Starting a claim for PPI with Welcome Finance

di3004

Glenn1884 wrote: »

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.....

GO GO GO Glenn :T :T , we wish you all the luck in the world.:A XX

Glenn1884

Right folks it seems that this ACCEPTACE FEE ISSUE needs to be talked over with the Office Of Fair Tradeing as the FOS and FSA do not deal with these things. So forward your letters and complaints for Acceptance Fees and the interest charged on that to the OFT.

All the best with you claims

Glenn

Glenn1884

In fact when I finish work tomorrow I will be suitable pi$$eed off to take welscum on via the director. Im going to grill him IF I CAN GET HOLD OF HIM. As to their ILLEGAL activities and WHY ??? With suitable evidance that they did not AGREE with my claim.

IM IN THE MOOD NOW BUT UNFORTUNATELY THE OFFICE IS NOW CLOSED CALL BETWEEN 0900 AND 1700.

TOMORROW IS ANOTHER DAY.

Sunnie2812

I can't even get through to Direct Group to ask about my PPI...!!!

Sunnie2812

My acceptance fee was £195.00, plus they added on a option fee of £100, and I have no idea what that is for!!

Glenn1884 wrote: »

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.

vanderveckan

Hi All

I've been following the post on CAG for a while now and could use some advice from the more aware of you out there.

I took out a HP agreement on a car in August 2007 with WFS. The total cost of the car was approx £10,000. On top of this I elected to have the Mechanical breakdown cover (£650) and also the Shortfall Insurance (£350). At the time of taking the loan, I was informed that I would also have to take out PPI cover (£2600) to cover the loan as I was a contractor. I understand how this would be difficult to prove now but that's what happened. Recently, my contract finished and I contacted WFS to activate the PPI, but was told that I was a contractor that I would not be eligible for cover, even though it was the same position in when I took the loan. I was further told that the only way in which I could claim the PPI was if my employer went out of busines (NHS - unlikely) or I did (unrealistic).

Therefore I have worked out what amount the PPI and interest accumulates to over the 48 month period of the loan (£3,890) and have requested on the 26th Jan 09 that WFS knock that off my total and repay the £1600 in additional payments that I have made. To date I received a letter in mid Feb saying that they would be looking at the matter but now we are in week 9 and still nothing from them.

Also, I have noticed that on the Agreement, the Acceptance Fee has accrued interest on it. Therefore, is this agreement enforceable under Wilson v First Trust?

I have been patient with WFS and have been more than happy to repay what I owe them, but this changed after speaking to the 'Customer Service (ironic)' department. After being told that I had no choice to use them as no one else would provide me with finance and the usual charm that they dispense, I was told that I would not be getting my refund on the PPI and told to sod off for want of a better word.

So, firstly, I believe that they are in breach of FSA guidlines regarding complaint response within 8 weeks. Secondly, I have been paying extra amounts as and when I have been able to and have repaid the initial loan cost (the money that they lent me) and some extra on top, so am I able to present an unenforceable agreement? What do I need to do to prove that the agreement was unenforceable? Would they be able to black mark my credit file? Also, would the car then be mine and would it be shown as HP clear?

I feel slight guilt at attempting the unenforceable route, but not too much as I have paid them what they lent me, and up until I started questioning them about the PPI, have had a pleasant relationship with them. I also have a matter where they have been charging me Ad-hoc fees, capital disbursement, and telephone call costs, even though on the Subject Access Request it shows I have made a payment, and 3 days later I am charged for a call. I have also noted that the amount that they have stated on the HP agreement for call charges etc, differs from what they have actually added onto my account.

There is a statement at the bottom of the Credit Agreement which also states that 'Interest, calculated on the amount of credit ad Acceptance Fee outstanding from time ti time throughout the duration of this Agreement, taking into account the Payments above, makes up the Finance Charges for Goods and the Charge for credit for the Insurance, which will be paid by you as part of each payment' - Does this not in itself make the agreement unenforceable?

I have also noted that in the Key Financial Information that the APR is stated at 24% but on the Other Financial Information section the 'Rate of interest on Credit (per Annum) is stated as being 12%. I have calculated the amounts and 12% is the figure which they have calculated their figures on.

Sorry for the long post, but any advice would be appreciated.

di3004

vanderveckan wrote: »

Hi All

I've been following the post on CAG for a while now and could use some advice from the more aware of you out there.

I took out a HP agreement on a car in August 2007 with WFS. The total cost of the car was approx £10,000. On top of this I elected to have the Mechanical breakdown cover (£650) and also the Shortfall Insurance (£350). At the time of taking the loan, I was informed that I would also have to take out PPI cover (£2600) to cover the loan as I was a contractor. I understand how this would be difficult to prove now but that's what happened. Recently, my contract finished and I contacted WFS to activate the PPI, but was told that I was a contractor that I would not be eligible for cover, even though it was the same position in when I took the loan. I was further told that the only way in which I could claim the PPI was if my employer went out of busines (NHS - unlikely) or I did (unrealistic).

Therefore I have worked out what amount the PPI and interest accumulates to over the 48 month period of the loan (£3,890) and have requested on the 26th Jan 09 that WFS knock that off my total and repay the £1600 in additional payments that I have made. To date I received a letter in mid Feb saying that they would be looking at the matter but now we are in week 9 and still nothing from them.

Also, I have noticed that on the Agreement, the Acceptance Fee has accrued interest on it. Therefore, is this agreement enforceable under Wilson v First Trust?

I have been patient with WFS and have been more than happy to repay what I owe them, but this changed after speaking to the 'Customer Service (ironic)' department. After being told that I had no choice to use them as no one else would provide me with finance and the usual charm that they dispense, I was told that I would not be getting my refund on the PPI and told to sod off for want of a better word.

So, firstly, I believe that they are in breach of FSA guidlines regarding complaint response within 8 weeks. Secondly, I have been paying extra amounts as and when I have been able to and have repaid the initial loan cost (the money that they lent me) and some extra on top, so am I able to present an unenforceable agreement? What do I need to do to prove that the agreement was unenforceable? Would they be able to black mark my credit file? Also, would the car then be mine and would it be shown as HP clear?

I feel slight guilt at attempting the unenforceable route, but not too much as I have paid them what they lent me, and up until I started questioning them about the PPI, have had a pleasant relationship with them. I also have a matter where they have been charging me Ad-hoc fees, capital disbursement, and telephone call costs, even though on the Subject Access Request it shows I have made a payment, and 3 days later I am charged for a call. I have also noted that the amount that they have stated on the HP agreement for call charges etc, differs from what they have actually added onto my account.

There is a statement at the bottom of the Credit Agreement which also states that 'Interest, calculated on the amount of credit ad Acceptance Fee outstanding from time ti time throughout the duration of this Agreement, taking into account the Payments above, makes up the Finance Charges for Goods and the Charge for credit for the Insurance, which will be paid by you as part of each payment' - Does this not in itself make the agreement unenforceable?

I have also noted that in the Key Financial Information that the APR is stated at 24% but on the Other Financial Information section the 'Rate of interest on Credit (per Annum) is stated as being 12%. I have calculated the amounts and 12% is the figure which they have calculated their figures on.

Sorry for the long post, but any advice would be appreciated.

Hi there and welcome.

I have also send you a private message (PM) with some details for you, but if you would like some help in regards of ppi reclaiming your in the right place.

Just to say there are services and companies about to help you but do not go for anyone who charges upfront, there are free services and always get advice on them first.;)

However, in regards of PPI, there is a link here with info and letter reclaim templates:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Add your own reasons and they have 8 weeks to respond, keep on at them until you've exhausted their complaint procedures, in the final response if your not satisfied they should provide you with details of how you can pursue this matter further, if eligible the Financial ombudsman service (FOS).

In regards of your other issues I'm sure someone will post up with some info for you, good luck and post anytime for help.;)

Di
X

Glenn1884

I have today spoken with the OFT (office of fair trading). They are interested in what I told them regarding miss-selling of PPI and also the fact Aceptance fees are then aspplied and you are charged interest on these fees, Which is not mentioned in the paperwork you receive.

So if you have been subject to anu of the above then please email the address below giving full details.

[EMAIL="enquiries@oft.gsi.gov.uk"]enquiries@oft.gsi.gov.uk[/EMAIL]

Hopefully they will get enough of a response to investigate companies practises.

Summer-Caitlin

Hi

I have just read this thread and first of all Glenn I must applaud you, I hope you get what is rightfully yours as you are putting up a good fight:T

I took out a secured loan with WFS in 2001 for £5000 which included PPI (like you was not told of the options regarding this and was told I would need to take this out to get the loan anyway). I paid off this loan in 2007, the loan was for a 10 year agreement and my monthly payment was in the region of £180pm. I did fall into arrears every so often, one time it was for a couple of months as I lost my job, so I knew they added it to my loan. However when I paid off the loan I was hit with having to pay off approx £9000 (I do have all the paperwork, just not on me) This brings the total of my loan being paid back to almost £21000. I was furious and still am and feel I must have some sort of claim.

I know I paid this a few years ago now, but do you think I still have a valid claim?

Thanks for any advice you can give me.

staceymcpherson

Hi

I am awaiting my response from welcome. I received their crap questionairre which i sent back unaswered with a letter stating they should have been aware of my circumstances at the time of credit.

I have had nothing since then and it is getting close to the 8 weeks (what do i do if iv not heard anything?)

Also just looking at my credit agreements with them they have charged me acceptance fees on both agreements one was £75 and the other was £235. On the smaller of the two loans i took out they charged me familycare £175 i dont even know what this is!! I wasnt charged it on the £13714 loan I took out:think:

Im not sure what to do next