PPI Reclaiming successes and failures

andr_mich

davemanchester2010 wrote: »

I recieved a letter from Welcome offering me £1819.54 in misold PPI. Ive accepted the offer and the letter says they will bacs the money into my account within 30 days although im delighted about this and would encourage anybody to pursue PPI, I wont believe it until I see the money in bank account

Good Luck everybody and I will keep you posted when I recieve the money

I also got the same letter from Welcome offering me £5400, 2 1/2 years after they initialy said No. This made me quite wary, I sent my reply recorded delivery and this was signed for on 28th October. Like you I was told it would take 30 days to receive the money but I'm not holding my breath. I can't help but feel this is some kind of scam to get bank details as it doesn't even povide a phone number. Did you actually speak to someone from Welcome?

andr_mich

I received a letter from Welcome Finance offering me £5400 in missold PPI. I was delighted but the more I studied it I became quite dubious. I hadn't heard anything from Welcome in 2 1/2 years after they said No to my initial complaint. Now out of the blue I have this letter offering me over £5000. They stated they reviewed all my other accounts with them and are repaying the PPI on them aswell. They even stated they are paying me £100 compensation for turning down my initial complaint. There is no contact telephone number on the letter but the reply address is Welcomes address. I rang Welcome and they have never heard tell of the Brideshead Team who headed my offer letter. I sent my acceptence recorded delivery and it has been received and it is now just a waiting game. I am just worried that this may be some sort of scam as they asked for bank details to transfer the money.
Has anyone who received these letters actually recieved the money or should I be really worried. Welcome has dragged their heels for so long and now just ofering money out of the blue.
Any help appreciated!:(

di3004

andr_mich wrote: »

I received a letter from Welcome Finance offering me £5400 in missold PPI. I was delighted but the more I studied it I became quite dubious. I hadn't heard anything from Welcome in 2 1/2 years after they said No to my initial complaint. Now out of the blue I have this letter offering me over £5000. They stated they reviewed all my other accounts with them and are repaying the PPI on them aswell. They even stated they are paying me £100 compensation for turning down my initial complaint. There is no contact telephone number on the letter but the reply address is Welcomes address. I rang Welcome and they have never heard tell of the Brideshead Team who headed my offer letter. I sent my acceptence recorded delivery and it has been received and it is now just a waiting game. I am just worried that this may be some sort of scam as they asked for bank details to transfer the money.
Has anyone who received these letters actually recieved the money or should I be really worried. Welcome has dragged their heels for so long and now just ofering money out of the blue.
Any help appreciated!:(

Hi there

Someone else had posted in regards of these a few days ago and are sending off the acceptance form.
They were also turned aware the last time and it may be the case that they have been re-opened, there was some issues about this with the FSA some time ago....

http://www.guardian.co.uk/money/2009/sep/29/ppi-complaint-cases-reopened-fsa

• FSA tells lenders to reassess thousands of PPI complaints
• Instances of mis-selling will see the consumer compensated.

Read the above link for more info and for ease of mind, also contact the FOS as well see what they think.
Good luck.
http://www.financial-ombudsman.org.uk/contact/index.html

jjww_2

andr_mich wrote: »

I received a letter from Welcome Finance offering me £5400 in missold PPI. I was delighted but the more I studied it I became quite dubious. I hadn't heard anything from Welcome in 2 1/2 years after they said No to my initial complaint. Now out of the blue I have this letter offering me over £5000. They stated they reviewed all my other accounts with them and are repaying the PPI on them aswell. They even stated they are paying me £100 compensation for turning down my initial complaint. There is no contact telephone number on the letter but the reply address is Welcomes address. I rang Welcome and they have never heard tell of the Brideshead Team who headed my offer letter. I sent my acceptence recorded delivery and it has been received and it is now just a waiting game. I am just worried that this may be some sort of scam as they asked for bank details to transfer the money.
Has anyone who received these letters actually recieved the money or should I be really worried. Welcome has dragged their heels for so long and now just ofering money out of the blue.
Any help appreciated!:(

Have you tried googling the address and department to see if you can see if it is actually part of welcome.

If it is true good for you what a great surprise before xmas.:)

traz39

jjww wrote: »

Have you tried googling the address and department to see if you can see if it is actually part of welcome.

If it is true good for you what a great surprise before xmas.:)

a few people have had these letters i got one they payed my claim back to me in feburary they didnt ask for bank details but they already have mine so no need there was a phone number on my letter and i did speak to someone who knew all about me so i wouldnt worry there was no figures on mine though i have sent it back so i will keep you posted on what happens

Cooljools

Just received a Cheque for £2,000 + from Lloyds TSB for missold Credit Card PPI.

Absolutely delighted and despite it taking over a year - it was well worth the wait!

Those waiting keep the faith as I'm sure you will receive whats due to you.

di3004

Cooljools wrote: »

Just received a Cheque for £2,000 + from Lloyds TSB for missold Credit Card PPI.

Absolutely delighted and despite it taking over a year - it was well worth the wait!

Those waiting keep the faith as I'm sure you will receive whats due to you.

Well done and Congratulations!:T:beer::j

AngloTaffy_2

Hi There,

I posted on here a few weeks back about my intention to attempt to reclaim missold PPI on a loan I currently have with GE Money via Loans.co.uk for which is currently ongoing;
Anyway, I cancelled the frontloaded PPI & replaced it with a much cheaper monthly PPI of my own choice (as it's quite a large secured loan I didn't want to be without cover) & GE Money have taken the unused portion of cancelled PPI off balance of loan. I was then expecting my monthly repayment to be reduced accordingly (is currently £391 p.m) but GE Money have told me 'this is not how it works'?! and monthly repayment remains the same, so with new PPI (approx £19 p.m) I'm actually paying more! I asked then if my term would be reduced in view of this & got the same 'wishy-washy' answer!
I'm totally unconvined by this & I've phoned a few times about this without any joy - can anybody please advise as this can't be right?

amersall

Cooljools wrote: »

Just received a Cheque for £2,000 + from Lloyds TSB for missold Credit Card PPI.

Absolutely delighted and despite it taking over a year - it was well worth the wait!

Those waiting keep the faith as I'm sure you will receive whats due to you.

:jThat is brilliant :money: Well done :beer:

amersall

AngloTaffy wrote: »

Hi There,

I posted on here a few weeks back about my intention to attempt to reclaim missold PPI on a loan I currently have with GE Money via Loans.co.uk for which is currently ongoing;
Anyway, I cancelled the frontloaded PPI & replaced it with a much cheaper monthly PPI of my own choice (as it's quite a large secured loan I didn't want to be without cover) & GE Money have taken the unused portion of cancelled PPI off balance of loan. I was then expecting my monthly repayment to be reduced accordingly (is currently £391 p.m) but GE Money have told me 'this is not how it works'?! and monthly repayment remains the same, so with new PPI (approx £19 p.m) I'm actually paying more! I asked then if my term would be reduced in view of this & got the same 'wishy-washy' answer!
I'm totally unconvined by this & I've phoned a few times about this without any joy - can anybody please advise as this can't be right?

Hi there, yes this is what happens when you cancel a front loaded ppi, you should have carried on with this ppi until you heard if you had won mis sell.
When you cancel you only get a small rebate of ppi and that is taken off your loan balance, the monthly payment will not reduce, as the ppi is still on the loan until the end of the loan term.
This is why these frontloaded policies are a rip off.
Hopefully, you will win mis sell and then the full ppi amount will be taken off your loan, the ppi paid to date given back to you with the interest on those payments, and your loan payment reduces by the monthly ppi amount.
I feel sure you will win mis sell as the way these front loaded ppi are done are not worth the ppi plus interest for the term of the loan.
And fos dont look too kindly on these.