WELCOME FINANCE: PPI CLAIM - Initial letter following SAR

[cjm_2006]

I'd appreciate it if people in a similar boat could review this letter and advise accordingly

 

if anyone has had any similar dealings with welcome, regardless of outcome, i'd very much like to hear about it.

 

I have borrowed bits from other PPI refund claim letters floating around.

 

i'm sending this next week - if there are any parts that those in the know feel are a bit inflammatory, i'll take them out.

 

I know individuals shouldn't enter into disputes like this with an angry head, but the way this company operates makes me sick - they are literally nothing more than legitamised loan sharks.

 

I was told exclusively that if i did not agree to the PPI, i wouldn't get the loan. the total amount for the PPI premium over the term was bundled into the loan amount up front, and that was that.

 

anyway - rant over - letter below:

 

 

xxxxxx

 

 

 

 

Account Number: XXXXXXXX

 

MIS-SELLING of PPI - COMPLAINT

 

Dear Sir or Madam,

 

I took out a loan with your company on December 15th, 2003, At an APR of 32.8%.

 

When I took out the loan, I was not offered any quotations without PPI; I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do.

 

I did call several months after to enquire about cancelling the PPI – in order to lower my monthly repayments and alleviate ongoing financial difficulties – and I was told that this was not possible; again, another incorrect statement.

 

Your loan agreement states this as ‘optional’ – this is a wholly misleading term.

 

I therefore consider that I have been mis-sold this obscenely expensive insurance, which I do not need and which I said at the time that I did not want. I’ve spent some time researching this matter and it appears I’m not the only welcome finance customer in this position. You took advantage of my poor credit rating and desperation, at the time, in order to extract the largest possible profit margins.

 

The stated PPI amount listed on the agreement is £812.68.

 

I have been advised that I should be able to cancel the PPI contract at any time and receive a refund of the premium that I have paid. I would like to do this - And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.

 

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could state whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

 

Please do not assume that I will be satisfied with anything other than a full and prompt refund of the entire £812.68. If this does not happen, I will happily escalate my complaint and also contact press agencies with details of this matter.

 

Yours faithfully,

 

 

 

XXX XXXXXX

[nathal]

xxxxx

 

MIS-SELLING of PPI - COMPLAINT - Maybe change to request for ppi return

 

Dear Sir or Madam, sir/madam

 

I took out a loan with your company on December 15th, 2003, At an APR of 32.8%. On 15th december 2003, i entered into an agreement with your company

 

When I took out the loan, when i entered the agreement I was not offered provided with a quotation which excluded ppi any quotations without PPI; I was told that I would not have been given the loan if I did not take PPI.i was informed by a member of staff(name) I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do.

 

I did call several months after to enquire about cancelling the PPI – in order to lower my monthly repayments and alleviate ongoing financial difficulties – and I was told that this was not possible; again, another incorrect statement.

 

Your loan agreement states this as ‘optional’ – this is a wholly misleading term.

 

I therefore consider that I have been mis-sold this obscenely expensive insurance, which I do not need and which I said at the time that I did not want. I’ve spent some time researching this matter and it appears I’m not the only welcome finance customer in this position. i would not include this You took advantage of my poor credit rating and desperation, at the time, in order to extract the largest possible profit margins. liabilous

 

The stated PPI amount listed on the agreement is £812.68.

 

I have been advised that I should be able to cancel the PPI contract at any time and receive a refund of the premium that I have paid. do you mean a partial refund I would like to do this - And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.

 

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could state whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

 

Please do not assume that I will be satisfied with anything other than a full and prompt refund of the entire £812.68. If this does not happen, I will happily escalate my complaint and also contact press agencies with details of this matter.

 

Yours faithfully,

 

 

 

 

It might be better adjusting the prelim letter for ppi.

 

if you are sending this letter change ppi into the full form of payment protection insurance

[cjm_2006]

"liabilous"

 

that was one of my concerns, thanks for your advice nathal!

[dollies01]

Hiya CJM

Did you get a reply from Welcome?

Im trying to sort all my figures out so that I can do the same, and was just wondering how they take the news! lol

[cjm_2006]

yes i surely did:

 

######################

dear mr XXXXXXXX

 

i have been advised by our complaints dept you have made a statement that you were told when you took out the loan the payment protection was compulsory. (atrocious grammar )

 

as the loan was taken whilst your agreement was at the cardiff branch and i am obviously unable to comment on what process was followed, i have taken the opportunity to enclose copies of the personal loan agreement form and the customer declaration forms which you signed at the time of the loan which confirms you are aware of the terms and conditions of the agreement and insurances. i have highlighted the appropriate points for perusal. (crappy photocopies of documents I already have following my S.A.R - (Subject Access Request) stapled to letter).

 

I would also point out that on 17.03.05 we sent a settlement figure to you which included the breakdown of insurances and the rebates available on settlement. a settlement figure was also produced on 10.8.06 outlining the same information. on both occasions you did not question the insurances.

 

it appears from the information provided on the application form you were eligible for and met the criteria for being recommended the insurances which also included medicare 24 cover.

 

I would confirm our company policy toi cancel insurances is within 30 days of recieving the policy documents which includes a section on your cancellation rights. the agreement was written in decemeber 2003 and so is outside your cancellation rights.

 

i trust my explanation is suitable for your purposes but if you require additional information you may contact me at the above address.

 

yours sincerely

 

janet xxxxxx

branch manager

##################

 

so basically, a fob off letter, poorly written, which argues the following points:

 

• account has 'changed branch' so the new branch isn't responsible for the conduct of staff at the original branch. I don't need to elaborate on how unbelievably laughable that argument is.
  
• that i was aware of the terms and conditions & my right to cancel. B*llocks was I! they kept me in a tiny office room for over an hour while the loan was being agreed, when I said I didn't want the insurance, i was categorically told that no PPI = no loan!
  
• I've had 2 settlement figures and I didn't question the insurance at either time..... well, i was so shocked at how big the settlement figures were, i guess i missed that one. and i didn't know what i know now!
  
• i was elligible for the insurance..... i don't care if i was or wasn't, i was forced into taking it and at no point during the application process was I shown a quote without PPI! why not? because the salesperson was going to make a wedge of commission on the deal!

I hate welcome finance even more now. but to be honest, I wasn't really expecting anything other than a response letter containing the utter crap that this letter contains.

 

I'm drafting a response to this letter - i'm also considering signing up with a compensation specialist for this claim, it's not the money i'm bothered about, it's beating these loan sharks. I'll happily give away 25% for the smug feeling i'll have at the end.

 

by the way, my loan was for 2500, I'm still paying it back (2 payments left), i've already paid back over 5k, and the total cost of the insurance - bundled in up-front - was £812.

 

welcome - stay well away.