welcome finance help needed

[scoobydoo]

Re: welcome finance help needed

January 31, 2009
Welcome financial Services Limited
Mere way
Ruddington Fields Business Park
Nottingham
NG11 6NZ

Acc No: Anonymous
Dear Sir or Madam:
We have been looking at our agreement with you, reference above and have noted that we purchased payment protection insurance from you. We are of the belief that we were mis-sold this policy due to your agent stating that we would not get the loan without taking the payment protection insurance. It was also stated that if we took the payment protection insurance then it would assist us in our application to get any future credit from welcome finance.
Your agent also stated that we would receive all documentation relating to the payment protection policy in the post in the 4 weeks following our signing the agreement and that all information regarding what the policy covered and did not cover. We were also assured that we were both covered under the policy because it was a joint loan.
Having recently looked at the paperwork for our joint loan, we have discovered that only my husband was covered under the payment protection insurance policy and we have never received any paperwork relating to the payment protection policy so we are not aware of which insurance company the policy is with and what the policy covers or does not cover.
We are writing to you for justification that the policy was suitable for us based on our circumstances and an explanation as to how your suitability criteria works. If you cannot justify this to our satisfaction then we request a full refund of all payments made to date as well as interest on these payments.
As we believe we have been deprived of this money, we also expect an interest element to be added to each sum at a suitable rate and using a suitable calculation method, as a compensatory gesture.
In respect of cancellation of a policy, may I draw to your attention the following reports from FSA, namely “The sale of payment Protection Insurance – results of thematic work, November 2005” & “The sale of Payment Protection Insurance – results of follow up thematic work, October 2006” that state “When consumers cancel the PPI without repaying the loan, some firms will need to re-issue the loan without the PPI. Firms should ensure they treat their customers fairly in relation to the terms on which they re-issue the loan”. This means that any new loan is on the same or better terms and does not detriment us in any way and that this is to be done without making new search on our credit file.
We expect a swift response to this letter within 14days, containing either your full justification or notice that you will be refunding these payments.

If we do not receive a satisfactory response then we will issue another letter notifying you of our intention to take further action if the matter is not resolved within a further 14days. After this limit has passed, we will be either contacting the Financial Ombudsman to investigate our complaint or issuing court proceedings.

Yours faithfully

------------------------------- merged -------------------------------

If you look at the first agreement you will see that those figures are added into the agreement they are added into the total therefore only once.
One is for the PPI and one is for fee disimbursement, I should think is the charge for setting up the loan, not sure, but all is ok if you just remember to go upwards when doing your figures.
Enaid x

I am going upwards (this time) It just seems an odd way of putting it on the statement

Why put dr and cr and cr and balance - when the balance does not change.

Large fee £1885.00 !

[enaid]

Re: welcome finance help needed

Large fee £1885.00 !

Acceptance fee £235.00
Mortgage indemnity fee £1650.00 total £1885.00

[TANZARELLI]

Re: welcome finance help needed

Welcome financial Services Limited

Mere way
Ruddington Fields Business Park
Nottingham
NG11 6NZ

January 31, 2009


Acc No: Anonymous

Dear Sirs,

We have been looking at our secured loan agreement with you and Payment Protection Insurance (PPI) and Medicare products which were also added to the loan at the time of inception.


I was informed by the agent at the Welcome Finance (WFS) branch in *********, that WFS would be happy to agree a loan if we were to take out a payment protection insurance policy with it. We were given the distinct impression that we would be rejected if we declined the PPI. Due to our financial difficulties we felt at the time the only way we would be able to get this loan was to accept the addition of Payment Protection Insurance and we were therefore subjected to undue influence and, given our circumstances, forced under duress into agreeing.

It was also stated that if we took the payment protection insurance then it would assist us in our application to get any future credit from welcome finance.

Your agent also stated that we would receive all documentation relating to the payment protection policy in the post in the 4 weeks following our signing the agreement and that would include all information regarding what the policy covered and did not cover. To date we have not had sight of or recieved any such poilcy wording schedule relating to the PPI which was added to our account. Due to this we have not had information about our cancellation rights following the policy being added.

We were also assured that we were both covered under the policy because it was a joint loan. Having recently looked at the paperwork for our joint loan, we have discovered that only my husband was covered under the payment protection insurance policy and we have never received any paperwork relating to the payment protection policy so we are not aware of which insurance company the policy is with and what the policy covers or does not cover.

We are writing to you for justification that the policy was suitable for us based on our circumstances and an explanation as to how your suitability criteria works. Therefore we require copies of any and all Demands and Needs assessment which your agent undertook.

If you cannot justify this to our satisfaction then we request a full refund of all payments made to date as well as interest on these payments, as we believe we have been deprived of this money. We also expect an interest element to be added to each sum at a suitable rate and using a suitable calculation method, as a compensatory gesture.

In respect of cancellation of a policy, may I draw to your attention the following reports from FSA, namely “The sale of payment Protection Insurance – results of thematic work, November 2005” & “The sale of Payment Protection Insurance – results of follow up thematic work, October 2006” that state “When consumers cancel the PPI without repaying the loan, some firms will need to re-issue the loan without the PPI. Firms should ensure they treat their customers fairly in relation to the terms on which they re-issue the loan”. This means that any new loan is on the same or better terms and does not detriment us in any way and that this is to be done without making new search on our credit file.
We expect a swift response to this letter within 14days, containing either your full justification or notice that you will be refunding these payments.

If we do not receive a satisfactory response then we will issue another letter notifying you of our intention to take further action if the matter is not resolved within a further 14days. After this limit has passed, we will be either contacting the Financial Ombudsman to investigate our complaint or issuing court proceedings.

Yours faithfully

Still working on this and will come back later.

[poochie]

Re: welcome finance help needed

Thanx for puttin copy of my letter up for me, I know Im bein a pest but Im really no use with computers unless someone shows me over and over again...so thanx for takin time to do it for me and thanx for workin on the spreadsheet as well.... Its all very much appreciated.
Is the letter ok to send like that or is there other stuff I need to add?... I dont want to get anythin wrong.
Thanx to everyone assisting and advisin with this...Everyone makin me feel a wee bit less stressed but will be glad wen it all sorted..... Thanx so much

[enaid]

Re: welcome finance help needed

Just hang fire poochie, when the letter is pefecto you will be told.
Please never feel useless, or that your a pest, most of us have been there in the beginning and some of us (especially me) will never be PC savvy.
We are all learning as we pick up bits of info from here and there, we pass them on.
When you are all sorted and you will be, then you may want to help others too, thats' how it goes.
Good luck Enaid x

[scoobydoo]

Re: welcome finance help needed

See`
Poochie I am learning as well! getting used to all these fees and how they calculate the interest on these loans is complicated to me as well.

Up to 2007 on spread sheets!

When you missed payments by the dd being recalled and paid by cash or other method within the same month did they send you letters? because that is what the ad hoc capitalisation fees are.

[righty]

Re: welcome finance help needed

Assuming you have them, if your read the policy documents will see the names of the firms supposedly involved in the PPI including Norwich Union as underwriters.

When contacting NU quote the names of the other companies & ask if they do have an underwriting policy...... then let us know their response

[TANZARELLI]

January 31, 2009


Acc No: Anonymous

Dear Sirs,

We have been looking at our secured loan agreement with you and Payment Protection Insurance (PPI) and Medicare products which were also added to the loan at the time of inception.


I was informed by the agent at the Welcome Finance (WFS) branch in *********, that WFS would be happy to agree a loan if we were to take out a payment protection insurance policy with it. We were given the distinct impression that we would be rejected if we declined the PPI. Due to our financial difficulties we felt at the time the only way we would be able to get this loan was to accept the addition of Payment Protection Insurance and we were therefore subjected to undue influence and, given our circumstances, forced under duress into agreeing.

It was also stated that if we took the payment protection insurance then it would assist us in our application to get any future credit from welcome finance.

Your agent also stated that we would receive all documentation relating to the payment protection policy in the post in the 4 weeks following our signing the agreement and that would include all information regarding what the policy covered and did not cover. To date we have not had sight of or recieved any such poilcy wording schedule relating to the PPI which was added to our account. Due to this we have not had information about our cancellation rights following the policy being added.

We were also assured that we were both covered under the policy because it was a joint loan. Having recently looked at the paperwork for our joint loan, we have discovered that only my husband was covered under the payment protection insurance policy and we have never received any paperwork relating to the payment protection policy so we are not aware of which insurance company the policy is with and what the policy covers or does not cover.

Welcome Financial Services is owned by Cattles plc, who have made a submission to the Competition Commission in response to an inquiry into the PPI market. In this document Cattles state at para. 3.4: 'PPI is always presented as an optional insurance product and does

1. not affect the acceptance of the loan application. Cattles does not discuss PPI with customers until the process for the sale of the loan is completed and so there is no scope for customers mistakenly thinking that the purchase of PPI will increase the chance of a successful loan application.'

Thisis obviously a false statement as it cannot be correct that Cattles does not mention PPI to the borrower until after the sale of the loan has been completed, because since the price of the PPI is added to the credit agreement and financed by it, the 'process for the sale of the loan' cannot be deemed to be 'completed' until after the full credit agreement, documenting the terms of the loan, the price of the PPI, and any other purchases, charges and interest, has been filled out by the agent and signed by the borrower.

Also in this document, Cattles asserts that it specialises in:

"offering finance to non-standard finance consumers' and states at para. 5.6:

'Cattles customers frequently experience periods of, often temporary, financial instability. During these times, payment protection insurance policies enable them to avoid falling into arrears on their loan repayments. For these reasons, Cattles customers have an increased need for payment protection insurance''

If this was the case then perhaps you would care to shed some light onto how the fact that the PPI policy only covered my husband and not myself also, even though the loan was a joint loan?

We are writing to you for justification that the policy was suitable for us based on our circumstances and an explanation as to how your suitability criteria works. Therefore we require copies of any and all Demands and Needs assessment which your agent undertook.

If you cannot justify this to our satisfaction then we request a full refund of all payments made to date as well as interest on these payments, as we believe we have been deprived of this money. We also expect an interest element to be added to each sum at a suitable rate and using a suitable calculation method, as a compensatory gesture.

In respect of cancellation of a policy, may I draw to your attention the following reports from FSA, namely “The sale of payment Protection Insurance – results of thematic work, November 2005” & “The sale of Payment Protection Insurance – results of follow up thematic work, October 2006” that state “When consumers cancel the PPI without repaying the loan, some firms will need to re-issue the loan without the PPI. Firms should ensure they treat their customers fairly in relation to the terms on which they re-issue the loan”. This means that any new loan is on the same or better terms and does not detriment us in any way and that this is to be done without making new search on our credit file.


I must also point out that at no time was it fully explained to me that the Single Premium Insurance which was added to my loan would mean I would be paying a extortionately higher return due to the interest rates which also would incur following its application.

Further in the above mentioned submission Cattles also stated:

"Cattles provides single premium PPI to its customers so the customer is protected throughout the life of the loan."

Again, if this is something which your parent company does then surely we would both had been protected by this type of policy?

We are of the opinion that it is without doubt in Welcome Financial Services and Cattles best interests for their customers to have PPI in place alongside their loans. The PPI, in reality, benefits the lender rather than the borrower, because if a successful claim is made on the policy, the lender receives the payment directly from the insurer, thus ensuring continuity of repayment of the loan. It is very also clear that a single premium policy provides the best safeguard for Cattles against the risk of default by their customers.

Therefore to recap, we fully beleive that we were mis-sold the Payment Protection Insurance for the following reasons:


a) The Policy was made a condition of the loan
b) The Policy was not suitable for our needs due to the loan being a joint loan
c) Your agent failed to fully assess our Demands and Needs
d) You failed to ensure that we recieved the Policy Wording Schedule from the Insurance Underwriters


We expect a swift response to this letter within 14 days, containing either your full justification or notice that you will be refunding these payments.

If we do not receive a satisfactory response then we will issue another letter notifying you of our intention to take further action if the matter is not resolved within a further 14days. After this limit has passed, we will be either contacting the Financial Ombudsman to investigate our complaint or issuing court proceedings.

Yours faithfully

[poochie]

Re: welcome finance help needed

No we never received letters wen d/debit was cancelled and we paid by cash. I insisted on a receipt for each payment tho and that was all we got. Never did we get a letter regardin cancellation of d/debits or cash payments.
Also, at the risk of soundin totally bonkers, I have gone thru all paperwork they sent us after requestin SAR and in none of the documents does it state who the ppi is with or the medicare.
After usin another site I was told to send another letter askin for all policy numbers/insurance info and underwriters details for ppi and medicare as well as details of insurance premium tax payable, who it was paid to and dates of payments. I sent the letter away and got a reply sayin they had sent me everything they had relatin to our agreement but we definately have nothin relatin to ppi and medicare.
How can I contact norwich union wen I dont have a policy number?...Do I just mention our loan agreement number to them?
As for the big letter above, is that what I have to print out now or do I still wait.?
Thanx so much to everyone helpin me, its all very much appreciated and of course I will hope to help others if I can, but I doubt I will be as knowledgable as you guys but "god loves a tryer" as my mum used to say....lol :tinysmile_cry_t:

[hellhasnofury]

Re: welcome finance help needed

Hello All,

Just subbing in if thats ok.

Anybody any thoughts on attacking from a different angle to add a bit more fuel to the fire in reclaim back mis-sold ppi.

Looking at the agreement, it is in fact a multiple agreement and perhaps the sections under the cca, need to be studied as for restricted credit and unrestricted credit.

On another note, was their undisclosed commission, paid to welcome finance from Norwich Union?????????

Any comments/thoughts on these matters please

[enaid]

Re: welcome finance help needed

Well I been snooping and found these 2 email addys, anyone think it's ok to email them and ask exactly how do we find policies taken out with them through Welcome Finance.

rebecca.sibley@norwich-union.co.uk
darren.cornish@norwich-union.co.uk

They may still not work there now but someone would reply I think.
Anyway Norwich Union are the under writers, but claims would be made through Direct Group, so I was thinking maybe contact them too and see if they can throw a light on Welcomes PPI

[righty]

Re: welcome finance help needed

Good idea enaid but it's important to quote the names of ALL the front companies Welcome use including

Progressive Financial Services (registered in Batley, Yorkshire)

The policy states that as well as Direct Group Limited "Norwich Union Insurance Limited has agreed that Norwich Union Life & Pensions Ltd shall administer" etc

It would appear to me that the policy (if there is one) is in 2 parts 1 for accident sickness etc: & 1 for redundancy etc

[Mochamoo]

Re: welcome finance help needed

Policy
Welcome Financial Services Ltd is fully committed to treating its customers fairly in all aspects of its business by providing a quality service that meets our customer needs.
We embrace the FSA’s ‘Treating Customers Fairly’ (TCF) initiative and will apply the principles of TCF throughout our Group activities. In addition, Welcome Financial Services Ltd management will, where appropriate, endeavour to ensure such principles are applied to its business partners where they operate on our behalf.
Principles
Welcome Financial Services Ltd determines the principles of TCF to be:

We offer our customers suitable products that meets their needs

We understand the financial capabilities of our customers

We provide clear and fair marketing materials and information – not misleading

We do not expose our customers to inappropriate risks

We show flexibility, empathy and consideration to our customers

We resolve customer issues promptly
Practices
Welcome Financial Services Ltd will:

Deliver a professional and courteous service to customers at all times

Explain exactly how our financial products operate in clear and accurate language

Keep promises to our customers

Support customers in times of difficulty

Be open and honest and explain our decisions

Apologise if we make a mistake and put things right

Ensure all complaints are fully investigated and the fullest response provided at the earliest opportunity

Ensure our people have the right tools, information, supervision and training to do their job

Continually measure and assess our treatment of customers

Treat our customers at all times with dignity and respect

John Blake
Managing Director
June 2008

http://www.cattles.co.uk/picture/upl...0statement.pdf

Their practices are interesting seems like they have failled to fulfil any of them in Poochies case.

[poochie]

Re: welcome finance help needed

Thanx again to everyone for their input on this, its always much appreciated and as for the above post, well we do agree but we have thot that way for a while because we get no answers from welcome or we get told to wait for return call only we never get the return call but wen I phone them back, its funny how they gave me a number twice that just seemed engaged all the time....I should have kept that number but unfortunately I didnt.
Is there any news on the letter I should be writing yet?.... I'm very keen to get this sorted cause it aint doin my stress levels any good....Thanx

[scoobydoo]

Re: welcome finance help needed

It looks like most posters approved the letter in post 83 - so start with that one - send by recorded delivery.

I will get the arrears one together for you in the next couple of days.