Welcome finance ppi please help dont know what to do!!!!

ruthb1

Hi I just need a little advice, here is the story very shortened version. I took out a car loan in 2001 with welcome finance, In 2003 i voluntarily handed the car back on a voluntary termination as payments were awful and i knew i could get a better deal somewhere else. I took out ppi, and in 2004 they wrote to us stating that the insurance part of the agrreement had to be paid even though we had handed the car back. In 2004 we paid a debt collection agency a settlement figure and received a letter stating full and final settlement.

we have just found out that this is still showing on my credit file as a default but i think i have now sorted this.

In the meantime i also wrote to them re: missold PPI, I Know that this was over six years ago, but I thought it was worth a shot.

I have received a response from them today:- here goes.

1) your client entered into a loan agreement on 07/11/2001 with the agreement being settled 09/07/2007 (wrong) - does this mean 2007 I am still able to claim ppi misselling

2) we would have sent you a policy schedule and wording in which i would have 30 days in which to cancel the ppi which should have given me the opportunity to read through the policy information which covered any cancellation rights. ( I never received a policy that I can remember)

3) I have alleged misselling may have occured- this would involve the sale of a policy that was not relevant to the personor on whicxh they were unable to claim, our records show that you have paid for and enjoyed the benefits of the purchased insurance for the term of its respective existence ( Wrong becuase i voluntarily terminated the agreement and was still paying for the insurance in 2004)

4) i would like to point out that my loan agreement pre-dates the regulation of our business by the fsa and therefore the principles i seek to rely are not applicaple ( Am I out of time or are they just trying to put me off)

5) I do not beleive you would be able to refer my complaint to the courts to begin legal proceedings in view of the length of time that has elapsed since my ppi was cancelled ( but it was still active in 2004 and to there records settled in 2007 so why cant i claim)

6) should i decide to refer my complaint to the FSA we would request my claim be dismissed on the grounds that it has no reasonable prospect of success ( can they say this)


any help would be great as I am wondering wether i should persue this any further.


thanks


ruth

di3004

Hi Ruth

In your case I would ring the Financial ombudsman service (FOS) to see where you stand with this, I would do this before you do anything, where the FOS may help to write to the business for you.

You may have read on here that many who have cases prior to Jan 2005 the FOS are considering them, by some even resubmitting their cases back to them.

Ruth, do ring them first and see what they have to say and please let us know, there is no harm in trying.
http://www.financial-ombudsman.org.uk/contact/index.html

Good luck and please keep us posted.
Cheers.;)

shamrock7

Hi ruthb1,
Welcome were regulated from 23/02/03 so if your loan was prior to this please read the thread not covered by the FOS as this is exactly what Im doing now. I settled my loan in October 2003 and it goes by the date you took out the loan so you will have to probably go the same route as me which is the FOS investigating through the broker/Underwriter of the loan. Hope this helps

homer2008

im new to these forums but i have some issues with welcome..i had problems with payments ,and i basicaly get calls from the local welcome jerk in the middlesbrough office who fancies himself as some sort of tough guy...seriousley i would reccomend no one deals with these !!!!!! as they are vultures

di3004

homer2008 wrote: »

im new to these forums but i have some issues with welcome..i had problems with payments ,and i basicaly get calls from the local welcome jerk in the middlesbrough office who fancies himself as some sort of tough guy...seriousley i would reccomend no one deals with these !!!!!! as they are vultures

Hello and welcome.;)

How far have you gone with these?
Have you started reclaiming for mis selling?

homer2008

all i seem to get when mentioning the missold ppi is because we have missed payments we wont be able to claim anything back..thisone particular guy in the middlesbrough office is pretty annoying in fact he,s annoyed me so much a while back that if he turned up at myfront door i would havegladly stuckmy fist in his nose!!on my loan agreement there isnt even a date written on the agreement so basicaly i could have got that loan yesterday ,,not the original month i did get it,,,so i dont knowif that invalidates the agreement...im changing my mobile and home number next week because of these bellends.

homer2008

i can imagine welcome been the type of company who carefully pick customes they can terrorise..the customers they cant bully will be the ones they back away from..they have this wierd obssesion with trying to get you to go to there offices , they even tell you! when you have to come..i never go ..in fact ive told them what you gonna do drag me down the road by my hair,,they hate confrontation and hide behind made up !!!!!!!! and idle threats so this goes out to themuppets in the middlesbrough office lol

di3004

homer2008 wrote: »

all i seem to get when mentioning the missold ppi is because we have missed payments we wont be able to claim anything back..thisone particular guy in the middlesbrough office is pretty annoying in fact he,s annoyed me so much a while back that if he turned up at myfront door i would havegladly stuckmy fist in his nose!!on my loan agreement there isnt even a date written on the agreement so basicaly i could have got that loan yesterday ,,not the original month i did get it,,,so i dont knowif that invalidates the agreement...im changing my mobile and home number next week because of these bellends.

Hi Homer

I do hope this is resolved soon, just because of missed payments, that makes not difference at all, they are fobbing you off with this one, so you keep at them and please keep us posted, good luck.;)

homer2008

ive actualy sat down and gone through my agreement, and the first thing ive picked up on is the ppi ,according to my agreement ive had 960.00 added to my loan for ppi and i may have read it wrong but it looks like there is 800.00 interest added to that,also there is the 75.00 admin fee on there too..im not sure how this ppi reclaim thing works ,but how are the awards of compo worked out?the agreement likei said before has no date on it..im at a debt management meeting in a few weeks and look forward to sticking it up welcome finance:D if ,on the ppi i know this sounds daft but would i get situation were welcome owes me..

homer2008

im expecting phone calls this week..from the middlesbrough muppet and i look forward to hanging up on him!!lol

di3004

lol good luck with the phone call then Homer.....:D keep us posted.

In regards of calculations, check out Maxdp's thread here below in how the FOS calculated refunds, this should give you some idea.;)
http://forums.moneysavingexpert.com/showthread.html?t=1596473

Hope this helps. X