Awongs v Welcome Finance

[Awongs]

Urgent advice needed on this. I wrote to welcome requesting a refund on the so called optional PPI sold to my husband and I when we were desperate in 2004. We were not given an option concerning this at the time. They have come back to say they are willing to cancel or offer a rebate. As i do not want any of the above but a full refund i would like some advice on my next letter or move to them. Sorry for my ignorance but my paperwork says:

payment protection = £3,627.12

Policy term = 60 months

Interest £7,341.02

Total payable = £10,968.14

Monthly payment = £60.93

APR = 21.00%

Interest per month = 1.58%

 

Another paperwork says

Total Amount of credit £23,219.72 (A)

Amount of credit for cash adv £19,592.60 (B) (we were not actually given this amount of cash at the time)

Amount of Credit for insurance £3,627.12 (k)

APR 21.00%

Acceptance fee = £235

 

 

My question now is how much am i claiming back plus the interest and how to respond to welcome not wanting to pay back the ppi.

[hellhasnofury]

Urgent advice needed on this. I wrote to welcome requesting a refund on the so called optional PPI sold to my husband and I when we were desperate in 2004. We were not given an option concerning this at the time. They have come back to say they are willing to cancel or offer a rebate. As i do not want any of the above but a full refund i would like some advice on my next letter or move to them. Sorry for my ignorance but my paperwork says:

payment protection = £3,627.12

Policy term = 60 months

Interest £7,341.02 I think the interest breakdown as £2,260.43 ppi interest and £5,080.59 for the loan interest

Total payable = £10,968.14

Monthly payment = £60.93

APR = 21.00%

Interest per month = 1.58%

 

Another paperwork says

Total Amount of credit £23,219.72 (A)

Amount of credit for cash adv £19,592.60 (B) (we were not actually given this amount of cash at the time) I think the actual cash advancement you where given was around £12,250.58p

Amount of Credit for insurance £3,627.12 (k)

APR 21.00%

Acceptance fee = £235

 

 

My question now is how much am i claiming back plus the interest and how to respond to welcome not wanting to pay back the ppi.

 

I am not a maths teacher or a banker)thank god) I have worked these figures out so you need to check them in case they are wrong. According to these figures you paid £3,627.12 for the ppi premium and £2,260.43 was the interest they applied, so £5,897.55 is what you ask for back.

 

When was the loan taken out and I do hope that you will add their contractual rate of 21% on all payments you have have to them

 

Maybe write to the bank and ask them for a breakdown of the loan and how exactly it was calcutated

[hellhasnofury]

Hello

 

You mention that they are prepared to cancel and rebate the policy. They have to do that, so personally I feel that should be your first move. Cancel it get the rebate, which probably would not be much. Do not sign a new agreement whatever they say:eek: I will post a link from the office of fair trading regarding the cancelling and refund of ppi on you thread.

 

Once that is done, you then go for the refund of what you have actually paid them, plus the contractual interest, they have charged you.

 

Welcome will put up a fight be warned, and it may take some time to sort out,that is why you cancel the policy now so you are not giving them anymore:D

 

Have you sent them a Subject Access Request to get all the info you need.

 

Here is the link

 

Consumers to benefit from PPI refunds agreement

[itsmeandonlyme]

God, Hell, you r so good:))))

[Awongs]

Thanks a lot for your help. I am sending them a SAR tomorrow so I can know the breakdown of the figures. Will keep you posted.

[itsmeandonlyme]

Awongs,

 

I would also advise you to send a complaint to FSA, explaining how you were mis-sold PPI and other extras...

The copy of mine you can find on my thread....

[hellhasnofury]

Hello Awongs,

 

Found your thread on page 7, so just retrieved it.

 

So they have now cancelled the ppi with a bit of a nudge from you. Only refunded £1,000 back into the account. That is standard practice I am afraid.

 

Have they reduced the payments or length of term:-?

 

So now you start the process of reclaiming back the premium and the interest they charged you.

 

Did you get the sar back?

What are you reasons for mis-selling?