Starting a claim for PPI with Welcome Finance

Sol00

Emla wrote: »

Morning all, Im looking form some of your excellent help please.
I sent the 1st template letter to Cap One and have received a reply today,it includes the usuall BLAH BLAH BLAH but states that the PPI was taken out during a telephone conversation in 2001.
Do I still have a case, what should be my next step?
Any help would be appriciated.
Thanks Em

Emla, you should start a new thread if it's to do with Capital One. They'll have different departments and procedures to Welcome Finance.

Sol00

Glenn1884 wrote: »

Letter arrived this morning. And guess what no change in their response. Sort of guessed that this would be the case. So FOS it is. Im also bringing FSA into boot. And I think its time to ramp up the pressure on Welcome.

Does anyone know who is the MD for Welcome Finance?

Im ramping up the pressure using the media, Radio Newspapers etc etc. May even goto Watchdog and dont get done get Dom involved if possible. Going to make them look so bad in the press.

Wish me look,

David Postings has taken over at the moment to try and sort the mess his, so called, directors made.

I got a reply to my letter from Welcome and, similar to you, it's the same kind of response, needless to say I've sent a complaint to the FOS.

My complaint was different to yours however, as I was querying interest being applied to the Acceptance Fee as this is not allowed. They've advise that they haven't, even though it's in black and white they have! It'll be interesting to see what resonse I get from the FOS.

Glenn1884

Interesting comment that sol00. I have checked the last loan agreement and my acceptace fee was £75:00. This was added at £3:31 per payment. @36 payments works out at £119:16 So it seems that they have charged me interest on the acceptance fee. Is this a totally illegal practise?

If so I may have them on a technicality as well as the mis-selling.
Sol00 can you provide evidance that this is Illegal?

Thanks all and please all check you documentation as this may have a bearing on your claims if proven to be Illegal.

Sol00

Glenn it seems all of their agreements have this 'hidden' fee added on top of the Acceptance Fee.

It's based on Wilson v First County Trust which went all the way to the House of Lords! http://www.publications.parliament.uk/pa/ld200203/ldjudgmt/jd030710/will-1.htm

They are denying however, as this is not evident on the agreements, only on the Statement of Price. I did send another letter to them pointing this out, but I'm not holding much hope of getting them to be honest with what they've done.

I've complained to the FOS about it and sent all the information for them to investigate impartially.

Glenn1884

Interesting reading. But looks as if the act of charging interest on Acceptance fee. CANNOT be charged as a product that is liable to incure INTEREST. Thats a very interesting post for all cash loan customers to know about. Im going to the Fos and the Fsa with this data and may serve Welcome Finance with a writ (or however its spelt) but you get the jist of what im saying. Lets see what their stance is over this. As a court ruleing has already set a precedent in these matters. So getting the same result is a very possible outcome. I will make some calls tomorrow regarding this and let you all know the outcome of these legal conversations.

Glenn1884

Just looked at credit agreements i have with Welcome Finance and nowhere does it state that Aceptance fee is a product and nowhere does it state that Interest will be charged on Acceptance fee.

VERY INTERESTING FOLKS CHECK YOU AGREEMENTS VERY CAREFULLY AS WE ALL MAY HAVE SOMETHING TO FIGHT WITH HERE.

Sol00

Nope, it doesn't and that's why it's quite suspicious.

As I said, I've written to the FOS about it, so hopefully they'll be able to work out if they've been charging interest on it.

Deva2005

Dear All,

I have read through a lot of the posts here and I am not sure how my case can be worked out...I wonder if anyone has any ideas for me as Welcome are driving me bananas.

Shortly after I took out the 'loan' at their offices, I lost my job, but I was not really aware I had this PPI document, they told me to just sign some papers for the loan and all would be sorted out and came out of their back office with a cheque.

Since losing my job at the initial time, they harrassed me for payment and told me that they thought I had committed fraud by taking the loan and then not being able to keep up with repayments. I have been hounded weekly by their debt collection company and having accessed my credit file from Experian it seems that they have places a CIFAS warning on their also, blocking me from getting a mortage or anything.

The only document I can find from them is a policy schedule which seems to be for Term Life Benefit of £17000 and a monthly payment of £156.30 (strangely, I seem to remember this was the amount for the loan repayment)

I am really confused about all of this, and worried about how to resolve this, I am sure that I have been completely mis sold but would ask if anyone out there could give me some guidance as to where to go now to try and resolve this matter?

Many thanks in advance for reading this, and please bear with me, I am a newbie here and trying to fight lots of corners to try and begin managing my debt problems

Thanks again

David

di3004

david.richards27 wrote: »

Dear All,

I have read through a lot of the posts here and I am not sure how my case can be worked out...I wonder if anyone has any ideas for me as Welcome are driving me bananas.

Shortly after I took out the 'loan' at their offices, I lost my job, but I was not really aware I had this PPI document, they told me to just sign some papers for the loan and all would be sorted out and came out of their back office with a cheque.

Since losing my job at the initial time, they harrassed me for payment and told me that they thought I had committed fraud by taking the loan and then not being able to keep up with repayments. I have been hounded weekly by their debt collection company and having accessed my credit file from Experian it seems that they have places a CIFAS warning on their also, blocking me from getting a mortage or anything.

The only document I can find from them is a policy schedule which seems to be for Term Life Benefit of £17000 and a monthly payment of £156.30 (strangely, I seem to remember this was the amount for the loan repayment)

I am really confused about all of this, and worried about how to resolve this, I am sure that I have been completely mis sold but would ask if anyone out there could give me some guidance as to where to go now to try and resolve this matter?

Many thanks in advance for reading this, and please bear with me, I am a newbie here and trying to fight lots of corners to try and begin managing my debt problems

Thanks again

David

Hi David

I'm sure this will be sorted out but was the the agreement do you know?

If your unsure, I would write to them to request a copy of the agreement, this normally costs a £1 to request this and send the money by either postal order or cheque to cover the request.
They should send you the copy by 12 days.

If this was taken out over the last 6 years there should not be a problem in them sending this to you, we can take this from there and hopefully someone will post up as well with some useful information for you.;)

Glenn1884

Been on the pfone to the FOS. They have said I may have a valid claim and that a pack is being sent out to me. I have already got the paperwork at my end ready for them. I am also going to make sure they look at the Interest being charged on the Acceptance fee as I stated to the FOS today this is most deffinately Illegal as a case Wilson v First County trust has proven.

So now its wait for the paperwork from the FOS then send it all back including letters from Welcome and Myself and Evidence.

GAME ON....

I also mentioned to the gentleman at the FOS that i was also contacting the FSA to bring to their attention the Illegal Practises that Welcome Finance are doing and using on a regular basis to its customers. In the hope that the Regulator will investigate them.

Onwards and upwards for the glory of the empire.....