Welcome Finance

tufters01

robbedofmymoney wrote: »

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.

You'll think I'm really thick so what would the total amount be - as a guide, sorry to be a pest xxxxxx

robbedofmymoney

tufters01 wrote: »

You'll think I'm really thick so what would the total amount be - as a guide, sorry to be a pest xxxxxx

providing you did not get a rebate of ppi on settlement you should be looking to get back the original premium, £3044.20 + interest charged on this £1800 (approx) and if they have admitted laibility for the miss-sale you are entitled to 8% simple on the 3k + 1.8k which totals an additional £1322

a lot depends on how they calculated the original settlement and wehter or not a rebate was given.

it's best to wait until you receive the offer and post what it says up here, we can then comment on wether the numbers look correct or wether they are trying to settle on the cheap.

cheers

tufters01

Can't thank you enough, many thanks, I will keep you all posted x

tufters01

I phoned up the solicitor today to find out how much I paid back to Welcome when I finalised the loan I had with them (this is the one I am reclaiming PPI on) For a £12000 original loan- The final settlement figure I paid back was ..........£23989! That was after paying it for 2yrs @£280.13 a month for 24 months. Hows that for daylight robbery and stupidity on my part!

robbedofmymoney

tufters01 wrote: »

I phoned up the solicitor today to find out how much I paid back to Welcome when I finalised the loan I had with them (this is the one I am reclaiming PPI on) For a £12000 original loan- The final settlement figure I paid back was ..........£23989! That was after paying it for 2yrs @£280.13 a month for 24 months. Hows that for daylight robbery and stupidity on my part!

obviously dodgy settlement terms, so with this in mind you should really be getting more interest back than i have shown if they settle your complaint properly.

tufters01

Yea just worked out the figures I actually paid them £30712.12 for a loan amount of £12000 - I am seriously thinking about taking this to a solicitor when I get the paperwork through as they are not getting away with this

Chris_mcneil

Just like to say thanks for this, I'm keeping my eye on anything welcome finance related to get some sort of idea of if/when I'll get my claim sorted and how much. I sent my letter 6 weeks ago, and it seems they take the maximum time possible. Should be in for a good payout though: £1222 on a £2000 loan 4 years ago, paying £170 a month!

Chris_mcneil

tufters01 wrote: »

Yea just worked out the figures I actually paid them £30712.12 for a loan amount of £12000 - I am seriously thinking about taking this to a solicitor when I get the paperwork through as they are not getting away with this

I think the reason for this is that WF add the whole interest on at the start of the loan, but then don't take it off when you pay the loan off early. Figured this when I went to find out how much I owed on a £2k loan after less than a year of paying - £5600! They keep the interest you would have paid and quite probably charge an early repayment fee! Not sure on the legality of this, but if you took this to court and won, it could open the floodgates to a new world of reclaiming!

dizzybee

Hi,
does anyone know if there is a follow up template letter to send to welcome its been six weeks past there deadline and i am getting no where on the phone.
thanks for any advice.

di3004

dizzybee wrote: »

Hi,
does anyone know if there is a follow up template letter to send to welcome its been six weeks past there deadline and i am getting no where on the phone.
thanks for any advice.

Hi there

They have 8 weeks in full to respond, so see what happens in the next fortnight if you can, and I'm sure there is a follow on template letter on the link below, good luck.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance