PPI claim with Welcome

siratkinson

Hello, ok so I recently found a copy of my original loan agreement which to my surprise had PPI box ticked. I worked in the Fire service at the time of taking this loan where you get full pay if sick so I know I would not have opted to take it.


It seems also that with welcome they add the full PPI at the beginning of the loan to which I have paid off. The loan was for 5000 + PPI of 2487.61 over 48 months.


My question is how do I work out the interest on this amount as I have seen in other threads working out the monthly each payment but in this case the full amount was added at the start of the loan?


I took out this loan in October 2006, any help with me would be greatly appreciated.


Thanks in advance David.

amersall

The interest will be in the PPI total payment, if you have the agreement it will show the PPI and the interest on the PPI.

jellie

If you're going to make a mis-selling claim, it will be dealt with by the Financial Services Compensation Scheme who will calculate how much, if anything, you're due to get back.

siratkinson

Thanks for the replies, i cant see why i wouldnt be entitled as it would be crazy for me to take ppi when i received full pay from the fire service incase of illness.

[Deleted User]

siratkinson wrote: »

Thanks for the replies, i cant see why i wouldnt be entitled as it would be crazy for me to take ppi when i received full pay from the fire service incase of illness.

PPI also covers unemployment, of course, so the insurance would have covered you for that.
Nothing to stop you still making a mis-selling complaint, but it isn't as "cut and dried" as you assert.

As for working out the interest, if you are successful the cost of your PPI policy will be refunded to you together with associated interest. There is no need for you to work this out yourself in order to make a complaint.

siratkinson

I appreciate what your saying and that it is not a cut and dry thing, but there is no threats of unemployment in the fire service in fact no firefighter has been laid off in 30 years. Only natural wastage occurs.
Thanks again tho.

[Deleted User]

siratkinson wrote: »

there is no threats of unemployment in the fire service in fact no firefighter has been laid off in 30 years.

Although this may indeed be true, that didn't mean you were immune to unemployment-just very unlikely to find yourself in that position. Even police officers and soldiers are not immune to redundancy these days.

Make the complaint, you can only lose the price of a stamp.

siratkinson

When was the last time either of them were laid off? Only loses come from natural wastage.

[Deleted User]

siratkinson wrote: »

When was the last time either of them were laid off? Only loses come from natural wastage.

No point in debating this any further.

addedvaluebob

Sound fairly cut and dried to me particularly given your profession and associated benefits in the event of ill-health. If you can find the interest figure quoted on any of your paperwork you will be entitled to the original cost + original interest + statutory interest from the date until your case is resolved. Best of luck

-taff

Except the FSCS pay 90% of the value of any complaint.