Welcome Finance / Blue Sky Personal Finance. Help for a newbie needed please

[militantmat]

Dear all. I took out a Welcome Finance Loan in 2008. In 2011 I read on the internet that WFS would be writing to all customers to explain that it could no longer honour the PPI sold with many of its loans and that customers would be offered a refund. My insurance premium was £1681 for the first 5 years of the loan and this price was added onto my credit. When I contacted in 2011 them they said that there was no need to complete a form and that they would refund the money direct to my account and my loan balance.

Now, I am a little confused. I called WFS today and the lady said that she could not see a direct rebate apart from a sum of around £305 in 2011 which she had no further information on. She put me through to another chap who took my details and told me to write in to request a refund on the basis that I have been mis-sold a protection plan but could not give me any indication on whether I am due anything or not.

I asked if I should contact the broker Blue Sky and he said yes as I may have a claim. I called Blue Sky and they very kindly told me to write in and request a refund of PPI but again could not say if I was due anything.

Right, the balance of my WFS account seemed very high indeed and does not seem to have changed despite me apparently paying more on my account as I am no longer paying PPI. I feel that they are up to something.

What are peoples thoughts on WFS and Blue Sky??? I suspect the £305 was a rebate that they have paid rather than allow me to claim compensation which would have been more given that the interest rate is 24.9%.

Can anyone advise me on how I should proceed in claiming please. Thanks

[di30]

Re: Welcome Finance / Blue Sky Personal Finance. Help for a newbie needed please

Dear all. I took out a Welcome Finance Loan in 2008. In 2011 I read on the internet that WFS would be writing to all customers to explain that it could no longer honour the PPI sold with many of its loans and that customers would be offered a refund. My insurance premium was £1681 for the first 5 years of the loan and this price was added onto my credit. When I contacted in 2011 them they said that there was no need to complete a form and that they would refund the money direct to my account and my loan balance.

Now, I am a little confused. I called WFS today and the lady said that she could not see a direct rebate apart from a sum of around £305 in 2011 which she had no further information on. She put me through to another chap who took my details and told me to write in to request a refund on the basis that I have been mis-sold a protection plan but could not give me any indication on whether I am due anything or not.

I asked if I should contact the broker Blue Sky and he said yes as I may have a claim. I called Blue Sky and they very kindly told me to write in and request a refund of PPI but again could not say if I was due anything.

Right, the balance of my WFS account seemed very high indeed and does not seem to have changed despite me apparently paying more on my account as I am no longer paying PPI. I feel that they are up to something.

What are peoples thoughts on WFS and Blue Sky??? I suspect the £305 was a rebate that they have paid rather than allow me to claim compensation which would have been more given that the interest rate is 24.9%.

Can anyone advise me on how I should proceed in claiming please. Thanks

Sorry for the delay in responding.

The fact that the cover was just for 5 years of the loan, costly these are frowned upon where you should be entitled to all you paid of the ppi and interest, it doesnt matter if you no longer pay for the ppi now you are still entitled to it back, these single covers were so wrong and should never have been, as you would still be paying for the ppi for the life of the loan despite the ppi ending after 5 years. I take it this applied to you.

Now with the fact it was set up and sold by Blue Sky its them you pursue. I note you said you had called Blue Sky? Have there been any further developments with that ever since?
Another thing as well, they will not usually tell you what your entitled to on the phone because they have to work it all out with the interest and provide you with a breakdown once resolved.

Did you complete a complaint form? If not then I would do so but make them clear in a cover letter you had already made contact with them on date XX/XX/2013 so they should count that as part of the timescale of 8 weeks that they have in total to provide you with a decision.
Let us know so we can otherwise provide you with the complaint form. Thanks.

[dogtired]

Re: Welcome Finance / Blue Sky Personal Finance. Help for a newbie needed please

subscribe