welcome finance

big_chief_2

i have had a few top up loans over the past 5 years with welcome.i had been told i had to take out ppi to get the loans.
in the letter,do i just put 'i have had top up loans over the past few years and told i had to take out ppi.i would like a refund of my money.will they look back on previous aggreements as i dont have the copies.
my most recent one,they have charged me £979.60.ppi

Glass_Half_Empty??

I had a loan with them for a year for 2k and with interest and their "charges" I would of paid back 3k :eek: Luckily for me I paid it off a few months ago and saved £500 in interest alone although of course they added £70 for early settlement :rolleyes:
I refused to take PPI and when he told me I had to, I got up to leave the room and he chased me saying it is not a problem and he would "do it just this time" :rolleyes: As far as I am aware and I have claimed back unfair charges, you can't ask for PPI back as you signed the line to say you wanted it. You should of been stronger as every time I have had credit wether it be car or personal loan the sharks demand it till you walk away but they soon come running when you say no.
I had the last laugh with welcome because when I settled I rang up to pay with my card and they took £20 more then they should of done. When I noticed about a month later I rang the manageress and she said it was human error not her problem bla bla bla so I threatened to ring the financial ombudsman as if they did this to every customer(only if so I wasn't saying they were) it would be a tidy profit for the old bonus coughers! I was paid £50 plus the amount too much for my troubles the same day to promise I would let them know what had happened :rotfl:
Don't think they will be keen on giving me another loan any time soon :cool:

jesdan

Not sure I can answer your question big chief but I'm in a similar situation. I've asked my local branch for details of all my previous loans (so that I can see the account numbers as well as seeing exactly how much I have paid in not wanted PPI's). The manager I am speaking to seems to be "playing ball" with other things I've brought up so will wait and see what happens with this request, although if nothing happens I will be writing to the head office,, giving details of the account numbers I do have and stating there are a number of other accounts which were opened which although I have no account numbers I will require full details of.

Anyway, I'll update you as and when I have further news, let us know how you progress too.

GHE - if I (and I'm sure many other people) were aware of our rights and not just absolutely desperate we would have stood up for ourselves at the time, congratulations on you doing so but now is the time for the rest of us who were "taken for a ride" to fight back.

big_chief_2

Thanks For Your Comments,glass Half Empty.
You Say'you Cant Claim It Back If You Signed For It.i Think Ive Read That You Can Claim If You Were Told,you Cant Have The Loan If You Dont Take The Ppi

petermb_2

The fact is that in most of the cases it is irrelevant. The lenders have mis-understood various aspects of consumer credit law for years and years. PPI and the setting up of is one of those instances. In most cases the lenders have actually broken the law of the land when setting these policies up. I dont mean breaking some regulation created by a body of industry insiders. I mean broken the law of the land.

The fact that they have means that the vast majority of borrowers with ppi, especially single premium ppi will be entitled to their money back. Not only will they be entitled to their money back but they will also be entitled to interest on their payments.

This applies to loans that are current or previously redeemed.

PPI is only one issue. There are others that will possibly call the loans themselves into question, not just the insurances.

dont give up guys, dont let them beat you.

big_chief_2

This Is How My Agreement Reads.this Is A Top Up Loan.
Total Amount Of Credit. £4830.86
Amount To Settle Loan. £3136.07
Amount Of Credit For Insurance. £1194.79.
Ppi. £979.79
Lifecare. £195.00.
Can I Claim The Life Care Aswell As The Ppi
This Is At A Variable Apr Of 27%

k1mmie

Hi big chief. I would say that you probably could try to claim for it all back. Maybe write to them with the template for PPI and ask for it all back and just see what they say.

GirlRacer_2

In the past I've had 2 loans with Welcome Finance and on both occassions i was told i'd only get the loan if I took out the PPI. The loans are now paid off but when I tried to reclaim the PPI I was more or less told that I'd have to prove I was forced to take it. They also told me that I'd have to pay for them to retrieve the original telephone applications.

Have given up with them now as I don't know what to do now, but am still really miffed by it.

big_chief_2

this is the reply i got back from welcome.please be patient,i have no scanner.
i write in response to your letter blah blah.
i enclose declarations signed by you at the time of taking the personal loan.these show the insurances purchased,namely ppi,and the fact that it is optional.you were aware the ppi would comprise part of the monthly payment as shown by the signed details.
it is apparent you were suitable and/or eligible at the time for ppi as you indicated you were in full time employment and was not aware of any impending unemployment.
on the same document,the regulatory checklist has been completed.this would suggest a proper assessment has been made in relation to your suitability.it also suggests policy summeries were provided to you.
further more,i enclose a demands and needs statement,which has been signed by you.this document re-confirms you wanted to purchase ppi.
each of our employees has attended and passed a specific insurance sales training course.our sales procedures are scripted,and follow an agreed process ensuring terms and conditions are fully explained,and monitered regularly ensuring adherence to appropriate regulation,inclusive of optional ppi.

i sent the letter in to these muppets,explaining that i was told that'if i didnt take the ppi,i wouldnt get the loan'.i didnt ask for it.
can anyone tell me which way to go now,or do i just forget it?

big_chief_2

can anyone help me with the above,please

matam2k

big_chief wrote: »

this is the reply i got back from welcome.please be patient,i have no scanner.
i write in response to your letter blah blah.
i enclose declarations signed by you at the time of taking the personal loan.these show the insurances purchased,namely ppi,and the fact that it is optional.you were aware the ppi would comprise part of the monthly payment as shown by the signed details.
it is apparent you were suitable and/or eligible at the time for ppi as you indicated you were in full time employment and was not aware of any impending unemployment.
on the same document,the regulatory checklist has been completed.this would suggest a proper assessment has been made in relation to your suitability.it also suggests policy summeries were provided to you.
further more,i enclose a demands and needs statement,which has been signed by you.this document re-confirms you wanted to purchase ppi.
each of our employees has attended and passed a specific insurance sales training course.our sales procedures are scripted,and follow an agreed process ensuring terms and conditions are fully explained,and monitered regularly ensuring adherence to appropriate regulation,inclusive of optional ppi.

i sent the letter in to these muppets,explaining that i was told that'if i didnt take the ppi,i wouldnt get the loan'.i didnt ask for it.
can anyone tell me which way to go now,or do i just forget it?

Hi
i got the same reply from them after sending letter saying i was told needed the ppi to get the loan as she had a copy of my credit files in her hand at time, they said it was their final response so have sent of to fos and it is now in hands of a case manager there.So i would suggest you do the same, the more people who complain about welcome finance the better i think and more chance of a success with the fos against them.
Trevor