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Welcome Finance PPI Before Jan 14th 2005 - and my PPI reclaim updates
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# 1
Silvafox
Old 29-03-2011, 3:43 PM
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Default Welcome Finance PPI Before Jan 14th 2005 - and my PPI reclaim updates

I, for my sins, had two loans with WFS in 2004. I sent a SAR and have so far received copies of the agreements. Both had PPI on - one I was not aware of and one that I was told I 'had' to have or I couldn't have the loan.

Anyone taking loans out after 14th January 2005, according to the FSCS statement on the WFS homepage, will be contacted about a possible claim.

My question is - As my two loans were prior to the 14th Jan 2005, is it worth me trying to claim the PPI back anyway? One of them was clearly mis-sold as I was told I 'had' to have it. I have the original persons name still and it really annoys me to this day that I was too naive to question it at the time and fell for this con.

Anyone think this is worth pursuing? One amount was for £900 and the other was £4k.
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Last edited by Silvafox; 11-04-2011 at 1:47 PM.
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# 2
marshallka
Old 29-03-2011, 3:54 PM
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Hi, as regards the two loans prior to regulation being before 14th jan 2005 then who would you complain to? I know that FOS could not deal with these as they are no longer trading (or as such) and the FSCS can only deal with claims/complaints on or after 14th Jan 2005. You could however ask the FOS about the insurer direction on these. You would need to find out who the insurer/underwriter of the PPI was with and make the complaint against them and go through the whole complaints procedure first and then if necessary take to the FOS. I would first check with FOS though on this.
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# 3
src007
Old 29-03-2011, 3:56 PM
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I'm not 100% sure but this article (from 3rd March) suggests that pre-2005 policies might still be covered by Welcome.

http://www.mortgagestrategy.co.uk/lo...027075.article

It says,

'Welcome has also established a trust fund of £20m as redress for customers sold pre-regulated policies before January 14 2005, which the FSCS does not cover.'

Welcome also tended to charge very high interest, which they added to the PPI.
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# 4
Silvafox
Old 29-03-2011, 4:01 PM
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Quote:
Originally Posted by src007 View Post
I'm not 100% sure but this article (from 3rd March) suggests that pre-2005 policies might still be covered by Welcome.

http://www.mortgagestrategy.co.uk/lo...027075.article

It says,

'Welcome has also established a trust fund of £20m as redress for customers sold pre-regulated policies before January 14 2005, which the FSCS does not cover.'

Welcome also tended to charge very high interest, which they added to the PPI.
That's interesting. I think I'll draft a letter in my own words and see if anything comes of it. I will be complaining about the PPI I was told I 'had' to take as that was clearly missold.

I also fell fowl of the 'rule of 78' with that loan too and ended up paying back £32k for a loan of £15k which paid back in full after just 3 years of the 10 year term.

Thank you src007 - that's the info I was hoping to find.
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# 5
Silvafox
Old 29-03-2011, 4:03 PM
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Quote:
Originally Posted by marshallka View Post
Hi, as regards the two loans prior to regulation being before 14th jan 2005 then who would you complain to? I know that FOS could not deal with these as they are no longer trading (or as such) and the FSCS can only deal with claims/complaints on or after 14th Jan 2005. You could however ask the FOS about the insurer direction on these. You would need to find out who the insurer/underwriter of the PPI was with and make the complaint against them and go through the whole complaints procedure first and then if necessary take to the FOS. I would first check with FOS though on this.
Thanks for that. The link that src007 has posted seems to answer the question for me. I think a letter is needed to at least complain about it.
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# 6
Silvafox
Old 30-03-2011, 9:58 AM
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Got my full SAR through the post today and I'm very glad I did!

According to one of the statements I overpaid the account by over £3,500!! The balance at the end was - £3,500. So there's a good place to start with my letter... They also charged my interest (how did they do that?) on the negative balance each month for about 8 months.

Looks like I'm going to be spending the morning going through it all and drafting my first letter of complaint.
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# 7
Silvafox
Old 11-04-2011, 1:46 PM
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Got a reply back saying that they are looking into the PPI on both loans.

I also had to fill out a questionnaire from the FSCS that was enclosed too.

Also, predictably, and strangely, they sent me through two new statements (unprompted) and one still showed that I have overpaid but the other one had the PPI removed from it. So, someone their end appears to have tampered with it to make it look like there was no PPI on the loan in the first place. But, I have the copy of the one they sent a couple of weeks ago and also the original loan agreement with the PPI amount written on it! WTF!

This is going to be interesting... because if I don't get anywhere with the PPI, then I will certainly be after why I overpaid and also why they are altering their statements.

I'm going to keep this thread updated, but comments of thoughts are welcome too.
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# 8
ralphwatson
Old 30-06-2012, 3:00 PM
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any updates on this , i have just began looking into my ppi i was sold mine of 14 october 2004 and was also told i had to take the ppi out to get the loan . can anyone advise me if there is any chance of me claiming back with my loan being pre 2005 all be it by on by only 2-3 months
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# 9
amersall
Old 01-07-2012, 10:34 AM
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Put the complaint direct to Welcome, this would have been
Single Premium PPI and this is the reason for mis sell that you use, this was a loan on the loan paid to term end with interest, if you cancelled the PPI they would have given you a pro rata rebate of the PPI and the remaining PPI is still on the loan to term end.

If you settled this loan early then, as above, you would have a pro rata rebate and you would have paid back the remaining PPI in with the settlement figure.

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