Welcome Finance

tufters01

It is 8 weeks since I submitted my claim form to Welcome Finance, other than a lette rof acknowledgement, no news. I think this is the worst company ever to try and communicate with as they don't answer their telephones , it is a disgrace. I hate Welcome Finance with avengence!

di3004

tufters01 wrote: »

It is 8 weeks since I submitted my claim form to Welcome Finance, other than a lette rof acknowledgement, no news. I think this is the worst company ever to try and communicate with as they don't answer their telephones , it is a disgrace. I hate Welcome Finance with avengence!

Hiya

Hope you hear some good news soon in the post.

Give them until say the end of the week, if you hear nothing either write a further letter and tell them if you do not receive a decision in the following 5 days you will continue to complain to the FOS, of give them a quick ring and ask of an update, good luck.;)

Hopefully they will pick up the phone, but when it comes to any offers, tell them you will only accept writte correspondence only, you only need to know if there is a letter on the way, or if they are actually dealing with your complaint or not.

tufters01

Good news to report, I eventually got through and was told my claim for mis-sold PPI has been accepted and there would be a calculation and acceptance form posted out to my within a week. I just don't know what I am owed. One form I have here - aggreement form says the -
Amount of Credit for Insurance Premuims is £3044.30

Has anyone any idea of what I can expect to be refunded?

I am a happy bunny!

di3004

tufters01 wrote: »

Good news to report, I eventually got through and was told my claim for mis-sold PPI has been accepted and there would be a calculation and acceptance form posted out to my within a week. I just don't know what I am owed. One form I have here - aggreement form says the -
Amount of Credit for Insurance Premuims is £3044.30

Has anyone any idea of what I can expect to be refunded?

I am a happy bunny!

Hiya

Just posted in the above thread as well, this is great news, Congratulations!:beer:

Hopefully Robbedofmymoney will be along soon and check the calcs out for you, more details maybe required though, good luck.;)

robbedofmymoney

tufters01 wrote: »

Good news to report, I eventually got through and was told my claim for mis-sold PPI has been accepted and there would be a calculation and acceptance form posted out to my within a week. I just don't know what I am owed. One form I have here - aggreement form says the -
Amount of Credit for Insurance Premuims is £3044.30

Has anyone any idea of what I can expect to be refunded?

I am a happy bunny!

i am happy to work some numbers for you but i will need to know the following,

date loan started, the amount of the monthly ppi payments, the term sof the loan, the ppi amount without interest added, and the apr. the loan amount and apr,

once i have this is can work out what you should get back in total, and what your restructured loan repayments should be once the ppi removed.

tufters01

robbedofmymoney wrote: »

i am happy to work some numbers for you but i will need to know the following,

date loan started, the amount of the monthly ppi payments, the term sof the loan, the ppi amount without interest added, and the apr. the loan amount and apr,

once i have this is can work out what you should get back in total, and what your restructured loan repayments should be once the ppi removed.

Cheers you're a star x

Date loan started - 15.10.03

the amount of the monthly ppi payments - Optional payment protection - £2044.20, but there is added homecare, medicare and lifecare totalling £600, but then they have a revised total below saying Amount of Credit for Insurance Premiums - £3044.20, so their calculcations are wrong somewhere.
the term sof the loan - 120 months
the ppi amount without interest added - unsure about this, there us an acceptance fee of £235, mortgage indemnity fee of £1320, then the last column says total charges other than interest (total of acceptance and mortgage indemnity fee) £1555.00
the apr - says 20.66, rate of interest , says either 1.350% or 1350% unsure because it is a duplicate document

Amount of credit - £12000
Total amount of credit £15044.20
Total amount of loan - £16599.20

Hope this helps and thanks again x

robbedofmymoney

sorry,

one more thing,
what are the monthly repayments, and have they agreed to repay you the 8% simple interest for being deprived of this money.

cheers

tufters01

robbedofmymoney wrote: »

sorry,

one more thing,
what are the monthly repayments, and have they agreed to repay you the 8% simple interest for being deprived of this money.

cheers

Thanks again

The monthly repayments were £280.13
When I spoke to the woman this morning all she said to me was that the claim had been accepted as mis-sold and a letter with calculations would be coming out to me within 7 days, together with a letter of acceptance I should sign if I am happy. I didn't ask sorry x

robbedofmymoney

if this was my loan i would be looking for the following,

approx 18% of the total loan was for the ppi,
18% of the monthly payment is £50.42 (i will assume this is your ppi element of the monthly loan repayments, (you may have the true figure so you could substitute it)

so far you have made 83 payments

83 x 50.42 = £4184.86
8% simple on this would be £1171 (approx) so its quite a lot.

then your monthly loan repayments will be restructured for the remainder of the loan term. they should go down to approx £230 per month.

the way their breakdown will look will be slightly different to what i have shown.

they will show the current loan balance, then deduct the full ppi premium and interest that has been added to it since the loan started, then because they should be refunding/paying you the premiums paid (£4184.86) this is added back onto the loan amount. (otherwise you are getting it back twice).

then if you are offered the 8% this is an additional £1,171.

i hope this helps.

tufters01

robbedofmymoney wrote: »

if this was my loan i would be looking for the following,

approx 18% of the total loan was for the ppi,
18% of the monthly payment is £50.42 (i will assume this is your ppi element of the monthly loan repayments, (you may have the true figure so you could substitute it)

so far you have made 83 payments

83 x 50.42 = £4184.86
8% simple on this would be £1171 (approx) so its quite a lot.

then your monthly loan repayments will be restructured for the remainder of the loan term. they should go down to approx £230 per month.

the way their breakdown will look will be slightly different to what i have shown.

they will show the current loan balance, then deduct the full ppi premium and interest that has been added to it since the loan started, then because they should be refunding/paying you the premiums paid (£4184.86) this is added back onto the loan amount. (otherwise you are getting it back twice).

then if you are offered the 8% this is an additional £1,171.

i hope this helps.

Sorry to be a pest, but I paid this off in full 4 years ago when I sold my house and moved away, so I don't owe Welcome anything, thanks, for doing this x

robbedofmymoney

tufters01 wrote: »

Sorry to be a pest, but I paid this off in full 4 years ago when I sold my house and moved away, so I don't owe Welcome anything, thanks, for doing this x

sorry, didn't realise that,

it will make a difference to the refund.
if you did not receive a rebate you would be entitled to a refund of the full premium, and interest that was charged.
i estimate the interes tthat was charged over the first 3 years was approx £1800,

so you would expect to get this interest back along with your full premium.

i know its more than the previous estimate, this is bacause its fully paid and no loan reduction would take place.

8% simple would be approx £1322 if they are offering it due to a miss-sale.

i hope this helps.