Welcome Finance PPI Claims

Hi All,

Wanted to find out some information as I am sure there a similar situations as mine.

I received a letter from the FSCS about Welcome Finance having being declared defaulted for mis selling PPI Insurance Policies etc. This was apparently in March 2011 that they were ruled to be defaulted.

Anyway I had taken a loan of £1500 out with them in 2005 and paid it off in full in 2008 after several difficulties with them at the time. So this letter had a claim form attached stating I was entitled to claim as I was a former customer. Looking at the original agreement they added on £562 worth of PPI. So I have completed the claim form back in September 2011 and at a cost of £7 got my ID verified at the post office as my address and signature had changed from several years ago naturally etc.

I sent the form and accompanying required documentation on 11 October and when I called Welcome Finance several times to get an update from them they stated that it took 30 working days for a decision to be made. Their staff are rude and not really helpful at all. I should here hopefully at the end of next week what the decision/outcome will be but I wanted to ask;

Does it take the FSCS 30 working days to make the decision?
Is it worth complaining about the time taken and the bad service?
Have many people had successes with any of their claims?


I am aware that decisions are made on a case to case basis but to be honest I am hoping it is favourable as I could do with the compensation.

I would appreciate any feedback at all.
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Comments

  • dunstonh
    dunstonh Posts: 116,040
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    Does it take the FSCS 30 working days to make the decision?

    Only if you are very lucky. You tend to measure in years rather than days.
    Is it worth complaining about the time taken and the bad service?

    wont get you anywhere.
    Have many people had successes with any of their claims?

    often it depends on whether the FSCS are able to look at it or not and what your complaint reason is.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • Jaylith
    Jaylith Posts: 35 Forumite
    To be clear I am claiming back on the grounds that I was advised I would only be accepted for the loan at the time if I took the Policy and also was I advised that the Policy came with the loan.
  • dunstonh
    dunstonh Posts: 116,040
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    Jaylith wrote: »
    To be clear I am claiming back on the grounds that I was advised I would only be accepted for the loan at the time if I took the Policy and also was I advised that the Policy came with the loan.

    Hardly any complaints are upheld on that basis as you will almost certainly have no evidence to back up that accusation. So, you will have to be relying on a technical failing. Which you probably have in the form of the PPI being single premium and being added to the debt on which interest was charged.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • I wrote to welcome as my loan was in 2004, they wrote back saying reference my loan and policy they can see no ppi on it. Am convinced i had it, was in a bad place at the time and needed the money desperately. How can i prove that i had this? I question the response because they say loan and policy? does anyone think I should question this or leave it alone Many thanks
    IF HIND SIGHT WAS FORESIGHT WOULD I STILL NEED TO GO TO THE OPTICIANS???
  • dunstonh
    dunstonh Posts: 116,040
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    Forumite
    they wrote back saying reference my loan and policy they can see no ppi on it. Am convinced i had it, was in a bad place at the time and needed the money desperately. How can i prove that i had this?

    look at your agreement and see if it mentions PPI.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • dunstonh wrote: »
    look at your agreement and see if it mentions PPI.
    Thats the problem I dont have a copy have requested info, so will see what happens next!! Thanx for reply
    IF HIND SIGHT WAS FORESIGHT WOULD I STILL NEED TO GO TO THE OPTICIANS???
  • Jaylith
    Jaylith Posts: 35 Forumite
    Hi,

    Just an update on my claim. I called Welcome Finance today and my claim has passed the 8 week stage now which is a joke. They have escalated it apparently to the relevant team/department dealing with my claim as a priority. Again they could not give me any timescales. Shocking!! I have been given conflicting information which I highlighted to them. The idiot on the other line stated they have had a back log due to more claims than anticipated in the last month. Not my problem and they have been messing about being slow, incompetent etc.

    How is it these clowns are allowed to take so long etc? I am complaining in writing about the length of time. I hope to get the payout from these awful snakes.

    Has anyone else been experiencing the same issues and had any success at all?

    Thanks,

    Jay
  • Jaylith wrote: »
    Hi,

    Just an update on my claim. I called Welcome Finance today and my claim has passed the 8 week stage now which is a joke. They have escalated it apparently to the relevant team/department dealing with my claim as a priority. Again they could not give me any timescales. Shocking!! I have been given conflicting information which I highlighted to them. The idiot on the other line stated they have had a back log due to more claims than anticipated in the last month. Not my problem and they have been messing about being slow, incompetent etc.

    How is it these clowns are allowed to take so long etc? I am complaining in writing about the length of time. I hope to get the payout from these awful snakes.

    Has anyone else been experiencing the same issues and had any success at all?

    Thanks,

    Jay


    We filled in the questionnaire in March and had letter dated 27/04 from FSCS stating it woul be dealt with in 30days. We phone welcome every two weeks and are stil being given the run around. have jsut wrote a letter of complaint. Payment is due on the 20th and I am going to give them the runaround.....:mad:
  • Having been giving the run around by Welcome Finance since I took out the loan, I am one of those unfortunates who for over 2 years attempted to claim for unemployment on my PPI, to be turned down simply because they do not have the funds to meet any more claims. Ironically had they not have given me the runaround and paid out when I first made the claim I would have been covered!

    The FSCS website is full of 'useless' information like why they are 'paying' Welcome Finance to operate the compensation scheme for them. According to the website it can take up to 8 weeks to process a claim but I am sure that one of the letters I have here states that it can take up to 80 days.

    Im not hopeful of any money because now they say they cannot match my signature and they want certified copies of originals they had less than 2 years ago when I attempted to make the claim.

    Its a complete farce because if I do not keep up the payments I lose my car, which I am loath to do as having struggled to pay while waiting for a decision I am now just months off of completing it, yet they are allowed to default on their side of the contract. When will the FSCS realise that Welcome are STILL not able to meet the legal requirements put into place to protect its customers?
  • I would like to know if there is any way I can escalate this, 8 MONTHS so far!!!!
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