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Welcome says My £12k CCA Regulated secured Loan will now become a mortgage!


Baz1994
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Can someone kindly advise how to calculate possible PPI reclaim amount ?

 

I have calculated my monthly PPI interest amount figure using forum details located in which I have already paid over120 months but still have 60 months to expiry.

 

Any assistance would be appreciated as I would like to know a possible figure in order to compare with Welcome's offer if successful.

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What I meant was that it would be a good idea to rad that article as it contains all of the information necessary for you to be able to calculate the claim amount.

 

There are spreadsheets at the end to help you with the figures.

 

Here is a direct link to the article.

 

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

 

If you get stuck, shout here.

 

I take it you have a copy of the agreement (or the figures from it) and a record of the repayments made?

 

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Sorry yes I have details of figures in question and did try to calculate an amount but didn't seem to work ?

 

I have calculated though a monthly PPI amount of £31.77 which is part of my monthly payment amount of £232.74. I have been paying this for 120 months and still have 60 months of loan outstanding.

 

I used the information from this site to calculate the said amount and now would like to have some ball park figure in mind if I am successful with my reclaim and an offer is made.

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Ok so on the basis of those figures, the PPI is 13.65% of the total loan. Just to confirm this, can you let us know the cash loan amount and the PPI loan amount from the loan agreement please.

 

If the £31.77 is correct then you will need to enter the 120 individual payments you have made thus far into this spreadsheet.

 

StatIntSheet v101.xls

 

The other point which can affect the amount of redress is the date the loan was taken. When was this loan taken out please?

 

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Thank-you for your reply.

 

The figures are as follows :-

 

Loan amount is £12,000

PPI amount is £2,142.43

Acceptance Fee is £235.00

Mortgage Indemnity amount is £1,320.00

 

Therefore total amount is £15,697.43

 

APR 20.1%

Monthly rate of interest is 1.35%

 

Estimated Repayment period is 180 months

 

Inception of loan 1st November 2003

 

I may have miscalculated so any assistance would be appreciated

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I will enter details into spread-sheet tomorrow morning as there will be quite a few to enter. I have located all payment details / statements from day one till current period in which I will revert as soon as possible for assistance in the matter.

 

Thanks again for your help and will advise further once completed.

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Yep you are OK...it is 13.65%

 

So if the total monthly repayment was £232.74 then you figure of £31.77 is correct so you can complete the spreadsheet as suggested above.

 

I will enter details into spread-sheet tomorrow morning as there will be quite a few to enter. I have located all payment details / statements from day one till current period in which I will revert as soon as possible for assistance in the matter.

 

Thanks again for your help and will advise further once completed.

 

:thumb:

 

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you cold also include MIF in this reclaim

 

that's another welcome spoof insurance product.

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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heres some info for you on welcome & the spoof MIF insurance.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318323-Old-Welcome-Debt&highlight=postggj

.

http://www.consumeractiongroup.co.uk/forum/showthread.php?304631-Welcome-Finance-PPI-and-Mr-Z&highlight=reclaim+MIF

.

http://www.consumeractiongroup.co.uk/forum/showthread.php?251405-Welcome-Secured-Loan-agreement.

http://www.consumeractiongroup.co.uk/forum/showthread.php?304631-Welcome-Finance-PPI-and-Mr-Z&highlight=reclaim+MIF.

.

.

As per the post above the MIF is not for insurance. Welcome have admited on more than a few occassions that it is not insurance....Never has been, never will be.

.

The real question is where does the money go? They will tell you its a fee in relation to being a higher risk, and that by charging this fee, and the interest it attracts, it helps to cover them in the event of a shortfall. They will also tell you that whilst many lenders do use the fee to purchase insurance, they never have.

.

This is not only stated in the Griffith v Welcome case, but I also have it in writing directly from them.

"The MIF is a fee that can be charged by lenders when the value of loans secured on a property is at a level similar to the value of the property.

.

It is an additional form of protection for the lender in the event that they are required to repossess the property and are unable to recover all of the monies are outstanding under an agreement (i.e. there is a shortfall).

.

In such circumstances, the lender is entitled to pursue the borrower for the shortfall.

.

As can be seen by the terms and conditions of your agreement, you were charged a MIF, which meant that should the situation described above arise you would not be pursued for any shortfall.

.

This was not an insurance policy although some lenders do take out insurance policies for this purpose.

.

It was what could be described as a 'waiver fee'. It was decided in Griffiths -v- Welcome Financial Services (2006) EWHC 3769 (QB) that the charging of the fee by a lender but not actually taking out an insurance policy was entirely reasonable."

.............

collected from some thread on here .

dx

 

The MIF has not been tested in court as far as I know, I certainly will be testing it though, its a big part of my claim against them.

 

 

Last edited by MrZ; 16th August 2011 at 19:35.

I too am uncertain of the legalities regarding the MIF. I have seen and read the threads I can find about it. I started a separate thread, which is now merged with this one specifically asking about the MIF. This is what I have been able to gather so far pertaining to the MIF.

1. Its been said that it should only be applied to mortagages or secured loans of 25,000.00 or more. (I have not seen and regulation yet that states this)

2. Its been said that it should be 75% loan to value (I have not seen any regulation that states this)

3. mortgage Indeminty Fee is a fee to be used to purchase insurance. (This is not a regulation per se, but rather an industry norm. mortgage lenders will charge this fee and then use the fee to purchase insurance to protect against a shortfall)

4. In the case of Welcome, they are not using this fee to purchase insurance. (I have yet to see any explanation from Welcome as to why they charge the fee)

5. Welcome are treating this fee as a Charge for Credit and it attracts interest at the same daily rate or AIR.

So having gathered the above information from this forum and other resources, it is my intention to write Welcome regarding only the MIF. I will not include it as part of any other complaint or claim, as I want to ensure it doesnt get "muddled over" or lost amongst other issues. I dont want to give them room to wriggle out of an explanation. I am drafting the letter today and will definitely update this thread once I have a reply.

MIF is a fee the debtor pays incase there is a shortfall on the loan

this fee is an insurance policy/product

you paid for it so ask welcome for the insurance policy.

i can tell you now there will be none

it goes into welcomes own pot under WELCOME ELITE BROKERS

YOU NEED TO BE ASKING WELCOME WHO THIS MONEY WAS PAID TO AND DEMAND PROOF VIA ANPOLICY NUMBER AND DATE AND WHO THIS FEE WAS PAID TO

ILL LAY EVEN MONEY NORWICH UNION/AVIVA

 

 

............................

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318323-Old-Welcome-Debt&highlight=postggj

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Yep...spot on :-)

 

Right I have now completed 2 spreadsheets one in respect of PPI only and another including MIF.

 

Shall I now just await a response from Welcome as I have already submitted a FOS questionaire by recorded delivery earlier this week ?

 

In respect of the MIF shall I treat this as a separate issue and if so do I address Welcome Finance in Slough or Nottingham ?

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ah shame you put the fos cq in.

 

you'll prob get a fob-off letter now for that.

 

might have been better to have lumped the mif in with the CQ too.

 

think you are best to wait now.

 

I don't think we've seen a mifdealt with 'on its own'

 

outside of a PPI claim.

 

not, sure do those threads indicate anything ?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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Ok thanks

but I didn't quote any figures anyway just details regarding mis selling.

 

 

Should I have submitted the completed spreadsheet details with the FOS CQ

or just await their response first ?

 

Or shall I just forward additionally to Nottingham, advising that forgot to enclose with initial submission ?

 

and no I didn't find anything relating to the MIF being dealt with separately but may just put something in writing to that effect anyway and see what they respond with.

 

Further to my earlier correspondences shall I forward completed spreadsheet details to Welcome asking them to include with my previous FOS questionnaire submission ?

 

Please can someone kindly advise how these cowboys obtained my home and work number when I only gave them my mobile details ?

 

:mad2:

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