cashhunt

cashhunt

hi, i am new to this but would really appreciate some advice regarding ppi reclaim.
I took out a loan with welcome finance (stupid I know11) in Aug 2004 for £7000, I then took out an additional £3000 in Oct 2004. When taking out the original agreement I queried the excessive PPI amount and said I didnt want it (the cost was over £4000) but i was toled - no insurance- no loan! being desperate I felt that I would have to go with it. To keep down the cost of the monthly repayments I had to take the loan out over 10 years. To cut a long story short, I have being repaying this loan at a cost of £370 per month since that date yet I still owe them £16,000. I am about to start reclaiming for PPI but wonder if anybody has EVER had any success with welcome. Also I have looked through all my documentation and have found an error within the interest rate boxes - they have mixed up the monthly interest rate with the annual - does this mean anything. Sorry, for the long post, I could fill pages with all the problems I have encountered with welcome.
Thanks

di3004

cashhunt wrote: »

hi, i am new to this but would really appreciate some advice regarding ppi reclaim.
I took out a loan with welcome finance (stupid I know11) in Aug 2004 for £7000, I then took out an additional £3000 in Oct 2004. When taking out the original agreement I queried the excessive PPI amount and said I didnt want it (the cost was over £4000) but i was toled - no insurance- no loan! being desperate I felt that I would have to go with it. To keep down the cost of the monthly repayments I had to take the loan out over 10 years. To cut a long story short, I have being repaying this loan at a cost of £370 per month since that date yet I still owe them £16,000. I am about to start reclaiming for PPI but wonder if anybody has EVER had any success with welcome. Also I have looked through all my documentation and have found an error within the interest rate boxes - they have mixed up the monthly interest rate with the annual - does this mean anything. Sorry, for the long post, I could fill pages with all the problems I have encountered with welcome.
Thanks

Hi and welcome.;)

Yes there have been success and some still battling but getting there, so stand your ground as well.

Have you already started your reclaim, if not check link here with details of reclaiming ppi and templates, write your own reasons, they have 8 weeks to respond in full.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

You say you had 2 loans, who sold you the first loan?
I understand that the lender were welcome finance, but if the first one was arranged by a broker who moved you on to Welcome finance, you write to the broker on that one and Welcome Finance on the loan advance.

Also try to request a written breakdown of calculation on the settlement of the first loan that taken you into the 2nd loan, to find out how they rebated the ppi into the 2nd loan if you got what I mean here, they should send you these in the post.

Remember to post all letters by recorded delivery.

Another letter is sometimes required if they give you the opportunity to do so in the first letter and the final letter they should give details of the financial ombudsman service (FOS) if your not satisfied with the outcome.

Good luck and post up for help when required.;)

cashhunt

Thanks for all your info. Original loan was also with welcome. I'm going to check through agreement again, but am sure that there was no ppi rebate with 2nd loan. New agreement ended up being for £17,000 with all the insurances etc. Its hard to believe now that I could have been so naive!! But at least I'm onto them now and heres hoping there is a successful outcome. Thanks again for all your info and I will keep you updated on my progress.

:T

di3004

cashhunt wrote: »

Thanks for all your info. Original loan was also with welcome. I'm going to check through agreement again, but am sure that there was no ppi rebate with 2nd loan. New agreement ended up being for £17,000 with all the insurances etc. Its hard to believe now that I could have been so naive!! But at least I'm onto them now and heres hoping there is a successful outcome. Thanks again for all your info and I will keep you updated on my progress.

:T

Cashhunt, your doing the right thing now that's the main thing and good for and good luck.:T;)
We look forward to hearing the outcome of this, hope its a good one.;)