PPI Reclaiming Discussion part 4

xxkaren32

Hello

I took your advice and I sent out letter one template to Welcome Finance and they have finally responded with this:

'I write further to your letter received 10th June. Having assessed the circumstances of your recent complaint, we are in a poisition to restructure the existing loan agreement and remove the PPPI and the associated interest charged on this product. The restructuring process will seek to achieve the following:

• Any amounts outstanding (including interest and charges) in respect of the PPI shall be removed from the agreement . No further credit checks or information will be required.
• The restructered agreement will effectively be backdated to match the start date of the original loan amount. This will ensure that your loan account and credit histroy file are accurate This will also prevent a new agreement being created, for example as of todays date.
• The new loan documentation to be issued to you will reflect the terms and conditions of the original loan. However it will not contain the PPI policy or the associated interest.
• For example the loan term, amount borrowed and acceptance fee noted in the new documents will show the contract as it should have been on its original start date, but without PPI and associated interest.
• The ongoing contractual repayments required under the loan will reduce following this process and will be confirmed in the new loan documentation for your information.
• Any payments made in order to repay the original load amount will be applied to the newly restructered agreement. This will ensure that they new account takes into account the number of payments you have already made to repay your original loan.
• Any payments made in respect of the PPI shall be refunded to you via cheque.
• Should your original loan account currently be in arrears due to missed payments this will have an effect on the rescheduling process that we have outlined above. Should the rescheduling process be completed, your new loan account may also continue to show arrears. Should this be the case, we will use some or all of the refund to bring this account up to date.

I do note that you may wish to receive a specific refund figure at this stage. the will depend entirely on how many future payments you make towards the loan agreement. There fore i am unable to ptovide you with a specific refund figure until this process has been completed.'

In a nutshell that is what we have recieved....is this the correct procedure and where should be looking as to how much we should get back........

Looking forward to hearing from someone who can help me

DanDaniel

Just wondering if anyone could give me some advice ?

I took out a welcome finance loan around 14 months ago for £15000. When the loan was put in place it included PPI. When i disputed this the chap said that i needed to cancel it if i wanted after the loan was set up as canceling it at that point would put the whole process back and take longer for me to get the loan. When i came to cancel the lady on the phone said they would give me £2400 back of the £3272 they had banged on top of the loan. I was cross but there was nothing i could do. When i recieved my statement at 12 months it did show the re-imbursment of £2400 but the following month they had put that £2400 back on !! A company phoned me last month called consumer advice uk saying they could claim all of it back +. I gave them £199 to look into it which they said was refundable if a claim of £500 or less was met. I had a letter today saying they are confident of claiming £14293.59 off welcome. they say welcome have exaggerated the price by 545.42%. Welcome also sold me 5 years of insurance when the premium should have been charged monthly. They say welcome have breached the mis representation act around 37 times breeched the theft act twice. Blue Sky now want either £199.99 to continue with 25% of the award or £399.99 to continue with 10% of the reward or £699.00 and i keep the entire claim.
Do i really have a case for £14293 ? do i use blue sky or what should i do ?
Please please help, im in financial hardship and really dont have that sort of cash but it is tempting to just let them get on with it.
Many Thanks
Dan

tiggrae

DanDaniel wrote: »

Just wondering if anyone could give me some advice ?

I took out a welcome finance loan around 14 months ago for £15000. When the loan was put in place it included PPI. When i disputed this the chap said that i needed to cancel it if i wanted after the loan was set up as canceling it at that point would put the whole process back and take longer for me to get the loan. When i came to cancel the lady on the phone said they would give me £2400 back of the £3272 they had banged on top of the loan. I was cross but there was nothing i could do. When i recieved my statement at 12 months it did show the re-imbursment of £2400 but the following month they had put that £2400 back on !! A company phoned me last month called consumer advice uk saying they could claim all of it back +. I gave them £199 to look into it which they said was refundable if a claim of £500 or less was met. I had a letter today saying they are confident of claiming £14293.59 off welcome. they say welcome have exaggerated the price by 545.42%. Welcome also sold me 5 years of insurance when the premium should have been charged monthly. They say welcome have breached the mis representation act around 37 times breeched the theft act twice. Blue Sky now want either £199.99 to continue with 25% of the award or £399.99 to continue with 10% of the reward or £699.00 and i keep the entire claim.
Do i really have a case for £14293 ? do i use blue sky or what should i do ?
Please please help, im in financial hardship and really dont have that sort of cash but it is tempting to just let them get on with it.
Many Thanks
Dan

Hi Dan,

What you've put does sound rather unlikely and I do know that the Claims Management Regulation have suspended companies regulation for making these kind of claims to consumers - what guarentees do you have if you hand over any money especially £700 ??? You could give me £700 and what if I then all I do is sit back and do nothing rubbing my hands together with glee over gaining £700, what kind of come back would you have against me.

I think you've a good case for claiming back the PPI but as for claiming back £14k that sounds like fairy dust to me - but then I could be wrong

amersall

hi there, its up to you if you want to use the company. they will not get you anymore or any less than you could get if you do it, all it will cost you is the price of a couple of stamps and all the help you need with this is here on this forum, i would not give anyone £398 and then 25% of what they win for me. you will get all the help you need on here. at the end of the day the final decision is yours but i have given you my opinion. if you decide to do it your self and the company tell you they can get it all for you and faster they cannot, trust me they only go the same route you can go. good luck with this and keep us posted

amersall

DanDaniel wrote: »

Just wondering if anyone could give me some advice ?

I took out a welcome finance loan around 14 months ago for £15000. When the loan was put in place it included PPI. When i disputed this the chap said that i needed to cancel it if i wanted after the loan was set up as canceling it at that point would put the whole process back and take longer for me to get the loan. When i came to cancel the lady on the phone said they would give me £2400 back of the £3272 they had banged on top of the loan. I was cross but there was nothing i could do. When i recieved my statement at 12 months it did show the re-imbursment of £2400 but the following month they had put that £2400 back on !! A company phoned me last month called consumer advice uk saying they could claim all of it back +. I gave them £199 to look into it which they said was refundable if a claim of £500 or less was met. I had a letter today saying they are confident of claiming £14293.59 off welcome. they say welcome have exaggerated the price by 545.42%. Welcome also sold me 5 years of insurance when the premium should have been charged monthly. They say welcome have breached the mis representation act around 37 times breeched the theft act twice. Blue Sky now want either £199.99 to continue with 25% of the award or £399.99 to continue with 10% of the reward or £699.00 and i keep the entire claim.
Do i really have a case for £14293 ? do i use blue sky or what should i do ?
Please please help, im in financial hardship and really dont have that sort of cash but it is tempting to just let them get on with it.
Many Thanks
Dan

hi there, its up to you if you want to use the company. they will not get you anymore or any less than you could get if you do it, all it will cost you is the price of a couple of stamps and all the help you need with this is here on this forum, i would not give anyone £398 and then 25% of what they win for me. you will get all the help you need on here. at the end of the day the final decision is yours but i have given you my opinion. if you decide to do it your self and the company tell you they can get it all for you and faster they cannot, trust me they only go the same route you can go. good luck with this and keep us posted, tiggrae is right with this, these companys should be stopped

xxkaren32

xxkaren32 wrote: »

Hello

I took your advice and I sent out letter one template to Welcome Finance and they have finally responded with this:

'I write further to your letter received 10th June. Having assessed the circumstances of your recent complaint, we are in a poisition to restructure the existing loan agreement and remove the PPPI and the associated interest charged on this product. The restructuring process will seek to achieve the following:

• Any amounts outstanding (including interest and charges) in respect of the PPI shall be removed from the agreement . No further credit checks or information will be required.
• The restructered agreement will effectively be backdated to match the start date of the original loan amount. This will ensure that your loan account and credit histroy file are accurate This will also prevent a new agreement being created, for example as of todays date.
• The new loan documentation to be issued to you will reflect the terms and conditions of the original loan. However it will not contain the PPI policy or the associated interest.
• For example the loan term, amount borrowed and acceptance fee noted in the new documents will show the contract as it should have been on its original start date, but without PPI and associated interest.
• The ongoing contractual repayments required under the loan will reduce following this process and will be confirmed in the new loan documentation for your information.
• Any payments made in order to repay the original load amount will be applied to the newly restructered agreement. This will ensure that they new account takes into account the number of payments you have already made to repay your original loan.
• Any payments made in respect of the PPI shall be refunded to you via cheque.
• Should your original loan account currently be in arrears due to missed payments this will have an effect on the rescheduling process that we have outlined above. Should the rescheduling process be completed, your new loan account may also continue to show arrears. Should this be the case, we will use some or all of the refund to bring this account up to date.

I do note that you may wish to receive a specific refund figure at this stage. the will depend entirely on how many future payments you make towards the loan agreement. There fore i am unable to ptovide you with a specific refund figure until this process has been completed.'

In a nutshell that is what we have recieved....is this the correct procedure and where should be looking as to how much we should get back........

Looking forward to hearing from someone who can help me

can someone please tell me if this is correct....if not who i can contact...many thanks

tiggrae

xxkaren32 wrote: »

Hello

I took your advice and I sent out letter one template to Welcome Finance and they have finally responded with this:

'I write further to your letter received 10th June. Having assessed the circumstances of your recent complaint, we are in a poisition to restructure the existing loan agreement and remove the PPPI and the associated interest charged on this product. The restructuring process will seek to achieve the following:

• Any amounts outstanding (including interest and charges) in respect of the PPI shall be removed from the agreement . No further credit checks or information will be required.
• The restructered agreement will effectively be backdated to match the start date of the original loan amount. This will ensure that your loan account and credit histroy file are accurate This will also prevent a new agreement being created, for example as of todays date.
• The new loan documentation to be issued to you will reflect the terms and conditions of the original loan. However it will not contain the PPI policy or the associated interest.
• For example the loan term, amount borrowed and acceptance fee noted in the new documents will show the contract as it should have been on its original start date, but without PPI and associated interest.
• The ongoing contractual repayments required under the loan will reduce following this process and will be confirmed in the new loan documentation for your information.
• Any payments made in order to repay the original load amount will be applied to the newly restructered agreement. This will ensure that they new account takes into account the number of payments you have already made to repay your original loan.
• Any payments made in respect of the PPI shall be refunded to you via cheque.
• Should your original loan account currently be in arrears due to missed payments this will have an effect on the rescheduling process that we have outlined above. Should the rescheduling process be completed, your new loan account may also continue to show arrears. Should this be the case, we will use some or all of the refund to bring this account up to date.

I do note that you may wish to receive a specific refund figure at this stage. the will depend entirely on how many future payments you make towards the loan agreement. There fore i am unable to ptovide you with a specific refund figure until this process has been completed.'

In a nutshell that is what we have recieved....is this the correct procedure and where should be looking as to how much we should get back........

Looking forward to hearing from someone who can help me

does your original loan agreement separate out the monthly premium payment into the loan amount and ppi (including interest) - if it does then just work out how much of ppi you've paid over the term of the loan. Also, did you request 8% statutory interest to be paid back along with the ppi amounts (8% statutory interest is the amount a court would award as you've been unlawfully deprived of money)

marshallka

DanDaniel wrote: »

Just wondering if anyone could give me some advice ?

I took out a welcome finance loan around 14 months ago for £15000. When the loan was put in place it included PPI. When i disputed this the chap said that i needed to cancel it if i wanted after the loan was set up as canceling it at that point would put the whole process back and take longer for me to get the loan. When i came to cancel the lady on the phone said they would give me £2400 back of the £3272 they had banged on top of the loan. I was cross but there was nothing i could do. When i recieved my statement at 12 months it did show the re-imbursment of £2400 but the following month they had put that £2400 back on !! A company phoned me last month called consumer advice uk saying they could claim all of it back +. I gave them £199 to look into it which they said was refundable if a claim of £500 or less was met. I had a letter today saying they are confident of claiming £14293.59 off welcome. they say welcome have exaggerated the price by 545.42%. Welcome also sold me 5 years of insurance when the premium should have been charged monthly. They say welcome have breached the mis representation act around 37 times breeched the theft act twice. Blue Sky now want either £199.99 to continue with 25% of the award or £399.99 to continue with 10% of the reward or £699.00 and i keep the entire claim.
Do i really have a case for £14293 ? do i use blue sky or what should i do ?
Please please help, im in financial hardship and really dont have that sort of cash but it is tempting to just let them get on with it.
Many Thanks
Dan

I take it they are going for the whole loan back for you then and not to do with PPI?? It will most probably be due to PPI being added to the agreement. I know some on have done this and I have never heard of anyone winning with it yet. ALso be careful that if you do use this company that your credit rating is not affected. There are so many dodgy companies out there and using all sorts of flaws on the CCA to get money back but like I say, just be careful and make sure you read between the lines of anything you sign if you do it this way.

I would personally stay away and get on with reclaiming just your PPI back.

xxkaren32

tiggrae wrote: »

does your original loan agreement separate out the monthly premium payment into the loan amount and ppi (including interest) - if it does then just work out how much of ppi you've paid over the term of the loan. Also, did you request 8% statutory interest to be paid back along with the ppi amounts (8% statutory interest is the amount a court would award as you've been unlawfully deprived of money)

Yes it does, so in reality, i should take that amount (montly) and times it by the number of payments I have made to date? And as for the 8% they have not mentioned that.

As for the arrears..should that be restructurd in the new agreement or taken out of the refund?

amersall

xxkaren32 wrote: »

can someone please tell me if this is correct....if not who i can contact...many thanks

hi, yes they are right, and what a good reply after only one letter, well done you!!! if you want to ask for the 8% interest on top then go for it, but that is how it should be done, well done to them for this.if you accept this (after you have asked for the 8%) you will get a new agreement to sign and a letter telling you what will be refunded to you, if you post it on here you will get help with this and if its right you can accept