Welcome financial services/welcome finance ppi question help please

amersall

This was Single Premium PPI, a loan on the loan to term end with interest and if you settled the loan early you would have had a rebate of the PPI taken off the loan balance, the remaining PPI would have been repaid by you in the settlement figure, these are 2 reasons you can use for the mis sell.

Also the full cost of this PPI would not have been explained to you at the point of sale.

As you are still paying this loan and the insurance has ended, is this because you have arrears or did you receive a cash cash back or offer of a bonus regarding the PPI at a set date through the loan?.

Hurlock

Sorry amersall just seen your reply. It has only come to our knowledge that insurance policy had expired in 2008 after five years but we still got 4 years of the loan to go.

I have requested further info from Welcome as we have never received any details of this policy or any advice that he had expired ?

The only arrears that we have was last year in which have now been paid.

Could we also use this reason to form part of our complaint ?

amersall

You certainly can use this as a reason.
Did you get a refund of the PPI or a bonus around the 5 year period too?.

If you did, send this letter to Welcome.

We/I were mis sold the PPI on the above loan account number and
We/I would like proof to the contrary of my/our reasons for mis sell of the above PPI .


1)We/I were not told that the PPI was in effect another loan that was added to the original loan and was repayable over the term with interest

2) We/I were told that the PPI was a 5 year policy, but not told the ppi would still be on the loan to term end with interest and would no longer have cover.

3) We/I were told that if we did not make a claim,or go into arrears on the PPI ,after 5 years we/I would receive the cash back of the PPI but were not told this would not include the interest made on these payments that we paid over the 5 years.

4) Had We/I settled the loan early, we were not told that a rebate would be given for the remaining PPI but the remaining PPI would be repaid by Me/us back in the settlement figure.

In line with the FOS recommendations it is requested that the overall situation be restored as if PPI had never been included. This will entail:
A refund of the monthly payments that have actually been paid towards the overall loan in excess of those that would have been needed, if the original loan had been sold without the PPI policy.

In addition, interest at the rate of 8% simple per annum to any excess payments made from the time each payment was made to the point that they are paid back to us. We/I believe we were not given enough information on this ppi to make an informed decision. Had we/I known the full cost of this ppi we would not have taken it.

Unless you can prove without doubt that this PPI policy was fair, reasonable and suitable for my/our circumstances we/I will require you to rearrange the loan as if PPI had never been included.


If you were to have got a bonus or some other payout of the PPI through the loan term, adjust (3)

jellie

I would be wary of copying and pasting phrases which have clearly been downloaded from the internet - the form needs to be completed in the complainant's own words, not someone else's.

I also wouldn't use no. 3.

Don't attach it on a separate letter - put your recollection of the sale on the form. There's plenty of room.

-taff

It doesn't need to be in their own words, if it's the right reason, it doesnt matter how it's phrased.

[Deleted User]

-taff wrote: »

It doesn't need to be in their own words, if it's the right reason, it doesnt matter how it's phrased.

True, but if there is any doubt, obvious "template" complaints are judged more harshly than those written in the words of the actual complainant.

-taff

Welcome seem to be notorious for the single premium, won't be covered for more than 5 years reason....I expect they've seen quite a few phrased like that.

Hurlock

Thanks again for your replies. Just to let you know that I am still awaiting for a response from Welcome regarding as to why the Norwich Union policy expired after 5 years into loan.

We did not get any PPI refund or a bonus around the 5 year period.

We were sold the loan on the condition that PPI taken but cannot find any details or ever receiving anything stating that it was to expire ?

Can I add this reason to our mis-selling complaint ? Shall we await their further reply or shall we present FOS Questionnaire complaint details now ?

amersall

Leave out number 3 as you did not receive a cash back or bonus, don't number any of them, edit number 2 to We/I were not told it was a 5 year policy or that at the end of the 5 years the PPI in total with interest would still be on the loan to term end with interest and no cover.

"sold the loan on condition that PPI was taken" is not provable so do not use that.

amersall

jellie wrote: »

I would be wary of copying and pasting phrases which have clearly been downloaded from the internet - the form needs to be completed in the complainant's own words, not someone else's.

I also wouldn't use no. 3.

Don't attach it on a separate letter - put your recollection of the sale on the form. There's plenty of room.

Why would you not put number 3?... most of these loan PPI were sold with the "bonus" of getting the PPI back after 5 years, this was how these shisters got you hooked, I did tell the OP that if no bonus or cash back applied to them to omit this .

This was not downloaded from the internet, this is MY LETTER that has won redress from shisters like First Plus/Welcome/ Picture Finance and the list goes on an on and on and on, these were overpriced PPI from second charge lenders, these are the reasons this PPI was mis sold and people did not realise re the unfair rebate and the cash back and the thousands of £££££££ in interest for a useless PPI that did not cover you after 5 years but was still on the
loan to term end and if I was a business I would be raking it in with the wins this letter has produced.