Welcome says My £12k CCA Regulated secured Loan will now become a mortgage!

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Hi

 

Have you read the item at No.1 in my signature?

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What I meant was that it would be a good idea to rad that article as it contains all of the information necessary for you to be able to calculate the claim amount.

 

There are spreadsheets at the end to help you with the figures.

 

Here is a direct link to the article.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?318646-PPI-Single-Premium-Your-questions-answered

 

If you get stuck, shout here.

 

I take it you have a copy of the agreement (or the figures from it) and a record of the repayments made?

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Ok so on the basis of those figures, the PPI is 13.65% of the total loan. Just to confirm this, can you let us know the cash loan amount and the PPI loan amount from the loan agreement please.

 

If the £31.77 is correct then you will need to enter the 120 individual payments you have made thus far into this spreadsheet.

 

StatIntSheet v101.xls

 

The other point which can affect the amount of redress is the date the loan was taken. When was this loan taken out please?

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Yep you are OK...it is 13.65%

 

So if the total monthly repayment was £232.74 then you figure of £31.77 is correct so you can complete the spreadsheet as suggested above.

 

I will enter details into spread-sheet tomorrow morning as there will be quite a few to enter. I have located all payment details / statements from day one till current period in which I will revert as soon as possible for assistance in the matter.

 

Thanks again for your help and will advise further once completed.

 

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Yes the £31.77 amounts

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Yes.

 

I would list those payments beneath the ones for the PPI so that you have two distinct sections in your spreadsheet,

one for the ppi

and one for the MIF.

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Yep...spot on

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If it were me I would go Nottingham with a request that it is passed to the correct department if they are unable to deal with it.

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Could anyone possibly assist further regarding the above mentioned spreadsheet thanks ?

 

You need to take out the items noted as "Default Sum Fee Interest".

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Yep...that is the right spreadsheet

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The letter you mentioned earlier just needs to have the wording changed slightly so that you refer to a secured loan and not a mortgage.

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Yes and check that the rest of the wording suits your purposes.

 

Edit it to suit.

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There may be some...have a look around the welcome forum.

 

Trouble is people don't take it all the way and give it a good go.

 

They assume that a couple of letters will sort it all out.

 

Remember, court may be needed and even then there is no guarantee. It is all about how string a case you can out together and how you present in front of a Judge.

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Hi

 

Your SAR should have gone to Welcome.

 

Get that done and add a line that it is to include copies of all and any agreements you have had with them.

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I am sure there are successes on here for Dial4aLoan.

 

You said you sent the SAR to Dial4aLoan, it should have gone to Welcome as they hold the data that you need for the history of the account, not the broker.

 

The data that Dial4aLoan sent you in response to the SAR is probably correct, they will not have much information on you so I don't think you will be able to get your £10 back from them.

 

Get the data from Welcome and we can take it from there.

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Hi

 

They have 40 calendar days, not working days

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So are fos handling this for you?

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Welcome tend to lay their statements out in an odd way.

 

If you look at an unpaid dd entry you will see on one line it says £20 for that. On the very next line it will say "Capitalisation" with an amount of exactly the same.

 

However, look at the balance on the account and you will see that it only changes by one amount of £20.

 

Capitalisation is the entry which actually adds that amount to the balance.

 

As a result you only get 1 x £20 back as only 1 x £20 has been charged.

 

As far as the interest rate goes, the 16.20% is probably the actual flat rate. The APR quoted on your agreement will more than likely include other things like a set up fee and/or documentation fee.

 

Have you got the agreement still?

[ims21]

Hi

 

Ok 1.35% per month multiplied by 12 is the 16.20% figure and is therefore the flat rate i.e. the rate they use to actually calculate the interest on the loan.

 

The APR is higher due to their costs on the account/agreement.

 

They should be refunding you interest at the 16.20% rate on the charges they are giving back.

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Ah now the PPI is slightly different.

 

What you should be getting back is the amount of the premium paid to date plus associated contractual interest and a further 8% on each of those payments made. That 8% runs from the date of each payment to the date of settlement.

 

Is it one of the sheets from CAG that you have used or one of your own making?

 

This is the one to use

 

StatIntSheet v101.xls

 

If you want to post up your spreadsheet I'll take a look at it for you.

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Is the account live and running normally or has it defaulted/terminated?

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Ok if the account is live and running then they will and can just credit those charges and the interest adjustment back to the account.

 

It does have the benefit of reducing the balance on the account of course.

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With the PPI it should be a different approach.

 

If there are no arrears on the account then the PPI and all of the interest should come to you.

 

The reason for the difference int he approach is that the charges on the account are deemed to be notional only and simply affect the balance. It is ok for the lender to credit these back to the account.

 

With the PPI on a single premium policy, the premium has actually been paid to the insurer at the start and you are making payments as you go against that. This means that the amounts you have paid towards it are actually deemed as paid. That is why you get 8% on top, as compensation for your actual loss of the use of your money.

 

PPI refunds can be used to set against notified arrears but as this account appears to be running its normal course there are no arrears so the money would come to you.

 

The lender should restructure the future part of the account to remove the PPI element from it so your future repayment amount should go down.

 

I have assumed here that the PPI claim is being dealt with by Welcome and not the FSCS.

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Ok as the account is currently being serviced properly and is apparently in order, then I would still say that the refund of PPI and associated interest should come to you and it is then for you to decide how to disburse it.

 

With a company like Welcome I would want to be rid of them as soon as possible so for me I would be happy for them to set off and give me any residual amount.

 

So again we see Welcome changing goalposts....yes we uphold your complaint......oh, hang on we smell a broker.....ah well we have changed our minds.

 

Just have to wait for the fos decision and if it is not favourable then it can always be escalated to an actual ombudsman as opposed to a front line adjudicator.