Welcome FInance PPI

petermb_2

cybermum wrote: »

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.

The chances are that you can pursue them for far more than just the ppi premium.

petermb_2

Forunately Welcome get a lot of things wrong and in many cases their loans can be challenged.

cybermum

Thank you for your reply.
So am I right in my guesses that I would pursue it through PPI and CCA routes?

petermb_2

There is likely to be CCA, PPI and possibly breaches of common law. I would need more information and a copy of the agreement to advise fully.

hur575

All I want is to stop the ppi, I do not want to reclaim anything , would they let me sign a new contract? As my other loan with Halifax, asked me to sign a new one, when I asked to cancel the insurance. I do not trust welcome, they might increase the interest for taking the insurance off!!

cybermum

Thanks Peter
I am going to sit down this evening and write the relevant letter to Welcome head office requesting a copy of my agreement that we held.

Chiefgilray

Sorry to hijack this forum, I also have had dealings with welcome, first a loan back in 2004 for £800.I then sorted out another loan with them to clear the first one in 05 then another to clear all my debts in 06 which in total I was paying 235 per month for 48months. I've recently found that I could not afford these payments so set up a debt management plan with them where I'm still paying back £61 for the next !!101 months!!!

My question is, because they slapped on PPI and some medicare ''insurances'' on all loans can I laim back the full amounts off the previous loans? I've done my figures and the PPI is a staggering 24% of the loan amount to be repaid!!!! which is not the kind of money I can give away right now.

I've approached a few companies to help but on a no win no fee basis, only because I really dont have the confidence and knowledge to reclaim.

Maybe if I get something out of it it'll help my situation and maybe go forth and claim my bank charges back too.

I've also had loans from BOS and Blackhorse and also a hire purchase from Blackhorse, try to regain as much back as possible, anything to get out of debt and start my life again.

Thanks

vanderveckan

Hi all, sorry to change the thread slightly. I took out a loan against a car with Welcome in Aug 07 and even though I told them that I was a contractor, had my own PPI insurance through my business, I was told I would have to take out theirs, specifically as I was a contractor.

In Jan 09 my contract expired and I approache Welcome to activate the PPI cover, but was told that as I was a contractor I was not covered. After speaking to a member of their compliance team in Nottingham, the person that I spoke to thought I had been missold the PPI and told me to write a letter in requesting that the PPI be taken off the account and also any monies that I had paid be returned to me and not taken off the end of the account. I continued to pay the monthly installment during this time. The 8 weeks that they had to resond expired on the 30th March 09, so I sent another letter 2 weeks later stating that until the matter was resolved or I received a response I would not be making any more payments as the account was in dispute and that they were not permitted to harass me until my complaint had been resolved. They responsded by sending someone round to make a collection. I asked them to leave. Since then I have spoken to the Manager of the local branch and he has told me that if I do not make payment, even though the account is in dispute, that they will be handing the account over to a debt collection agency. I also took out an unsecured loan with them in Jan 09 and even though I have not missed a payment on this account, I am being told that both accounts are linked and that they will both he handed over to a DCA.

Can anyone advise me please, as I have managed to hold them off until Monday when I shall be going in to see them.

Thanks all

londonuk2008

Just a quick question also - my friend has a loan with them taken out in January 2008 - no problems paying on time etc.He called them in January this year to cancel the ppi as he had since taken a policy out - but they told him he could not do this as it was loaded at the beginging to the loan and is only aound £13 a month.

Does this sound right?

londonuk2008

thanks - he just wanted to cancel bak in January as he thought it was no use to him anymore - he also had a loan with Barclays , and they let him cancel the ppi part no problem.