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  • FIRST POST
    • Bish_6
    • By Bish_6 15th Jun 17, 10:22 AM
    • 3Posts
    • 0Thanks
    Bish_6
    Welcome finance
    • #1
    • 15th Jun 17, 10:22 AM
    Welcome finance 15th Jun 17 at 10:22 AM
    Hi, I'm hoping someone can help me and clarify that welcome finance are telling me the correct information.
    I had an HP agreement with welcome finance in 1998. I recently found the original agreement paperwork and raised a complaint regarding the PPI. Today I have received a final response letter from welcome which says,

    "Due to the date on which this policy was purchased, your complaint must be referred to the underwriters of your insurance for it to be considered.
    This is because your account was taken out prior to WFSLs voluntary membership of the GISC guidance on PPI sales, which began on 27th Feb 2003. The (then) FSA agreed that any non-regulated insurance sales (that is those sold prior to WFSLs membership of GISC are the responsibility of the underwriters.
    Unfortunately, we are unable to provide information about your underwriter due to the time that has elapsed since this policy was sold, we are not required to retain this information and therefore no longer hold this data. With the above in mind, I regret to inform you that your complaint in relation to the above accounts is not within the jurisdiction of the financial ombudsmen service."

    Does anyone know if that is all true? Also the underwriter is written on the original agreement which they have a copy of. Should I go directly to them? Or is this the end of the road and just leave it? Really not sure what to do now!

    Hope someone can help me!!

    Thanks in advance!
Page 1
    • dunstonh
    • By dunstonh 15th Jun 17, 10:31 AM
    • 88,112 Posts
    • 53,344 Thanks
    dunstonh
    • #2
    • 15th Jun 17, 10:31 AM
    • #2
    • 15th Jun 17, 10:31 AM
    Does anyone know if that is all true?
    Yes it is.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 15th Jun 17, 11:33 AM
    • 18,764 Posts
    • 8,932 Thanks
    Moneyineptitude
    • #3
    • 15th Jun 17, 11:33 AM
    • #3
    • 15th Jun 17, 11:33 AM
    the underwriter is written on the original agreement which they have a copy of. Should I go directly to them?
    Originally posted by Bish_6
    If you definitely know who the underwriter is, you can refer your complaint to them if you wish. Who are you saying has the Agreement?
    • Bish_6
    • By Bish_6 16th Jun 17, 10:26 AM
    • 3 Posts
    • 0 Thanks
    Bish_6
    • #4
    • 16th Jun 17, 10:26 AM
    • #4
    • 16th Jun 17, 10:26 AM
    I have the original agreement. I sent a copy to welcome finance. I have just been doing a little bit of research into the underwriters who are stated on the agreement and it was a small, local firm. The 'owner' has since passed away and the firm has closed. Is there any other avenue I can try now or is it just not worth it??
    • dunstonh
    • By dunstonh 16th Jun 17, 10:52 AM
    • 88,112 Posts
    • 53,344 Thanks
    dunstonh
    • #5
    • 16th Jun 17, 10:52 AM
    • #5
    • 16th Jun 17, 10:52 AM
    If the underwriter no longer exists and the sale of the PPI was prior to January 2005, then its game over.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
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