Welcome Finance PPI.....Aaaaarrrrrhhh!!

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  • SL123
    SL123 Posts: 41
    First Anniversary Combo Breaker
    Forumite
    Hi fto loyal,

    I have successfuly claimed PPI from Welcome. I was surprised at how easy it was after reading the stories on here but I got a response within a week and then a week after that I had a cheque come through the door so it is possible, dont give up.
  • Ms-Pacman
    Ms-Pacman Posts: 508 Forumite
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up
  • Regshoe
    Regshoe Posts: 237 Forumite
    Ms-Pacman wrote: »
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up

    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.
  • ~Brock~
    ~Brock~ Posts: 1,710
    First Anniversary Combo Breaker First Post
    Forumite
    Ms-Pacman wrote: »
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up

    It is only a 'serious question' to the regular posters on that thread you have highlighted, who have fallen into the classic scenario of the blind leading the blind.

    The FSA will be quite rightly investigating the circumstances surrounding the 2008 shareholder rights issue that Cattles undertook, which is nothing to do with PPI or any other aspect of the Welcome day to day businsss.

    I would doubt that anyone is seriously listening to a bunch of conspiracy theorists that discredit themselves by jumping to so many ill founded conclusions.

    I am no fan of Welcome but am able to take a balanced perspective and can see through the fact that many, many people will have no legitimate argument or claim against Welcome but will still be looking to these self appointed internet experts for ways in which to evade their debts. Some of the people on there are clearly basking in the glory of their apparently elevated status, despite being unable to string a coherent sentence together. Make of that what you will ;)
  • My partner & I bought a car from Welcome at one of their "showrooms" in July 2008, we thought at that time it was a good idea as they matched a car loan to what you could comfortably afford. We signed a deal for a car priced at £7.7k payable at £301 over 48 months.
    We decided we wanted to get a newer smaller car, yesterday we went to a car showroom to have the car valued, while this was being done we phoned welcome for a settlement figure £7442 was quoted. We were shocked to be told that our car was only worth £2k. I was hopping mad as cars certainly do not depreciate by over £5k in 1.5 years...
    Fuming I got out the contract for the loan, only to find that we had been sold PPI, MBI and Shortfal excess to the tune of almost £6K this took the whole loan agreement to nearly £15k, at no time did we ask for any of the above or were they discussed.
    I also noticed on the contract that I could terminate my agreement as long as we'd met the stated amount, having checked statements we found that we were paid more than £1k over, I called Welcome this morning..
    Getting angrier now, I was told that we were in arrears by £350 of which £42 were in charges for letters and telephone calls (stumped as all my payments have been made) which have never been received. They then stated that I had not paid enough to end the agreement (bank statements can't be wrong) that I would need to pay another £2k on top of the £5.9k already paid (the consumer credit agreement states £5.2 required to end agreement). Obviously I let off a bit of steam was told by the "agent" at the end of the line that he had to speak to his manager and would call me back in half an hour, that was a 9.15am still no phone call back.

    I have contacted a solicitor who advised me to put in writing the termination and has started proceedings to claim back the misold PPI, MBI and Shortfall Excess. I will not let Welcome get away with this, bullying tactics on the telephone don't wash with me.

    On the MBI front welcome had actually sent us a letter stating that they had built this into our repayments.....what a joke.

    Has anyone had these problems and what was the outcome.

    All the best

    Michael:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
  • Hi, First time I have posted.
    I have a personal loan and car loan with Welcome, I will be trying to claim back the PPI missold to me also the charges they have applied to the accounts for the phone calls and letters etc
    My question is, how do I stand if I stop paying them while they sort out any refund of the accounts?
    I think off the top of my head the car loan has approx £800 left to pay and the loan approx £2500.
    Well that is according to me if they work it out it will be a lot more no doubt.
    How do we fight it if they just say it is vaild? I have read the posts and think I understand the letter and resasonable length of time to respond, what action can we take if they do not resond with the correct information requested?
    If they cannot provide the original copy of the agreement does that mean the agreement is void?
    I was a little worried but after reading these posts and realised they seem to be a bunch of crooks, it looks like I will have a fight on my hands.
    I would be greatful for any comments.
    Thanks

    Graham
    Hi Graham,

    See my post below.. they are a bunch of crooks who will not speak to you but try to belittle you on the telephone. Get everything in writing to them, I've been told that they are the only company who will only deal with misold PPI by dealing with all stages in writing. I've also been advised that they will write to you stating that there is no case you just have to keep atit. Good luck mate.

    Michael
  • Ms-Pacman
    Ms-Pacman Posts: 508 Forumite
    edited 8 January 2010 at 6:20PM
    ~Brock~ wrote: »
    It is only a 'serious question' to the regular posters on that thread you have highlighted, who have fallen into the classic scenario of the blind leading the blind. I agree with some of that but when people are desperate any help is welcome. some of the points on there are valid. some I disagree with and others I don't know about.

    The FSA will be quite rightly investigating the circumstances surrounding the 2008 shareholder rights issue that Cattles undertook, which is nothing to do with PPI or any other aspect of the Welcome day to day businsss. FSA have hundreds of individual complaints about welcome which are very separate to the big investigations going on which DO involve insurances btw, but complaints aren't just about PPI, mine isn't about PPI at all. Again I only am aware of the basic facts as I am currently in contact with them over my dispute, and am going by what I have been told by them

    I would doubt that anyone is seriously listening to a bunch of conspiracy theorists that discredit themselves by jumping to so many ill founded conclusions.

    I am no fan of Welcome but am able to take a balanced perspective and can see through the fact that many, many people will have no legitimate argument or claim against Welcome but will still be looking to these self appointed internet experts for ways in which to evade their debts. Some of the people on there are clearly basking in the glory of their apparently elevated status, despite being unable to string a coherent sentence together.
    Again I do agree with you in most of this paragraph, but do remember not everyone is trying to get out of paying but to try to come to an agreement where a debt can be paid off in a manner fair to both parties without over inflated further interest of that what you will ;)


    I do see where you are getting at but I myself have failed for a year to get proof from Welcome that the insurance exists. in my case its the GAP insurance being questioned.

    For every insurance policy whether home, car, life, ppi, gap etc, there MUST be a schedule of insurance policy. If there isn't one provided then you start to question why. Phone up Norwich Union and ask for the details through Welcome and they have NO details yet Welcome insist they do. You also get passed to Direct Group, supposedly linked to NU yet who then appear to be in a Welcome office. Welcome are supposedly purely the brokers, so why does everything turn up back to them???

    All I have asked for is for details and neither Welcome, Direct Group or Norwich Union have provided anything that even closely does so. FSA are very aware of this.

    I have no problems paying my HP agreement. The car is currently off the road and a different car is being used whilst my enquiry is being dealt with by the FSA who never would have been involved if Welcome had provided details.

    Incidentally this all started back in feb 09 when I asked for a settlement figure which took 3 months to get so I became suspicious and sent a SAR which provided some very obvious problems and errors, which are not due to defaults as there weren't any.

    Some people do try to get out of paying, and you're quite right. It happens quite a lot I'd imagine but, and this is a BIG BUT:
    NOT EVERYONE DOES THIS.
    EVERY CONSUMER HAS THE RIGHT FOR THEIR PURCHASE / HP TO BE CORRECT AND SHOULD NOT ACCEPT POOR PRACTICE BY FINANCE COMPANIES.

    I would actually be pleased if Welcome stay open despite my dispute with them. They do offer a unique service which hopefully means less people will use more dubious ways of borrowing money.

    With their new directors they have a real chance to improve their practice. Okay some staff I've spoken to aren't overly pleasant but the majority have been fine. Their way of doing things appear to me as being blinkered and a bit of staff training and probably paying staff decent amounts may help - this is only my opinion though.

    Its just a shame they've been silly with their accounting hence various investigations and hopefully they can recover enough to keep afloat.
  • Ms-Pacman
    Ms-Pacman Posts: 508 Forumite
    Regshoe wrote: »
    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.

    I have a letter and an email from NU stating they have never sold to Welcome or DG an insurance product that is for my car HP. yet I have paid for a GAP policy
  • Regshoe wrote: »
    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.
    Welcome finance sold insurance products under written by several insurance companies including Norwich Union as was now AVIVA, AXA and others depending upon the product purchased. The claim handlers are a company called Direct Group and are based in Doncaster and all is legal and above board.
    Many many customers have had many a successful claims with these insurances and will do in the future.
  • MichaelD wrote: »
    My partner & I bought a car from Welcome at one of their "showrooms" in July 2008, we thought at that time it was a good idea as they matched a car loan to what you could comfortably afford. We signed a deal for a car priced at £7.7k payable at £301 over 48 months.
    We decided we wanted to get a newer smaller car, yesterday we went to a car showroom to have the car valued, while this was being done we phoned welcome for a settlement figure £7442 was quoted. We were shocked to be told that our car was only worth £2k. I was hopping mad as cars certainly do not depreciate by over £5k in 1.5 years...
    Fuming I got out the contract for the loan, only to find that we had been sold PPI, MBI and Shortfal excess to the tune of almost £6K this took the whole loan agreement to nearly £15k, at no time did we ask for any of the above or were they discussed.
    I also noticed on the contract that I could terminate my agreement as long as we'd met the stated amount, having checked statements we found that we were paid more than £1k over, I called Welcome this morning..
    Getting angrier now, I was told that we were in arrears by £350 of which £42 were in charges for letters and telephone calls (stumped as all my payments have been made) which have never been received. They then stated that I had not paid enough to end the agreement (bank statements can't be wrong) that I would need to pay another £2k on top of the £5.9k already paid (the consumer credit agreement states £5.2 required to end agreement). Obviously I let off a bit of steam was told by the "agent" at the end of the line that he had to speak to his manager and would call me back in half an hour, that was a 9.15am still no phone call back.

    I have contacted a solicitor who advised me to put in writing the termination and has started proceedings to claim back the misold PPI, MBI and Shortfall Excess. I will not let Welcome get away with this, bullying tactics on the telephone don't wash with me.

    On the MBI front welcome had actually sent us a letter stating that they had built this into our repayments.....what a joke.

    Has anyone had these problems and what was the outcome.

    All the best

    Michael:mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad::mad:
    Please read your contract the termination figure is for the goods only not insurances, eg if your monthyly payment is £100 so much off that goes towards the goods and so much towards the insurances. If for example its a 70/30 split for evey full contractual payment of £100 you have made only £70 can be put towards the termination liability figure the miss selling is a sepaerate issue.
    You would have had a copy of the agreement you signed on the day and a second copy with your welcome letter confirming your account number and direct debit date etc. The policy documents for the insurance would also have been sent advising that you had a 30 day cancellation period if you decided after reading all the T+C's the insurance was not suitable or not required. If you do not fully read a contract before you sign it and don't bother to read the T+C's is that Welcomes Fault???
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