PPI's welcome finance and a load of hassle

[gothicqueen]

Hello

Im new here so be gentle LOL

Im hoping someone can give me some advice please.

ABout 2 and a half years ago I took out a loan through Bright finance (as brokers) with welcome finance for £8k, secured on my house, I also was told at the time it was 'best' for me to have the PPI, so agreed, this took the loan to £12k

In April last year I read up on the PPI stuff and realised it wasnt worth having (the usual, only covered for 5 years, paying for it for 25 years, front loaded onto the loan etc etc) I contacted WF and asked them to cancel it (at this point I didnt ask for any of my payments for the previous 18 months back, I just wanted to cancel it)

It took until August to reply saying they would look into it, then I finally receievd a letter saying that as Bright finance were the brokers I would have to go through them. BIG ISSUE, Bright finance had gone into administration by this point.

I have since written about 4 or 5 times to WF asking for the policy to be cancelled and I have now asked for my payments made since April 09 to be refunded.

I telephoned them on Saturday to ask why they havent answered my letters, the girl on the phone said she could see them on the system but wasnt sure why they had not been replied to or acted upon.

My husband has been on short time at work for the past 18 months or so, so we are in financial hell at the moment and have put our house on the market with a hope to selling it and clearing everything off that we owe. So while I was on the phone I asked for a settlement figure, which was almost £10k, when I took the loan out with bright finance they said the interest is added daily and that as soon as I decided to pay it all off then the interest would be calculated to then, forgive me if I come across as being abit thick (it is 2.30 in the morning and I cant sleep for worrying about all this!) but if I have been paying £256 each month for the past 30 or so months, surely I would have paid more than that off, I assume that as the PPI is still on there I would be reimbursed that, we have paid approx £7680 off on a £8k loan with £4k added on for the PPI which I have tried for the past year to cancel, yet still owe almost £10k, can someone help me out and explain it to me please. I was told there was no penalty for paying it off before the term ended.

So my question (as well as that above) is how the heck do I cancel this blimming PPI? who is responsible for it? and will I get back the payments Ive made since I originally wrote to them?

Ive searched high and low for my documents for the loan and cannot find them, is this going to be an issue with regard to getting the PPI cancelled

Thanks in advance, off to see if I can finally get some sleep

[enaid]

Re: PPI's welcome finance and a load of hassle

Hello gothicqueen and welcome to Beagles.
Welcome Finance are the ones your contract and loan is with so they are responsible no matter what.
You are due an upto date statement now every 12month on the anniversary of the loan, have you had one of these so far?
If not then I would suggest you SAR Welcome and then hopefully you will be supplied with all the info on your account with them even, a copy of your agreement. SAR all the info about it is on here http://www.legalbeagles.info/forums/...ad.php?t=14196
Also please have a read of the information on this thread http://www.legalbeagles.info/forums/...ad.php?t=22339 I think you will find you were in fact mis sold the PPI for more than one reason from what you have already posted. If this is the case then you are entitled to a full refund plus interest.
When you have read through the thread please ask any questions and the forms you need to fill in are all there too.
You say you are having problems at the moment financially, if there is anything else you would like help with then please let us know. If you prefer you can PM one of the team with the details and then we can take it from there. Hope this helps a little for now.
Enaid x

[gothicqueen]

Re: PPI's welcome finance and a load of hassle

Hello gothicqueen and welcome to Beagles.
Welcome Finance are the ones your contract and loan is with so they are responsible no matter what.
You are due an upto date statement now every 12month on the anniversary of the loan, have you had one of these so far?
If not then I would suggest you SAR Welcome and then hopefully you will be supplied with all the info on your account with them even, a copy of your agreement. SAR all the info about it is on here http://www.legalbeagles.info/forums/...ad.php?t=14196
Also please have a read of the information on this thread http://www.legalbeagles.info/forums/...ad.php?t=22339 I think you will find you were in fact mis sold the PPI for more than one reason from what you have already posted. If this is the case then you are entitled to a full refund plus interest.
When you have read through the thread please ask any questions and the forms you need to fill in are all there too.
You say you are having problems at the moment financially, if there is anything else you would like help with then please let us know. If you prefer you can PM one of the team with the details and then we can take it from there. Hope this helps a little for now.
Enaid x

thanks for that! So WF have been fobbing me off for the past year then! hmmmmm!

Im hoping once our house sells we will be in a better financial position, we have our 21st viewer this morning, but viewers 19 and 20 both are coming back for 2nd viewings early next week. House is up for offers over £130k, and with estate agents fees, solicitors and mortgage and welcome finance we owe £129,700! so potentially we will come out of it debt free, and after 10 years back to renting, but at least I wont have this huge worry any more.....................

Off to check the links
thanks again!

[enaid]

Re: PPI's welcome finance and a load of hassle

A pleasure, we are renting too now and ours is up for sale. Not quite the same as you as fortunately we are not selling because we have to, it's a decision that was made through family circumstances but although we pay a high rent we have no maintainance oranything now we are clocking on a bit.
Good luck with the PPI but the FOS are fully aware of them and I think if you follow all their info you will have no real problem.
Enaid x

[PocketTheDifference]

Re: PPI's welcome finance and a load of hassle

Hi Goth,
Just to hopfully settle a nerve or 2, EVERY loan company tried to "fob" us off, im myself claiming for the same thing, except I was apparently refunded 6 months but am yet to see any benefits from it, and on top of this ive had the loan for a good 4 years ha! so keep pushing and fighting the good fight.

[gothicqueen]

Re: PPI's welcome finance and a load of hassle

WELL I have just had a call from Welcome, after my last letter

Now Im more confused than ever, OK so they have agreed that the PPI should have been cancelled in May last year and have agreed to pay me back £1132, BUT they are not going to GIVE me the money back they are going to pay it into my WF account, they said because I didnt cancel within 30 days thats how they do it, FINE I said, but its their error that I have paid for the past 12 months when I shouldnt so I want that money back, but they said NO!

I asked if my payments would now go down by the £30 odd per month and they said NO, I still have to pay the same but my account will be closed earlier.

IS THIS RIGHT???????? or are they trying to fob me off?

I told her Id just got a redemption figure and was I right in thinking that I could just knock off the £1132 to get a true figure but she wasnt sure, she said she would get me an updated redemption figure sorted and sent out, lets hope it doesnt take 12 months like cancelling the PPI has!!!

[enaid]

Re: PPI's welcome finance and a load of hassle

WELL I have just had a call from Welcome, after my last letter

Now Im more confused than ever, OK so they have agreed that the PPI should have been cancelled in May last year and have agreed to pay me back £1132, BUT they are not going to GIVE me the money back they are going to pay it into my WF account, they said because I didnt cancel within 30 days thats how they do it, FINE I said, but its their error that I have paid for the past 12 months when I shouldnt so I want that money back, but they said NO!

I asked if my payments would now go down by the £30 odd per month and they said NO, I still have to pay the same but my account will be closed earlier.

IS THIS RIGHT???????? or are they trying to fob me off?

I told her Id just got a redemption figure and was I right in thinking that I could just knock off the £1132 to get a true figure but she wasnt sure, she said she would get me an updated redemption figure sorted and sent out, lets hope it doesnt take 12 months like cancelling the PPI has!!!

You need to send a SAR and get everything in order and see your original agreement and the amountt of PPI added. It is no use you guessing figures as well cause that's what they are probably doing. When you have all the facts then you will have more of any idea on what to do next.
Enaid x

[debtisbad]

Re: PPI's welcome finance and a load of hassle

WELL I have just had a call from Welcome, after my last letter

Now Im more confused than ever, OK so they have agreed that the PPI should have been cancelled in May last year and have agreed to pay me back £1132, BUT they are not going to GIVE me the money back they are going to pay it into my WF account, they said because I didnt cancel within 30 days thats how they do it, FINE I said, but its their error that I have paid for the past 12 months when I shouldnt so I want that money back, but they said NO!

I asked if my payments would now go down by the £30 odd per month and they said NO, I still have to pay the same but my account will be closed earlier.

IS THIS RIGHT???????? or are they trying to fob me off?

I told her Id just got a redemption figure and was I right in thinking that I could just knock off the £1132 to get a true figure but she wasnt sure, she said she would get me an updated redemption figure sorted and sent out, lets hope it doesnt take 12 months like cancelling the PPI has!!!

Do NOT speak on the phone. There is no record of the call and they can trick you into agreeing anything. use the template letter available here (ask if you don';t know where it is) and tell them everything must be in writing. if they still call, report them to Trading Standards, your MP, etc.

Having established that all is in writing, send them the PPI claim template letter, asking for a full refund of ALL the payments. it is pure BS for them to say yoou have to advise them within 30 days, etc.

Remember, all these people can think of a thousand reasons not to pay you and will state that in their letters.

Stick to your reasons and demand a full refund.

If they don't comply within a reasonable period of time, say two months, use the FOS template letter and the FOS will take over the case for you.

Why do I say this? First hand experience, i tried to get PPI back off an MBNA credit card, usual story they wrote telling me that they would not pay, that the FOS would not help (yes, they said that, the dirty liars).

So what did I do? I reported the matter to the FOS and they told MBNA t pay me. 940 quids, thanks. I have since challenged it and told them that i want a full refund and that they have to pay, this was also reported to the FOS.

What am I saying? They won't pay in full first time around, keep on reporting them.

OK, so a few letters and in a few months you will get a refund. the FOS are apparently upholding nearly every claim for PPI refunds, just think of a good reason why you think you were mis sold and use that.