Welcome FInance PPI

craigmc

Anyone had any dealings with Welcome finance regarding PPI

I have had a loan which is due to end in July and am going to approach them to cancel the ppi

Also have one with GE money (secured) which I want to cancel PPI with

I_Norfolk

Yeah just got my money back go for it

petermb_2

if vyou have ppi on a welcome loan you can get more back than just your ppi premium. The same applies to GE also.

melmyn1

hi peter - just read your post - what else can you claim above the PPI - I just sent my letter yesterday?

petermb_2

There may be a number of other issues prevalent within the account that can make the agreement either voidable or unenforceable.

prozacthegigglefairy

I am so sorry to hijack this thread, but here is our experience of Welcome, and we too need help!
We took loan out in August 06 for £1500, and were told we needed ppi.
After about 6 months, we got into difficulty meeting the payments.
We were being called constantly, apparently, they had called at our house, which I know the hadn't because I was in all day not working at the time, and for this, we were being charged extortionate rates.
Bearing in mind the number they were calling us from was the same area code as ours, we were being charged £10 per call, some 3 and 4 per day, and unanswered ones also!
Visits from debt advisor, £25, although again, based in same town.
The worst thing was, we never received a welcome pack from them so were unaware of any charges being applied, so we were stunned when we rung and requested statement shoowing we owed £2800, £250 of which were charges.
The manager agreed we never recieved a welcome pack, which states these charges.
Toc ut a long story short, we were till recently paying £25 per week, but due to my being ill, and missing work, this has been reduced to £12,50, which they say is the minimum they can take from us.
Added to this they have been refusing to cancel the ppi, saying it is necessary, and we have requested a statement 6 times and one hasnt arrived yet, because of a change to the comouter system.
When we spoke to them last week, we still owe 2400...even though we have been paying every week!
We are completely stressed and can barely afford £50 per month, and have no idea what rate we are now paying, what charges we are having added, or whether it is worth our while just telling them to go screw and take us to court.

Any advice please!!

anne211981

prozacthegigglefairy wrote: »

I am so sorry to hijack this thread, but here is our experience of Welcome, and we too need help!
We took loan out in August 06 for £1500, and were told we needed ppi.
After about 6 months, we got into difficulty meeting the payments.
We were being called constantly, apparently, they had called at our house, which I know the hadn't because I was in all day not working at the time, and for this, we were being charged extortionate rates.
Bearing in mind the number they were calling us from was the same area code as ours, we were being charged £10 per call, some 3 and 4 per day, and unanswered ones also!
Visits from debt advisor, £25, although again, based in same town.
The worst thing was, we never received a welcome pack from them so were unaware of any charges being applied, so we were stunned when we rung and requested statement shoowing we owed £2800, £250 of which were charges.
The manager agreed we never recieved a welcome pack, which states these charges.
Toc ut a long story short, we were till recently paying £25 per week, but due to my being ill, and missing work, this has been reduced to £12,50, which they say is the minimum they can take from us.
Added to this they have been refusing to cancel the ppi, saying it is necessary, and we have requested a statement 6 times and one hasnt arrived yet, because of a change to the comouter system.
When we spoke to them last week, we still owe 2400...even though we have been paying every week!
We are completely stressed and can barely afford £50 per month, and have no idea what rate we are now paying, what charges we are having added, or whether it is worth our while just telling them to go screw and take us to court.

Any advice please!!

I hate to say this but im a former employee of welcome. i left some years back but it seems there practises havent changed much. Although they must have introduced charges for phone calls and home visits ect since.

Each loan that is taken out with welcome can only be done so if PPI is taken with it. this they say is due to the number of white collar workers they take on. empolyment among this group is very unreliable so its covering the companies back at the same time, so they say.

Everything is supposed to be explained during the loan interview. e.g that if payments are missed you will be called and or visited at home (oh what joy the home visits were sorry) and also that you will be made to pay. (welcome have ways and means of getting payment, e.g getting customer to borrow from other people to pay them peter paul syndrome) Anyway if you do fall ill and cant work then the only thing the company can do (trade secret) is back date it. (cant think of the acctual wording they use now) but basically it puts the account into line for one month taking it off their delinquency file. this can only be done twice or 3 times in 12 months but not in sucession. the next thing they will do is re-write the loan. Now if this can be avoided please do so!!!! this means re-doing the loan from scratch adding yet more interest at a higher rate (note loans when i were there were done at 4 - 2.5 % per month apr min of 79% on personal loans) :eek: it will cost you more in the long run. In theory these loans never get paid off due to the high rate of interest which is applied to the account. And getting them to cancell the PPI is very hard but i wish you luck in doing so.

the only this i would suggest to anyone is avoid welcome and other such companies.

prozacthegigglefairy

Thanks for the advice....where do we go from here then, in getting this sorted??

Hippocampus

Was there ever any update on this?

hur575

Any update?? anyone manged to get welcome finance ppi?

cybermum

I am sorry to barge into the thread but wasn't sure about starting another thread about the same thing.

In 2003 we took a loan out with Welcome for £3000(wish we hadn't!),further down the line we experienced unforseen difficulties with finances and borrowed more from Welcome(£3500) which then secured the loan against the house.

We carried on paying and had no problems until 18 months later when my husbands business failed.
We rang Welcome regarding the PPI we were told we had to take out and they said we couldn't use it,certain clauses etc

They then informed us of letter charges due to our being two months behind in payment and other charges relating to this and that the balance was now £9000.
I wrote asking for agreement of loan as they had never gave us one despite numerous phonecalls asking for it.
I sent the £1 fee etc and they replied with one day to go before they could unenforce the agreement.

We were told it had been misplaced in the office and that someone would come to see us at home.

Now back then I didn't know about the CCA laws etc and being that our business had just gone under,I was six months pregnant at the time and was worried we were going to lose our home too.

An agent brought a 'fresh' agreement and said we just needed to sign and everything would be okay.
Stupidly I did.

It was only later (weeks) after a chance conversation with CAB that they said I should check the land registry to see if Welcome were actually on the deeds.
They weren't until after I signed that contract the second time .

We made a huge mistake and were left with balance of £13,500 to pay.
We had to sell the house a year later,Welcome got their cash .

Am I correct in thinking that I could pursue them for PPI reclaims?
And what about the CCA agreement or is it too late and my fault for signing the second contract ?
They had never sent an original contract to us or pack.

It all ended in Jan 2006 ,would it be possible to obtain details from their head office?

I still kick myself for being so stupid and having to sell our home.