Welcome/Cohens - case withdrawn ***WOO-HOO ***

[ims21]

what sort of value are these individual items please?

[Prudence]

Sorry, meant to add, would the fees and PPI go on the same calculation sheet? It seems the PPI was a one off fee added to the loan.

[ims21]

Charges claims and PPI are two separate things and two claims.

 

You need to know what percentage the PPI was to the total loan so that you can work out what percentage of each monthly payment was for PPI.

 

See No.1 in my signature for details on this.

 

ims

[Prudence]

Thanks IMS (see above as well please)

The Disbursal is 195.00 and the fees range £5 / £10 / £20 / £25 / £50 / £240

[Prudence]

Charges claims and PPI are two separate things and two claims.

 

You need to know what percentage the PPI was to the total loan so that you can work out what percentage of each monthly payment was for PPI.

 

See No.1 in my signature for details on this.

 

ims

 

Thank you. Do I work out t he percentage of the loan without interest?

[ims21]

Have you sent a SAR to Welcome? Might be an idea to do so.

 

No idea what the disbursal is.

 

I would think that the smaller items are perhaps for late payments, over-limit, telephone calls, collection costs which can be reclaimed. Don't know about the £240 though.

 

To put in an effective claim you really need to know what the fees are for.

 

ims

[ims21]

Thank you. Do I work out t he percentage of the loan without interest?

 

Yes.

 

What was the cash loan and what was the PPI premium?

[Prudence]

Have you sent a SAR to Welcome? Might be an idea to do so.

 

No idea what the disbursal is.

 

I would think that the smaller items are perhaps for late payments, over-limit, telephone calls, collection costs which can be reclaimed. Don't know about the £240 though.

 

To put in an effective claim you really need to know what the fees are for.

 

ims

 

Yes I did SAR them, I will get out the data and have another look at it. Thans IMS

[Prudence]

Yes.

 

What was the cash loan and what was the PPI premium?

 

Loan 6400

Premium 1792

(+Disbursal of Interest Charges is over £3000)

[ims21]

6400 + 1792 = 8192.

 

1792 / 8192 x 100 = 21.88%

 

So for every repayment you made, 21.88% of it was for the PPI

 

ims

[Prudence]

Wow thanks IMS. Can you give me the "Charges" template as well please?

If I submit a claim to FSCS, presumably I will attach the calculated interest schedule.

What about the charges though, will I send a claim for them direct to WF?

Or should all of this go via a Court Claim?

[ims21]

Use the spreadsheet in post #4 fr your PPI claim.

 

Use this one for the charges claim (when you have identified what the charges are for.

 

CISheet v101.xls

 

 

Both claims go to Welcome and they will deal with the PPI claim under the rules of the FSCS.

 

The charges claim is initially with Welcome and court is the route you would take if they don't repay them (which they probably won't without a fight)

 

ims

[Prudence]

Many many thanks IMS. I have got all the paperwork out and found another of their statements of account giving more detail.

On this statement the "disbursal of fees" is named "Acceptance Fees Product 887". Also on this one there is mention of "GAP Insurance - Migrated" £245 (wasn't on the previous statement!)

The other fees are described as follows:

"Conversion/Default Fee"

"Capitalisation"

"HPDI Fee"

"Court Fee" (they Discontinued)

"Option to Purchase Fee"

[Prudence]

Forgive my ignorance, but on the PPI claim calculator (have to wait for son to come home and help me as I can't enter anything and it's telling me 'read only'.... seem to remember coming across this before), yes on the PPI claim calculator sheet why is the compound interest calculated at 8% (as oppose to the interest rate that they charged me?)

[ims21]

Which version of Excel are you using?

 

The percentage we worked out earlier on includes the interest they charged you....the spreadsheet works out the additional 8% you are due.

[Prudence]

Thanks again. It's Open Office but I remember this happened last time with the mbna one and my son sorted it out.

Just noticed something IMS. On this latest statement (dated 2011) there is no mentioned whatsoever of the PPI!! Seems like they've taken it off!

[ims21]

If it was single premium PPI then it shouldn't be identified separately on the statements.

 

With the spreadsheet, save it to your PC and open the saved version...see if that cures it

[Prudence]

Whoopee! Thanks, that worked. On closer inspection it says "PPP - Hire Purchase - Migrated" on the statement on the commencement date then at the end of the statement they have a "Payoff" figure leaving a negative balance - around -£1500 ?????

[ims21]

Migrated tends to mean that it was moved from one place to another. Was this by any chance an HP that was converted into a loan of some sort?

 

Might be interesting to see the docs....any chance you can post them up MINUS ALL PERSONAL INFORMATION?

 

ims

[Prudence]

This was an HP that was confused as to whether it was an HP or a Credit Agreement!!! (Having both titles!) This was the very first thing that PT pointed out to me on here when I first asked for advice and led to us getting the CCJ overturned and them discontinuing.

Thank you very much for your help IMS - I will report back and post the documents if you get a chance to look for me me that would be great. Just the Statement?

[ims21]

Just the Statement?

 

Yes please

[Prudence]

Hi IMS

Have decided to type up details that may give a clearer picture, as posting up the statement will be too identifiable! WF sold the account to MKRR (after Discontinuing their claim against us) in 2010.

Brief details from statement sent to us last year:

Account opened in 2005

Initial Disbursement £6XXX.XX

Int paid £3XXX.XX

GAP Ins - migrated £2XX.XX

PPP - Hire Purchase migrated £0.00

Acceptance Fee £1xx.xx

Aug 05 Payment £2XX.XX

Aug 05 Conversion/Default Fee £50.00

Aug 05 Capitalisation £50.00

 

Seems like they were charging fees from day 1.

There were 8 full payments and 9 half payments in total. Hubby lost job, PPI would not pay out, WF 'terrorised us' the whole time even tho we attempted half payments at first (it was taking so long for the insurance co to come to any decision); then hubby became ill (understandably!) again PPI would not pay out ('pre-existing' condition - tho we disputed this). The distress we suffered during this time due to this ineffective insurance was enormous and we then found ourselves in huge financial difficulties.

 

Then lots of various fees mentioned in #20.

 

We receive regular demands from dca's for £8xxx.xx.

 

The "Payoff" (for the amount being demanded of us from dca) at the end of the statement is the date they say they sold it on to mkrr. The balance left on the WF statement is £-1xxx.xx.

 

Hope this gives a bit more insight and is not too confusing!

[ims21]

Ok

 

Look at the Aug 05 conversion fee. These will be on two lines of the statement, one directly under the other. The first one called conversion/default fee doesn't (I think) impact on the balance. The next line where it says capitalisation does affect the balance and this is the entry where they have added that £50 to the balance of the loan and interest will accrue on it thereafter.

 

So where you have two entries like this, one of them is more of a memo and the other is where it is added to the loan balance. It is only the one that you can claim back, not both because, as I say, one is a memo.

 

This should be the same for all of those fees of £5, £10 etc. etc.

 

The pay off as you say is when they sold the account so can't claim that.

 

Acceptance fee can't be claimed back.

 

It is only the charges which can be classed as penalties that can be reclaimed

[Prudence]

Thanks IMS, that makes things clearer. So am I correct in thinking I can use the interest rate they charged me on the compound interest calculator for charges? (On this 2011 statement they quote the "Annual Interest Rate" as "10%" I'm sure the original rate was more than that!)

I'm still a bit dim about the working out of the PPI (sorry!!) Loan 6400 (without interest) PPI Prem advanced 1792 (would this premium amount have included interest then?) so that only the 8% statutory interest is added after working out the percentage?

Apologies but want to be clear on this.

[ims21]

Hi

 

Simple bit first...the charges claim should use .an interest rate of at least the APR they were charging you and that would be on the agreement.

 

We worked out earlier the percentage of PPI to the total loan. Each repayment you actually made was part capital and part interest. So if you apply the percentage we worked out to the repayment amounts then that gives you the PPI payments including their interest. Enter those figures into the StatIntSheet and it will work out the extra 8% on top