Shazzam v Welcome... Some Advice please.

[Shazzam]

Okay so I'm new and still feeling my way around the site. I have a couple of questions... I've added all my charges and interests together from over the past 3 and half years and its loooaaads of money. But can I claim for all of them? I've been reading for a couple of days and don't really want mess up my claim. Regarding the spread sheet - is this important to fill in? I suppose it is to work out the interest..... As you can tell I'm a little confused. Do I need to send a break down of all the charges with my prelim letter? I'm excited about it all but want to make sure I get it right.

 

Oh yeah and when the spread sheet uses the term penalties does that mean charges? Sorry to sound a thicky but just feel like I need some support - being new and all that. :confused:

[chriswatkins]

welcome shazzam, you need to send a breakdown of charges with your prelim, and yes penalties are charges, read other threads and you will find that an help also read the faq

[Shazzam]

Hi everyone,

 

This is my situation, I took a loan out with Welcome Finance in June 2005 and my PPI was added before hand. In May this year I was unemployed and thought that my PPI would help cover me through this, I was even able to pay £40 a month to them to help clear this dam debt. I should add at this point that my monthly payments on my loan were £259.60 per month.

 

However I recently found out that they had been charging me between £160 - £170 PER MONTH interest due to me not meeting my payments. One lady I spoke to said that the contract would state that I would not be legible as my work contract ran out and I wasn't made redundant. She also gave me a phone number to ring the company PPI unfortunately they are now shut till tomorrow.

 

Do you think I have a case to work on? Welcome Finance have offered me a resettlement loan to get me back on track and that's £110 pcm (without PPI) for the next 10 years, which comes to over £13000!!!!

 

Considering my loan originally was for £4387.11 (another settlement loan), they added £2097.16 on top for PPI= £6484.27. Mind you I have just worked out on the calculator that I would have paid them back £12460.80!!! Not much difference. I do feel like I've been ripped off. Guess should never taken the loan out in the first place.......

 

Any Advice:sad:

[postggj]

never, never, restructure the loan

take a look at my thread and you will understand what you are dealing with

they will ignore you

best thing to do is send an S.A.R - (Subject Access Request) to welcome,that way you will know where you stand. this will cost £10

before i joined cag i was at the end of my teather, now i have welcome on the run.

many people on this forum have had dealings with welcome and know exactly how to deal with them

 

 

ill check it out but i dont think you can have ppi for temp/contract employment

this sounds like dodgy insurance

[alanfromderby]

Clearly if you could not claim on the PPI then it was unsuitable for your needs - and was missold. Have a good read through the stickies at the top of the PPI forum. As the previous poster said - do not restructure unless you have no other option.

[Shazzam]

Hi I'm a little confused again, with some of the terminology, I've been browsing round threads for a couple of hours and can't find the answer. Basically my PPi contract has a figure which I can't work out where the hell its come from. I shall explain. Under key financial information the breakdown is -

Key Financial Information

Amount of Credit to settle loan £3387.11 (B)

Amount of Credit for Insurance £2097.16 ©

Amount of Cash Advance £1000 (d)

Amount of Credit (insurance and settle loan) (c+b) £5484.27

Amount of Credit (cash advance plus settle loan) (d+b) £4387.11

Duration of Agreement 48 months

Amount of each monthly payment £259.60

Number of payments 48

APR 43.60%

 

I must admit I do understand most of the above its the next bit -

Other Financial Information

PPI Cash price £2097.16

Acceptance Fee £75 (o)

Interest Charge £5901.59 (p)

Total Charge for Credit (consisting of o+p) £5976.59

Rate of Interest per annum (variable) 42.60% (no that's not a typing error that's what on the document)

 

So my question is how did they work out the interest charged? Is that the amount I can claim back? Also on the first letter it mentions premuim and interest are any of the above figures relevant to that? Sooo confused. Gonna take a break now as I feel I've been going round in circles.

[Shazzam]

Hi could anyone have a quick look at my last thread. Or does anyone know where I can find PPI guidelines for applying for refund. I seem to be going round in circles?:?