Reclaiming PPI - Welcome finance

[Pixelpeep]

I was genuinely missold PPI many years ago by being told i must have PPI in order for the finance to be accepted due to the value of the loan and want to reclaim it.

I know welcome has gone under and the FSA are dealing with claims but it is a complicated process and i don't really have the head space for it at the moment so am quite happy to pay a company xx% to do it for me.

I have contacted 3 separate companies and requested a call back and not one of them have got back to me. Does anyone have any recommendations of companies they have successfully used?

[The Leaper]

It really is a very straightforward procedure to make the claim yourself...just get the form, fill it in and send it back, then wait. Of course, you could pay a firm upwards of 30% of the claim to do it for you. Other firms say they will do it for free but what they really mean is that they will charge their fees to the company you are claiming from so that the costs increase and the public bear the cost in the long run.

R.

[Patch1875]

I have just submitted 2 claims against credit cards I had straight forward forms filling in. Don't use a claims company look on money saving expert there is lots of info there about what to do.

[so called]

For some people it's harder to fill forms with any confidence, for others it's easy.
If you would rather pay and get someone else to do it, that's your choice.
I decided to use Gladstone Brooke's for the simple reason that I'm always on the road.
So far they have got me an average £7k in refunds per week for the last 6 weeks.
Yes, I'm paying them a lot but I wouldn't have the time otherwise.
Good luck.

[Ilovetwiglets]

£35000 refunded?! If you don't mind me asking, how much did you borrow?

[so called]

Ilovetwiglets said:

£35000 refunded?! If you don't mind me asking, how much did you borrow?

That's £42,000,- refunded.
£22k is from my existing mortgage.

[750turbo]

so called said:

Ilovetwiglets said:

£35000 refunded?! If you don't mind me asking, how much did you borrow?

That's £42,000,- refunded.
£22k is from my existing mortgage.

Bloody Hell!

What products did you sign up for to get that much refunded! (Don't answer if you feel this is too personal a question)

[so called]

750turbo said:

Bloody Hell!

What products did you sign up for to get that much refunded! (Don't answer if you feel this is too personal a question)

Had a few loans to finance car purchases. Stuff like that.
To be honest, I've not finished. I'm checking my previous mortgage (10 year of payments) and a loan when I get home.
I received a call yesterday and was told that I go back as far as 1988 !!!!!!!!!

The sums of money are quite staggering.

[whoami]

so called said:

750turbo said:

Bloody Hell!

What products did you sign up for to get that much refunded! (Don't answer if you feel this is too personal a question)

Had a few loans to finance car purchases. Stuff like that.
To be honest, I've not finished. I'm checking my previous mortgage (10 year of payments) and a loan when I get home.
I received a call yesterday and was told that I go back as far as 1988 !!!!!!!!!

The sums of money are quite staggering.

What form did the mis-selling take?

[anonymous-user]

whoami said:

What form did the mis-selling take?

A slight aside but when we were younger and niaver late 80s early 90s I never cosidered anything other than repaying my mortgage ie repayment, we were categorically by the "salesperson" before you get from us (estate agent) to our building society 50 yards away (of the same name, if you need extra help) if no endowment =recommendation of refusal and no mortgage.

Seems pretty straightforward to me we ended up bailing from endowment to repayment, were we missold/coerced ? I would say so without doubt.

Not much difference with my pensions when moved around as a youngster, I wouldnt trust a financial adviser or bank as far as I could throw one.

Hopefully our kids should just about be able to live mortgage free via other means and not rely on financial advisers too much for the basics

[so called]

whoami said:

so called said:

750turbo said:

Bloody Hell!

What products did you sign up for to get that much refunded! (Don't answer if you feel this is too personal a question)

Had a few loans to finance car purchases. Stuff like that.
To be honest, I've not finished. I'm checking my previous mortgage (10 year of payments) and a loan when I get home.
I received a call yesterday and was told that I go back as far as 1988 !!!!!!!!!

The sums of money are quite staggering.

What form did the mis-selling take?

I guess it would be naming and shaming so I won't say who by but what firm is easy.
Mortgage we said, "no thanks" but they still included it. This was also a miss sell as they wouldn't have paid out unless my company went bankrupt.
Car loan, "you will stand more chance of approval sir."
Home extension loan, "you'll stand more chance of approval."
House extension, "more chance."
And the rest are a mixture of the above.

[Meps]

Astute finance I used charged 15% I was very sceptical but i got 32 k back. Very easy forms as well.

Edited by Meps on Monday 3rd March 16:44

[Rochester TVR]

Just thought I'd update this.

Regardless as to what Astute Finance tell you on the phone, they are not taking on any new claims. They will tell you its only 15% however when the forms are received they are for a company called 'Writefully Yours' who charge 30%. Apparently they are now using this company for any PPI claims.

I asked if Astute then add another percentage ontop of 'Writefullys' 30% and the guy I spoke to was a bit coy in answering... so I suspect that that 15% is now over 30%...

[Simpo Two]

speedyguy said:

Seems pretty straightforward to me we ended up bailing from endowment to repayment, were we missold/coerced ? I would say so without doubt.

The theory in the 1980s - and it seemed sound at the time - was that the endowment would grow over the period to be greater than your mortage, so would pay it back and give you extra money on top as well.

Of course markets didn't keep going up and goalposts moved, and most people got a shortfall, including myself. Unfortunately I signed up a few months before LAUTRO/FIMBRA so don't get compensation - and whilst I could sue my cousin for the shortfall (he was the advisor) that seems improper. But I have mentioned it to him, and his view, which I believe, is that he did honestly believe that what he said was true. Everyone believed it, IFAs and punters alike.

So was it mis-selling? I don't think so - it was best advice at the time (even though the advisors got commissions). And markets go down as well as up.

Commissions - that's the real problem.

[P-Jay]

Hmmm, with mainstream lenders I'd advise doing it yourself, most if not all are using huge amounts of set-aside profit for repaying PPI are will send you a cheque just for asking.

However I know a little about Welcome Finance from my time in the industry and they're no going to be so easy to persuade, which may or may not be why they PPI firms aren't calling the OP back, they're going to be more interested in the easy money.

In my experience all the agencies do it take the information you provide and use it to create draft letters for you, all the information you need is on moneysavingexpert, but if you're not up for a fight 30% might be a small price to pay when it comes to Welcome - 70% of something is better than 100% of sweet fanny Adams...