need advice

stupot_99

Hi guys i took a loan out with welcome finance in 2006 for my business. The business went bust in 2007 and i couldn't afford to pay the loan so i phoned welcome and told them this and asked for my ppi to start i was told that this wouldn't be a prob and that forms would be sent out they never were. I forgot all about it, got no calls or letters from them at all i then checked my credit file this month and have found that i have over 6 months late payment on my acc and the debt has doubled to 4k its been since oct/nov 2007 since a payment was made. What should i do about this more to the point what can i do about this, can i claim ppi while im behind with payments, im not in default according to credit file. any advice would be great thanks

stupot_99

Any help guys. Please

patman99

How was the business set-up?
If it was as a limited company, and the loan was un-secured, they can go whistle for it. If, however, it was as a sole trader, then you need to chase them for the PPI paperwork and go for a back-dated claim.

stupot_99

The loan was a personal one taken out in my name so i could set up the company so its down to me, i spoke to welcome today and they were about as much help as a chocolate fire guard they said that they have sold the loan to the lowel group and gave me the phone number for the insurance company telling me that i have to chase them myself but i doubt they'll pay out. I've been unemployed since the business went down and can prove it but the ppi will only cover the inital amount so i think im gonna be stuck for over 2k in interest. Not a happy bunny. If the loan was sold to the lowel group how can welcome register it with the CRA's?

stupot_99

Also any idea as to why a default hasn't been entered as they have sold it on.

amersall

stupot_99 wrote: »

The loan was a personal one taken out in my name so i could set up the company so its down to me, i spoke to welcome today and they were about as much help as a chocolate fire guard they said that they have sold the loan to the lowel group and gave me the phone number for the insurance company telling me that i have to chase them myself but i doubt they'll pay out. I've been unemployed since the business went down and can prove it but the ppi will only cover the inital amount so i think im gonna be stuck for over 2k in interest. Not a happy bunny. If the loan was sold to the lowel group how can welcome register it with the CRA's?

If i were you, i would put a complaint for mis sell of ppi in to welcome regarding you putting a claim in for ppi and it was not dealt with. Enclose copies of proof of unemployment and state that had this claim on the ppi been dealt with in the first place, your loan would not be owing the amount due to date.When you get the reply then if it is not in your favour, then take this to fos, welcome have treated you unfairly and the fos will be able to help. Also put a mis sell letter into the insurance company stating the reasons above, with copies of proof of unemployment and that you want this matter dealt with. Tell lowel you are disputing this total debt and are waiting a reply from the insurance and welcome. You paid for a product that you could not use as welcome did not deal with this.

stupot_99

Thanks amersall, I've typed up this letter anybody have any ideas tips etc on how to improve or anything feel free to let me know.

Dear Sir or Madam,

Re: Account number:*********
I purchased the above policy from you in 2006 but in 2007 I tried to claim PPI for the loan but was unable to make a claim as I was never sent out the PPI claim paperwork, despite requesting this on three separate occasions.
I recently checked my credit file and found that the loan was outstanding with almost double the original amount in interest. Had the PPI been dealt with properly in the first place then there would be no amount owing as 7 months had been paid already and then PPI would have covered a year leaving just 5 months payments to make which would have been paid, im not asking to write the whole amount off I am willing to pay the last 5 months that would have had to been paid.
I can provide proof that I was unemployed at that period and still am.

I look forward to a full and prompt response to this letter and for the matter to be concluded with four weeks of the date of receipt or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours faithfully,

stupot_99

any ideas or tips guys

amersall

stupot_99 wrote: »

Thanks amersall, I've typed up this letter anybody have any ideas tips etc on how to improve or anything feel free to let me know.

Dear Sir or Madam,

Re: Account number:*********
I purchased the above policy from welcome in 2006. In 2007 I telephoned to make a claim on the ppi for unemployment as my business had gone bust (find enclosed paperwork to verify).
Despite contacting welcome on three seperate occasions, i was not sent any paperwork to fill in to make a claim.
I recently checked my credit file, and found that the loan was outstanding with almost double the original amount in interest.
Had my insurance claim been dealt with properly in the first place then there would be less money owed on this loan, than is at the moment due to the ppi paying 12 months of this.
I believe i was mis sold this ppi for the reason stated above, as i took ppi to cover against unemployment etc and when it came to claim on this, i had no response whatsoever.
Could you please look into this for me, and i hope this will be dealt with in a more efficient manner than my claim on the ppi for unemployment was.



I look forward to a full and prompt response to this letter and for the matter to be concluded within eight weeks of the date of receipt or I shall be contacting the Financial Ombudsman to investigate my complaint.

Yours


Hi have tweeked this for you, hope you dont mind. Put copies in of business going bust and unemployment you were claiming, send this recorded and when you get a reply post on here to let us know what is happening.

stupot_99

thats great, ill pop that in the post tomorrow. I also got a letter from mckenzie hall saying that i owe them the money now weird.

amersall

stupot_99 wrote: »

thats great, ill pop that in the post tomorrow. I also got a letter from mckenzie hall saying that i owe them the money now weird.

Hi, i would send a letter to mckenzie hall and just explain what has happened, hopefully they will maybe wait for the outcome of your complaint before taking this further.