PPI (& Voluntary Termination) w/ Welcome Car Finance

Pooshon

I'm considering starting to claim back my PPI from Welcome Car Finance, but I need some advice to clarify what my options are. According to the main site, there are a number of ways people are mis-sold PPI. When I was sold the car finance, I was told I needed to get PPI to get the loan, but this is just my word against theirs so not a very solid case. However, from what I understand I was sold a 'single premium' loan, in that my PPI was added as a lump sum at the beginning of the agreement. Has anyone else had any success in claiming PPI back from Welcome using the 'single premium' argument?

I'm also interested in my right to terminate the agreement as per section 99 of the Consumer Credit Act 1974. It's probably best if I explain my situation, but I'll try to keep it brief. I took the finance out in May '05, but had lost my job by the end of '07. Welcome advised me not to use my PPI as I would still need to pay them my full repayments until my claim was processed, and I could not afford to do that. Instead, they offered to renegotiate my loan - reducing my payments, extending the loan and cancelling my PPI, breakdown insurance, shortfall insurance etc. I agreed, as it seemed like a lifesaver at the time. My question is; can I still claim back my PPI? And, can I still cancel my agreement as per section 99, even though my loan agreement was changed? I suppose what I'm trying to say is; does the new agreement count as a new loan? Do I now have to wait until I've paid off over half of this new agreement, even though I already paid off more than half of my original agreement?

I'm sorry if that wasn't very clear. And for not keeping it brief! LOL

Any help would be appreciated

di3004

Pooshon wrote: »

I'm considering starting to claim back my PPI from Welcome Car Finance, but I need some advice to clarify what my options are. According to the main site, there are a number of ways people are mis-sold PPI. When I was sold the car finance, I was told I needed to get PPI to get the loan, but this is just my word against theirs so not a very solid case. However, from what I understand I was sold a 'single premium' loan, in that my PPI was added as a lump sum at the beginning of the agreement. Has anyone else had any success in claiming PPI back from Welcome using the 'single premium' argument?

I'm also interested in my right to terminate the agreement as per section 99 of the Consumer Credit Act 1974. It's probably best if I explain my situation, but I'll try to keep it brief. I took the finance out in May '05, but had lost my job by the end of '07. Welcome advised me not to use my PPI as I would still need to pay them my full repayments until my claim was processed, and I could not afford to do that. Instead, they offered to renegotiate my loan - reducing my payments, extending the loan and cancelling my PPI, breakdown insurance, shortfall insurance etc. I agreed, as it seemed like a lifesaver at the time. My question is; can I still claim back my PPI? And, can I still cancel my agreement as per section 99, even though my loan agreement was changed? I suppose what I'm trying to say is; does the new agreement count as a new loan? Do I now have to wait until I've paid off over half of this new agreement, even though I already paid off more than half of my original agreement?

I'm sorry if that wasn't very clear. And for not keeping it brief! LOL

Any help would be appreciated

Hi there

Yes you go for it, you have a good case here.

For more info and templates, follow the procedures on the link below, and give us a yell for help when required, but keep on at them.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

In regards of cancelling, check the terms and policy as every finance company vary in how they do this, but you do what you feel is right for you.;)

Good luck.

Sol00

Pooshon wrote: »

I'm considering starting to claim back my PPI from Welcome Car Finance, but I need some advice to clarify what my options are. According to the main site, there are a number of ways people are mis-sold PPI. When I was sold the car finance, I was told I needed to get PPI to get the loan, but this is just my word against theirs so not a very solid case. However, from what I understand I was sold a 'single premium' loan, in that my PPI was added as a lump sum at the beginning of the agreement. Has anyone else had any success in claiming PPI back from Welcome using the 'single premium' argument?

I'm also interested in my right to terminate the agreement as per section 99 of the Consumer Credit Act 1974. It's probably best if I explain my situation, but I'll try to keep it brief. I took the finance out in May '05, but had lost my job by the end of '07. Welcome advised me not to use my PPI as I would still need to pay them my full repayments until my claim was processed, and I could not afford to do that. Instead, they offered to renegotiate my loan - reducing my payments, extending the loan and cancelling my PPI, breakdown insurance, shortfall insurance etc. I agreed, as it seemed like a lifesaver at the time. My question is; can I still claim back my PPI? And, can I still cancel my agreement as per section 99, even though my loan agreement was changed? I suppose what I'm trying to say is; does the new agreement count as a new loan? Do I now have to wait until I've paid off over half of this new agreement, even though I already paid off more than half of my original agreement?

I'm sorry if that wasn't very clear. And for not keeping it brief! LOL

Any help would be appreciated

I just had a reply from Welcome yesterday regarding my PPI claim. They've sent a letter saying they can't complete it as I haven't provided enough information and have asked me to complete a questionnaire.

I've printed off letter 2 from MSE and will send it today.

You'll probably have a bit of a wait with Welcome, but it's worth it if you were mis-sold.