Welcome Finance - PPI Claim - Im Confused!

Fencko81

Hi All,
Looking for some advice re: claiming back mis-sold PPI from Welcome Finance – completely confused!
Bought a car through WF in 2008 – car cost £9500. However, the quite forceful salesperson did not inform me that PPI was optional or could be cancelled within 30 days.
So left showroom with car and the following insurances: PPI: £2500, Mechanical Breakdown £500 & Shortfall Extra Insurance £400. Total cost of insurances inc interest = £3200!
I faithfully pay almost £400 per month and have never missed a payment - so far have paid £9000. Almost the cost of the car! Cant believe ive got 2 years left of the loan which is paying off insurances I dont even need!
The term of the loan was for 48 months – I still have almost 2 years left to pay of £17k loan. Can I claim whilst the loan is still active or do I have to wait until paid off?
Can anyone advise if I have a good case for reclaiming the PPI? Any help would be greatly appreciated.
F

di3004

Fencko81 wrote: »

Hi All,
Looking for some advice re: claiming back mis-sold PPI from Welcome Finance – completely confused!
Bought a car through WF in 2008 – car cost £9500. However, the quite forceful salesperson did not inform me that PPI was optional or could be cancelled within 30 days.
So left showroom with car and the following insurances: PPI: £2500, Mechanical Breakdown £500 & Shortfall Extra Insurance £400. Total cost of insurances inc interest = £3200!
I faithfully pay almost £400 per month and have never missed a payment - so far have paid £9000. Almost the cost of the car! Cant believe ive got 2 years left of the loan which is paying off insurances I dont even need!
The term of the loan was for 48 months – I still have almost 2 years left to pay of £17k loan. Can I claim whilst the loan is still active or do I have to wait until paid off?
Can anyone advise if I have a good case for reclaiming the PPI? Any help would be greatly appreciated.
F

Hi there.

If you believe the ppi was mis sold then give it a go with your reasons you have.
You actually pursue the ones who sold and set up the account from the start by completing and sending them the reclaiming questionnaire.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

It makes nno difference if the account is still active or settled.

They have 8 weeks to give a decision/reponse, if your not happy with the decision bny the final decision you can complain to the Financial ombudsman service (FOS), you can also complain to the FOS if the 8 weeks have passed and heard nothing at all.

Remember to keep copies of all you send and receive, in case you need to refer to it at some point.

Hope this helps, good luck with this.;)

Fencko81

Thanks for the advice Di3004 - I have printed out the forms and filled them in. Away to send them to Welcome. Start of a long process me thinks!

Will update the site when I hear back (Hopefully before xmas!)

di3004

Fencko81 wrote: »

Thanks for the advice Di3004 - I have printed out the forms and filled them in. Away to send them to Welcome. Start of a long process me thinks!

Will update the site when I hear back (Hopefully before xmas!)

Your welcome (no pun intended lol).

Think I forgot to say.......:o, you send to whoever sold you the policy...so that may be in your case the car company.;)
Sorry.

Look forward to hearing the outcome though, good luck.;)