Welcome financial services/welcome finance ppi question help please

Hurlock

amersall many thanks and will do.

Can I ask did you receive a quick response from Welcome regarding your claim ? And did you have a figure in mind and if so is there a basic way of calculating the said amount ?

[Deleted User]

Hurlock wrote: »

did you have a figure in mind and if so is there a basic way of calculating the said amount ?

You'll only ever receive a full refund of the PPI you actually paid plus attendant interest, plus 8% additional interest.

There is no need to "have a figure in mind" as any redress letter will usually provide a breakdown of how they have calculated what they are offering. You certainly don't need to "claim" any figure as part of your complaint.

Hurlock

Moneyineptitude wrote: »

You'll only ever receive a full refund of the PPI you actually paid plus attendant interest, plus 8% additional interest.

There is no need to "have a figure in mind" as any redress letter will usually provide a breakdown of how they have calculated what they are offering. You certainly don't need to "claim" any figure as part of your complaint.

Many thanks Moneyineptitude but the reason I asked is that the PPI amount was added to loan as one premium amount when taken out but the policy in question expired after 5 years and did not run the full term of policy.

Sorry for the questions but I am a novice at this and appreciate any help.

Do you know if Welcome would spread the PPI amount as part of my contractual monthly payment over the full term, in which I still have 5 years to pay ?

[Deleted User]

Hurlock wrote: »

Do you know if Welcome would spread the PPI amount as part of my contractual monthly payment over the full term, in which I still have 5 years to pay ?

Yes, yet another reason Amersal hates this type of loan and this lender so much.
Complain.

Hurlock

Moneyineptitude wrote: »

Yes, yet another reason Amersal hates this type of loan and this lender so much.
Complain.

Thanks again and I have this week sent FOS questionaire details to Welcome.

So therefore if I wanted or if I intended to make a claim recently on my policy it would have been invalid as had expired after 5 years ? Whatabout cover on the remaining 10 years of the loan ?

Surely they cannot do this when they did not inform that this was the case when the loan was originally taken out ? Can totally understand why Amersal loathes this lender !

[Deleted User]

Hurlock wrote: »

Surely they cannot do this !

They already have!

Hurlock

Moneyineptitude wrote: »

They already have!

Yes I now know after recently finding out and hence my complaint.

Hurlock

Sorry again for more questions but on checking my agreement I see that there are also acceptance fee amounts of £235 and Mortgage Indemnity amount of £1,320 that have been added to the loan.

Am I correct in saying that capitalisation / Interest applies to these added amounts as they form part of loan.

amersall

You will only get PPI redress I am afraid, the other charges relate to you taking the loan out.
I won with First plus but the redress calculation is the same, as Moneyineptitude pointed out.

Hurlock

amersall wrote: »

You will only get PPI redress I am afraid, the other charges relate to you taking the loan out.
I won with First plus but the redress calculation is the same, as Moneyineptitude pointed out.

Ok amersall thanks again for your reply and will keep advised how I get on.