PPI claim against Welcome Underwriters

marshallka

di3004 wrote: »

Found the Endeavour personal finance letter/HFC

It's headed

Your complaint: Unfair Rebate.

It says that it was calculated using an industry standard method in banking known as "Rule of 78"

It also states that we have exhausted the Endeavour Personal Finance internal complaints procedure and no further correspondence will be entered into this matter.

Then confirms " It is important to clarify that whilst HFC Bank owns EPF, the products offered under each brand are different as such, are subject to differing arbitration services.

From the complaints manager
Central Complaints Consumer Finance (EPF).

Its not using the rule 78 that is thought of wrong. They did use it on yours but also rebated a "good" amount too which some do not and just like my co-op ones they also used it correctly. Your complaint has to be misselling as your rebate one was completely fair. It was over the 78% pro rata that is thought by the FSA to be fair. I know you do not and would not listen to me before (that is your choice) but I was only ever trying to help you Di in that this could have been sorted a long time ago for misselling with the insurers.

di3004

marshallka wrote: »

Its not using the rule 78 that is thought of wrong. They did use it on yours but also rebated a "good" amount too which some do not and just like my co-op ones they also used it correctly. Your complaint has to be misselling as your rebate one was completely fair. It was over the 78% pro rata that is thought by the FSA to be fair. I know you do not and would not listen to me before (that is your choice) but I was only ever trying to help you Di in that this could have been sorted a long time ago for misselling with the insurers.

Hi Marshallka, I don't understand it either of why they wrote that if they did not use the Rule of 78 yet they state they did.

But its defo for the mis selling now.
Although I did write to Click Finance on this about the mis selling but as they dissolved, it could not be resolved through them, I did not think I could go nowhere else at the time for the mis selling side of it.

Then being dim with figures I thought my only action could be the rebate, but yet picking up on this now.........slowly though, this was fair and worked out correctly as you said, but as it was mis sold this is the fact now, gonna give it our best shot.;)
Your right though, should have held on, and now we are hearing even more of the insurers for the mis selling, fingers crossed for Monday X

marshallka

di3004 wrote: »

Hi Marshallka, I don't understand it either of why they wrote that if they did not use the Rule of 78 yet they state they did.

But its defo for the mis selling now.
Although I did write to Click Finance on this about the mis selling but as they dissolved, it could not be resolved through them, I did not think I could go nowhere else at the time for the mis selling side of it.

Then being dim with figures I thought my only action could be the rebate, but yet picking up on this now.........slowly though, this was fair and worked out correctly as you said, but as it was mis sold this is the fact now, gonna give it our best shot.;)
Your right though, should have held on, and now we are hearing even more of the insurers for the mis selling, fingers crossed for Monday X

They did use it but correctly and then rebated a large proportion of the unused PPI (the FSA says a 78% pro rata rebate is fair and reasonable) and yours was worked this way. FIrms like Firstplus actually do not offer any rebate on the rule of 78 after it is worked on the unused PPI and this is where you can prove it was unfair which mine was.

di3004

marshallka wrote: »

They did use it but correctly and then rebated a large proportion of the unused PPI (the FSA says a 78% pro rata rebate is fair and reasonable) and yours was worked this way. FIrms like Firstplus actually do not offer any rebate on the rule of 78 after it is worked on the unused PPI and this is where you can prove it was unfair which mine was.

Yes I see what you mean now.;)

muir_2

myself and my wife are trying 2 cliam back ppi from welcome finance, we took a sercured loan out with them on july2003, and cleared it on may2005. We do have a company dealing with it but they are useless! We were lucky with other loans we took out after 2005, and got ppi refunds. But this one we think we are waisting our time. We have had no response back from anyone in the last 6wks, do you think we are waisting our time going on with this cliam?

amersall

It would seem like it, you should be chasing the insurer on this one, do you know who the insurer was?.
This may take some time but it wont be any faster than a claim co and you keep your win if your claim is upheld.