Welcome Car Finance PPI Reclaim

di3004

arjames090686 wrote: »

what would i do without you!

LOL, don't worry your doing just fine.:D;)

arjames090686

I got home from work today and had a letter from welcome sitting on the mat. basically they have acknowledged receipt of my complaint/claim for being mis-sold ppi and they are currently investigating this.

it gave me some claim number and a contact telephone number should i have any further queries along with a BOG-Standard looking complaints advise sheet.

they have noted in bold that the investigation could take up to 8 weeks to investigate and i should continue with my normal payments etc.

is this the normal letter that everyone receives or do they normally throw the claim out from the start?

how long would it be before i see another response do you think?

in all honesty if they were going to pay out i would feel that it is in their best interests to do it asap. i am paying 300 a month so every month that goes by they are having to potentially pay me back cash and not just write it off against the balance on the vehicle.... surely it makes more sense to write off a balance that you have already made massive margins on than to have to find cash that they dont have?

should i now ring them or let things play out at the moment? i shouldnt be impatient but im itching to see what happens next.

di3004

arjames090686 wrote: »

I got home from work today and had a letter from welcome sitting on the mat. basically they have acknowledged receipt of my complaint/claim for being mis-sold ppi and they are currently investigating this.

it gave me some claim number and a contact telephone number should i have any further queries along with a BOG-Standard looking complaints advise sheet.

they have noted in bold that the investigation could take up to 8 weeks to investigate and i should continue with my normal payments etc.

is this the normal letter that everyone receives or do they normally throw the claim out from the start?

how long would it be before i see another response do you think?

in all honesty if they were going to pay out i would feel that it is in their best interests to do it asap. i am paying 300 a month so every month that goes by they are having to potentially pay me back cash and not just write it off against the balance on the vehicle.... surely it makes more sense to write off a balance that you have already made massive margins on than to have to find cash that they dont have?

should i now ring them or let things play out at the moment? i shouldnt be impatient but im itching to see what happens next.

Hiya

Glad you received your acknowledgement letter from them and yes 8 weeks is correct, that is the normal timescale, you may even hear of a result before that, good luck.;)

arjames090686

Just phoned up to give them a bit of a nudge and was informed that they have received my letter and questionaire and are in the process of investigating which can take up to 8 weeks.

nothing new but thought i would prod them a little!!!

di3004

arjames090686 wrote: »

Just phoned up to give them a bit of a nudge and was informed that they have received my letter and questionaire and are in the process of investigating which can take up to 8 weeks.

nothing new but thought i would prod them a little!!!

Good for you.;)

arjames090686

i decided to ring welcome today to see how my complaint was going and also to get an update on how the 'default' issued to them was going to affect my open complaint. i was basically informed that i would have to start over from scratch and i needed to contact the FSCS to progress my complaint. i was then transferred to another Welcome number where i had to give my details again.

they have apparently put me on a 'priority list' as i had already placed a complaint and that the complaints would be processed in 'batches'. i now have to wait for a new application form and worst case they informed me i could be waiting over a year!!! so much for the 8 weeks turnaround that welcome confirmed!

no idea of how long this list is or when the application form will arrive...

di3004

arjames090686 wrote: »

i decided to ring welcome today to see how my complaint was going and also to get an update on how the 'default' issued to them was going to affect my open complaint. i was basically informed that i would have to start over from scratch and i needed to contact the FSCS to progress my complaint. i was then transferred to another Welcome number where i had to give my details again.

they have apparently put me on a 'priority list' as i had already placed a complaint and that the complaints would be processed in 'batches'. i now have to wait for a new application form and worst case they informed me i could be waiting over a year!!! so much for the 8 weeks turnaround that welcome confirmed!

no idea of how long this list is or when the application form will arrive...

Hiya

Now that your case is being dealt with by the FSCS, as the Welcome are already in default, you should not be waiting too long, for example if you taken your complaint to the FOS they could take up to 18 months, due to levels of high complaints, and with the FSCS it should be a matter of a few months at most.;)

arjames090686

Thanks Di. I will just have to be patient - although the suspense is killing me haha

J_i_m

Forgive me, I've read this whole thread with a Welsh accent in my head. (I'm English, so sorry about that...)

But it's interesting what you said about being vulnerable. I think this is the single biggest area where the banks have been so eager to exploit. Let's be honest, how many people are actually going to bother properly studying their terms & conditions, invariably half way through the first page I've lost concentration and have got very bored, and I've taken very little useful information in.

It's also interesting what you said about being young, and obviously the inexperience and naivety this inevitably means that your are far less likely to understand the implications and little nuances of a loan/finance agreement etc. Looking back on my experience and with hindsight I think I'd quite appreciate having had my father (or step father) give me a clip behind the ear and stopped me from taking out loans, but at those ages we're quite head strong and defiant!

So it seems to me that the banks prey on the vulnerability of their customers, they don't adequately make sure that the customer understands the terms nor the consequence's. They don't ask adequate questions about your employment and hence any actual sick/redundancy benefit that your are already covered by. And they almost always do the bare minimum, and usually far less.

In my case, I simply assumed that taking out PPI was the sensible thing to do, it didn't even occur to me that I definitely didn't need it because I was already well covered in the event of being off work (I work for the NHS, so naturally I get decent sick pay and redundancy). In one case I even said that I'd better have it "just in case". The salespersons made no efforts to inform me of this crucial bit of advice and had no scrupuls in selling me something that I was never going to be able to claim on.

So yeah, I was quite vulnerable in that respect, and what with recent crisis largely caused by bankers, and with their CEO's still raking huge bonuses whilst the people they're supposed to serve struggle to make ends meet, has left me with a large distaste for bankers, almost as bad as policiticans!

arjames090686

Hi Jim,
Thanks for your post. When i took out the HP agreement i was 20/21 and in all honesty I made the assumption that the sales person was looking after my best interests. I needed a car, he offered a car and was very helpful all the way through.

PPI is sold as an essential item and you are edged down that road with the horror stories of unemployment and loosing the vehicle that you hadnt even purchased yet.

4 years on I think i have matured (a bit) and with hindsight i wouldnt even consider PPI knowing that they are pretty much worthless. The cooling off periods are not explained to you and when something actually does go wrong you still have to find the payments for a period of time! This happened to an ex-partner and she had no idea it was the case.

I agree that very few people actually read the detail in the contract and i too have done the same. However, when you are being told that you wont get the loan without the PPI it pretty much makes your mind up for you.

I dont hold out much hope of seeing a penny of the PPI refunded - I just hope that the banks/lenders learn from this and start treating customers fairly. If someone genuinely does need PPI or any other cover it would be nice to know it was sold with their best interests. Just the fact that employees are paid commission on 'optional extras' shows that their motivation is money based and not customer based.