 

What was the amount of the rebate you got when loan 1 was settled?

[hoverfly]

Hi

 

On 29/09/2004 when they settled the loan, the insurance rebate they gave me was £63.79.

 

Thanks

[ims21]

OK so the PPI balance was £214.25 and they rebated you £63.79. Therefore you were "under rebated" by £150.46.

 

This was the excess amount of PPI which was carried into loan 2.

 

So using the principles of percentages outlined above, you can now work out what percentage of PPI was on loan 2 for both its own PPI and the amount carried over from loan 1.

 

Apply those percentages to the monthly repayments to find out the amounts you were paying each month for PPI and enter those figures into the spreadsheet.

 

Follow the same principles for the health insurance.

 

When you have done that, shout here and we will move on.

[hoverfly]

OK, I've done that.

 

I've added the PPI rolled over from loan 1 and the PPI on loan 2 together and have put them both on the same spreadsheet as these two are to be sent to WF.

 

Should I do the same thing for working out loan 3? (I paid weekly, by the looks of things, but was still charged monthly interest). Also, in three instances I made 5 payments in a month depending on how long the month was. Is this gonna be more tricky to work out?

 

Thanks

[ims21]

You need to work out what the excess PPI from loan 2 was when it was paid off just as we did for loan 1.

 

That excess balance should feature as the last entry on your spreadsheet.

 

You then do a new spreadsheet for loan 3 as this is the account which will be dealt with by the FSCS.

 

When lodging your complaint for loan 3, you need to make sure they understand that the amount borrowed was higher than it would have been due to excess balances of PPI being included from loans 1 and 2.

 

When your spreadsheets are done you can lodge your complaints.

 

For the first two loans you can use the fos consumer questionnaire which is available from the fos website. For loan 3 use the FSCS questionnaire.

[hoverfly]

OK, thanks for that.

 

Is there a particular reason that FSCS should know that or is it just to make them aware that WF didn't work out the rebates properly on the first and second loans?

 

Also, where I have two loans with WF, will I need to complete 2 fos questionnaires?

 

Many thanks

[ims21]

As the first two loans are linked then you can do the one questionnaire to cover both.

 

The reason you need to make the FSCS aware is that the amount you borrowed on loan 3 would have been higher than it would have been had you not had PPI on the first two loans. That is because you were "under rebated".

 

Therefore you would have been paying more interest than you should have been as well so you want that addressed when they do their redress calculations.

[hoverfly]

Right OK, I understand where you're coming from.

 

Just to double check... on loan 3 I made payments weekly - some months I made 4 payments, some were 5 payments. Do I put that on the spreadsheet as weekly payment dates and how am I working out the PPI percentage, weekly again?

 

Thanks for your help with this... nearly there!

[ims21]

On the spreadsheet you enter the payments you actually made with the dates you made them. So if they were weekly you enter them as weekly payments.

 

The PPI percentage isn't connected with the frequency of payments, only the amount paid.

 

For example if you had PPI of 10% of the total loan and you made a payment of £50 then the PPI part of the payment is £5. If another payment was made the following week then you apply the 10% to whatever amount was paid that following week.

[hoverfly]

Hello

 

I've put the weekly payments on the spreadsheet for loan 3 and have worked out the percentage that was PPI on each of them. I do have another couple of problems though...

 

I'm trying to work out the PPI rebate I should have had from loan 2 - have I worked this out correctly:

 

I made 13 payments of 138.30 and 1 payment of £60.00.

 

It's the Loan Analysis Calculator I'm getting confused with here... after 13 payments of £138.30, I'm left with £2424.69 of the loan.

 

I made 1 payment of £60.00 (£60.00 x 26.05% = £15.63) ???? – is this correct? If it is, do I then take the £15.63 off £2424.69.

 

(26.05% x £2409.06 = £627.56 PPI

Insurance rebate from WF - £203.32

Under rebated - £424.24)

 

Also for loan 3... my problem once again is with the Loan Analysis Calculator - how do I work out the balance of the loan after making the payments I've listed below:

 

I made 32 payments of £29.84

1 payment of £37.07

1 payment of £45.38

3 payments of £39.86

1 payment of £3.56

 

I find it more straight forward if the payments are monthly! I can't get my head around this to work out the rebate of insurance I should have been given when the loan came to an end.

 

Thanks again for your help

[ims21]

Have you got the statements of the loans?

[hoverfly]

Hiya

 

I only have the paperwork above in post number 5.

 

Loan 3 and paperwork from accounts 4 and 5.

 

Thanks

[ims21]

On loan 2 it looks like you are about right.

 

On loan 3, given the "erratic" nature of the payments you are going to have to use your best estimate as to what the balance was at settlement and apply the percentages to that figure.

 

Bear in mind that you are only looking to get at an approximate figure so that you can take an informed view if any offer they make is right.

[hoverfly]

Ok, I've had a reply for the FSCS PPI reclaim and they've

decided that I'm eligible for compensation.

 

They've sent me their calculations but I'm utterly confused!

 

They've calculated my loss at £922.21

They've paid me £829.99 (90% of above figure)

 

The spreadsheet I sent them works out at around £1,300.00

and I can't work out where the possible shortfall is.

 

Do they not add the 8% interest in their calculations as I've seen that

Welcome do?

 

I was wondering if anyone understands how they work these figures out.

 

Many thanks in advance

[ims21]

As far as I am aware the FSCS don't pay out 8% interest, only 90% of the claim i.e. 90% of the premium plus any contractual interest paid.

[hoverfly]

Hi there,

 

I've had a response from WFSL to my PPI complaint for the first two loans (pre Jan 2005).

 

They are upholding my complaint but have not included the Medicare in

 

their calculations from both loans, which in total is an extra £250.00.

 

I did add these to my original spreadsheet and also stated in my letter to

 

them that I wanted to claim those back aswell.

 

Considering they added the Medicare with the original loan disbursement

 

(under insurance premiums advanced) and then added interest on these,

 

do you have any idea why they aren't paying this back with the PPI claim?

 

Many thanks