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  • FIRST POST
    fto loyal
    Welcome Finance PPI.....Aaaaarrrrrhhh!!
    • #1
    • 22nd Nov 07, 3:27 PM
    Welcome Finance PPI.....Aaaaarrrrrhhh!! 22nd Nov 07 at 3:27 PM
    A few years ago my girlfriend took out a loan with Unwelcome Finance. I'm looking at getting a 0% balance transfer credit card and paying off the loan which will allow her to be debt free 4 months early.

    I spoke to Unwelcome Finance as I was querying they're stupidly unrealistic settlement figure. Anyway, my girlfriend was mis-sold PPI as she thought she had to have it, she wasn't given a choice. I threatened Unwelcome Finance with FSA, Financial Ombudsman etc and he said 'our PPI is totally above board and legal and they have never had to pay out as a result of this'.

    Has anyone ever tried to get PPI refunded from Welcome Finance? If so, how did you get on? Any stories and advice would be very welcome.

    Thanks in advance.
Page 1
  • petermb
    • #2
    • 22nd Nov 07, 4:05 PM
    • #2
    • 22nd Nov 07, 4:05 PM
    Welcome are a nice bunch.
    Their PPI is as suspect as any other lender's in the land and yes they too will have to repay and compensate just like the rest of them. I would say that it is highly likely that they have bluffed their way through so far.
    I am a former Broker, former IFA and former compliance officer, for my sins.

    However, I have since seen the light.
  • honest7
    • #3
    • 22nd Nov 07, 4:06 PM
    • #3
    • 22nd Nov 07, 4:06 PM
    Oh the dreaded Welcome Finance again. I took out a loan with them a few years ago and they are hands down the most corrupt organisation to ever exist.
    I knew something was seriously wrong when I found that my payments were never going down - the payments were constantly increasing due to the interest that was slapped on every month.

    I ended up getting so pis*ed of with Welcome especially as they were asking me to increase my payment offer to them or it would go to court. I immediately went through the contract and noticed that they had mis-sold me PPI and medicare, and then I remembered that I specifically told the guy a few years back that I did not want the PPI/medicare, and he said that I wouldn't be offered the loan otherwise.

    I eventually got on the phone to the branch manager and really let him have it - Told him I was going to get in contact with a Financial Ombudsman. Asked him how much the entire loan stood at and he started waffling that it was over 1200. Told him that for a 500 loan that I took out 3 years ago and that I paid over 1000 within that time, how he got the figure of 1200 extra, and said that I was def mis-sold PPI/medicare. He tried to make light of it, and that was it. Told him exactly what I thought of Welcome, and said to him that my aunt had recently given me 400. Told him that it would be in his best interest to take the 400 while he can, or the money would be used to pay of another debt, and he would have to continue getting less payment from me per month.

    Well he could see that I meant business and he decided to take the money :-) I made sure that he wrote a letter to me saying that he was accepting payment and that would be the end of any dealings with Welcome.

    If I were you I tell your girlfriend stick to her guns, and not let Welcome tell her any nonsense. They are obviously trying to call her bluff, and it doesn't help that you are involving yourself as a 3rd party. Tell her to get the ball rolling, if they are still playing hard ball then best thing to do is just go for a Full and final settlement and get them permanently out of her hair. See whether they have also slapped a whole lot of charges on her account

    Good luck
  • gmb
    • #4
    • 25th Nov 07, 10:45 PM
    • #4
    • 25th Nov 07, 10:45 PM
    I am currently going through the process with Welcome Finance to reclaim PPI - keep fobbing me off - but I wont give up - will post the outcome - good luck to everyone who is trying to get their PPI refunded from these sharks
  • mandalay
    • #5
    • 25th Nov 07, 11:39 PM
    • #5
    • 25th Nov 07, 11:39 PM
    fto loyal

    you will get away with the £400 - trust me
    and they have had to pay on on many PPI claims previously

    put it in writing and send a copy to the branch manager and a copy to their head office in nottingham and make sure you send both recorded delivery, threaten fsa, fo etc. and i assure you they will reply to you and cancel the ppi
  • BBB
    • #6
    • 26th Nov 07, 2:31 PM
    • #6
    • 26th Nov 07, 2:31 PM
    I've sent a letter to these scumbags on the 8th November, just awaiting a reply now.
  • berncall
    • #7
    • 26th Oct 09, 6:51 PM
    • #7
    • 26th Oct 09, 6:51 PM
    Sometime back I took a loan with Welcome as did my wife, we were told we had a better chance of our loan going through if we took out ppi. We both did do , a short time later we went on a debt management programme Welcome arrived at the figure we owed based on loan, interest on term of loan and ppi on term of the loan. Can Welcome charge the ppi if I'm on a DMP ?
  • graham01623
    • #8
    • 4th Jan 10, 10:35 PM
    • #8
    • 4th Jan 10, 10:35 PM
    Hi, First time I have posted.
    I have a personal loan and car loan with Welcome, I will be trying to claim back the PPI missold to me also the charges they have applied to the accounts for the phone calls and letters etc
    My question is, how do I stand if I stop paying them while they sort out any refund of the accounts?
    I think off the top of my head the car loan has approx 800 left to pay and the loan approx 2500.
    Well that is according to me if they work it out it will be a lot more no doubt.
    How do we fight it if they just say it is vaild? I have read the posts and think I understand the letter and resasonable length of time to respond, what action can we take if they do not resond with the correct information requested?
    If they cannot provide the original copy of the agreement does that mean the agreement is void?
    I was a little worried but after reading these posts and realised they seem to be a bunch of crooks, it looks like I will have a fight on my hands.
    I would be greatful for any comments.
    Thanks

    Graham

  • di3004
    • #9
    • 4th Jan 10, 11:26 PM
    • #9
    • 4th Jan 10, 11:26 PM
    Hi, First time I have posted.
    I have a personal loan and car loan with Welcome, I will be trying to claim back the PPI missold to me also the charges they have applied to the accounts for the phone calls and letters etc
    My question is, how do I stand if I stop paying them while they sort out any refund of the accounts?
    I think off the top of my head the car loan has approx 800 left to pay and the loan approx 2500.
    Well that is according to me if they work it out it will be a lot more no doubt.
    How do we fight it if they just say it is vaild? I have read the posts and think I understand the letter and resasonable length of time to respond, what action can we take if they do not resond with the correct information requested?
    If they cannot provide the original copy of the agreement does that mean the agreement is void?
    I was a little worried but after reading these posts and realised they seem to be a bunch of crooks, it looks like I will have a fight on my hands.
    I would be greatful for any comments.
    Thanks

    Graham
    Originally posted by graham01623

    Hi Graham

    I see you found your way to the PPI thread.
    The one and only "Dizzy Di"
  • di3004
    Hi folks

    If you require any help with your PPI reclaiming, link here:
    http://forums.moneysavingexpert.com/forumdisplay.html?f=169

    And for more info and guidelines of reclaiming here:
    http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
    The one and only "Dizzy Di"
  • di3004
    A few years ago my girlfriend took out a loan with Unwelcome Finance. I'm looking at getting a 0% balance transfer credit card and paying off the loan which will allow her to be debt free 4 months early.

    I spoke to Unwelcome Finance as I was querying they're stupidly unrealistic settlement figure. Anyway, my girlfriend was mis-sold PPI as she thought she had to have it, she wasn't given a choice. I threatened Unwelcome Finance with FSA, Financial Ombudsman etc and he said 'our PPI is totally above board and legal and they have never had to pay out as a result of this'.

    Has anyone ever tried to get PPI refunded from Welcome Finance? If so, how did you get on? Any stories and advice would be very welcome.

    Thanks in advance.
    Originally posted by fto loyal

    Hi there

    Please check on the above post I posted in regards of PPI, the link to the thread there as well, there have been many who have reclaimed - Welcome finance.
    The one and only "Dizzy Di"
  • SL123
    Hi fto loyal,

    I have successfuly claimed PPI from Welcome. I was surprised at how easy it was after reading the stories on here but I got a response within a week and then a week after that I had a cheque come through the door so it is possible, dont give up.
  • Ms-Pacman
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up
  • Regshoe
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up
    Originally posted by Ms-Pacman
    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.
  • ~Brock~
    there is a serious question at the moment as to whether any insurances taken out with welcome actually exist - ie for example would a company take the money knowing that only a few will claim and so don't bother to actually take a policy out giving huge profits? remember this is not definate just that something people are questioning as something does not ring true with what is being discovered.

    try to find policy details, getting an actual schedule of instruction, finding who pays the tax on the insurance and who earns the commission from selling it sends you in very strange circles.

    I have been trying to get proof for approx a year from welcome that my insurance is valid. surely if it was welcome would be keen to do so!

    I suggest you pop over to here (thread is very very long but very active - key posters on quite often) , there are a few posters on there who are involved in a huge questioning investigation into welcome, and that doesn't include the one fsa are carrying out.

    remember keep questioning and do not give up
    Originally posted by Ms-Pacman
    It is only a 'serious question' to the regular posters on that thread you have highlighted, who have fallen into the classic scenario of the blind leading the blind.

    The FSA will be quite rightly investigating the circumstances surrounding the 2008 shareholder rights issue that Cattles undertook, which is nothing to do with PPI or any other aspect of the Welcome day to day businsss.

    I would doubt that anyone is seriously listening to a bunch of conspiracy theorists that discredit themselves by jumping to so many ill founded conclusions.

    I am no fan of Welcome but am able to take a balanced perspective and can see through the fact that many, many people will have no legitimate argument or claim against Welcome but will still be looking to these self appointed internet experts for ways in which to evade their debts. Some of the people on there are clearly basking in the glory of their apparently elevated status, despite being unable to string a coherent sentence together. Make of that what you will
  • MichaelD
    My partner & I bought a car from Welcome at one of their "showrooms" in July 2008, we thought at that time it was a good idea as they matched a car loan to what you could comfortably afford. We signed a deal for a car priced at 7.7k payable at 301 over 48 months.
    We decided we wanted to get a newer smaller car, yesterday we went to a car showroom to have the car valued, while this was being done we phoned welcome for a settlement figure 7442 was quoted. We were shocked to be told that our car was only worth 2k. I was hopping mad as cars certainly do not depreciate by over 5k in 1.5 years...
    Fuming I got out the contract for the loan, only to find that we had been sold PPI, MBI and Shortfal excess to the tune of almost 6K this took the whole loan agreement to nearly 15k, at no time did we ask for any of the above or were they discussed.
    I also noticed on the contract that I could terminate my agreement as long as we'd met the stated amount, having checked statements we found that we were paid more than 1k over, I called Welcome this morning..
    Getting angrier now, I was told that we were in arrears by 350 of which 42 were in charges for letters and telephone calls (stumped as all my payments have been made) which have never been received. They then stated that I had not paid enough to end the agreement (bank statements can't be wrong) that I would need to pay another 2k on top of the 5.9k already paid (the consumer credit agreement states 5.2 required to end agreement). Obviously I let off a bit of steam was told by the "agent" at the end of the line that he had to speak to his manager and would call me back in half an hour, that was a 9.15am still no phone call back.

    I have contacted a solicitor who advised me to put in writing the termination and has started proceedings to claim back the misold PPI, MBI and Shortfall Excess. I will not let Welcome get away with this, bullying tactics on the telephone don't wash with me.

    On the MBI front welcome had actually sent us a letter stating that they had built this into our repayments.....what a joke.

    Has anyone had these problems and what was the outcome.

    All the best

    Michael:ma d:
  • MichaelD
    Hi, First time I have posted.
    I have a personal loan and car loan with Welcome, I will be trying to claim back the PPI missold to me also the charges they have applied to the accounts for the phone calls and letters etc
    My question is, how do I stand if I stop paying them while they sort out any refund of the accounts?
    I think off the top of my head the car loan has approx 800 left to pay and the loan approx 2500.
    Well that is according to me if they work it out it will be a lot more no doubt.
    How do we fight it if they just say it is vaild? I have read the posts and think I understand the letter and resasonable length of time to respond, what action can we take if they do not resond with the correct information requested?
    If they cannot provide the original copy of the agreement does that mean the agreement is void?
    I was a little worried but after reading these posts and realised they seem to be a bunch of crooks, it looks like I will have a fight on my hands.
    I would be greatful for any comments.
    Thanks

    Graham
    Originally posted by graham01623
    Hi Graham,

    See my post below.. they are a bunch of crooks who will not speak to you but try to belittle you on the telephone. Get everything in writing to them, I've been told that they are the only company who will only deal with misold PPI by dealing with all stages in writing. I've also been advised that they will write to you stating that there is no case you just have to keep atit. Good luck mate.

    Michael
  • Ms-Pacman
    It is only a 'serious question' to the regular posters on that thread you have highlighted, who have fallen into the classic scenario of the blind leading the blind. I agree with some of that but when people are desperate any help is welcome. some of the points on there are valid. some I disagree with and others I don't know about.

    The FSA will be quite rightly investigating the circumstances surrounding the 2008 shareholder rights issue that Cattles undertook, which is nothing to do with PPI or any other aspect of the Welcome day to day businsss. FSA have hundreds of individual complaints about welcome which are very separate to the big investigations going on which DO involve insurances btw, but complaints aren't just about PPI, mine isn't about PPI at all. Again I only am aware of the basic facts as I am currently in contact with them over my dispute, and am going by what I have been told by them

    I would doubt that anyone is seriously listening to a bunch of conspiracy theorists that discredit themselves by jumping to so many ill founded conclusions.

    I am no fan of Welcome but am able to take a balanced perspective and can see through the fact that many, many people will have no legitimate argument or claim against Welcome but will still be looking to these self appointed internet experts for ways in which to evade their debts. Some of the people on there are clearly basking in the glory of their apparently elevated status, despite being unable to string a coherent sentence together.
    Originally posted by ~Brock~
    Again I do agree with you in most of this paragraph, but do remember not everyone is trying to get out of paying but to try to come to an agreement where a debt can be paid off in a manner fair to both parties without over inflated further interest of that what you will


    I do see where you are getting at but I myself have failed for a year to get proof from Welcome that the insurance exists. in my case its the GAP insurance being questioned.

    For every insurance policy whether home, car, life, ppi, gap etc, there MUST be a schedule of insurance policy. If there isn't one provided then you start to question why. Phone up Norwich Union and ask for the details through Welcome and they have NO details yet Welcome insist they do. You also get passed to Direct Group, supposedly linked to NU yet who then appear to be in a Welcome office. Welcome are supposedly purely the brokers, so why does everything turn up back to them???

    All I have asked for is for details and neither Welcome, Direct Group or Norwich Union have provided anything that even closely does so. FSA are very aware of this.

    I have no problems paying my HP agreement. The car is currently off the road and a different car is being used whilst my enquiry is being dealt with by the FSA who never would have been involved if Welcome had provided details.

    Incidentally this all started back in feb 09 when I asked for a settlement figure which took 3 months to get so I became suspicious and sent a SAR which provided some very obvious problems and errors, which are not due to defaults as there weren't any.

    Some people do try to get out of paying, and you're quite right. It happens quite a lot I'd imagine but, and this is a BIG BUT:
    NOT EVERYONE DOES THIS.
    EVERY CONSUMER HAS THE RIGHT FOR THEIR PURCHASE / HP TO BE CORRECT AND SHOULD NOT ACCEPT POOR PRACTICE BY FINANCE COMPANIES.

    I would actually be pleased if Welcome stay open despite my dispute with them. They do offer a unique service which hopefully means less people will use more dubious ways of borrowing money.

    With their new directors they have a real chance to improve their practice. Okay some staff I've spoken to aren't overly pleasant but the majority have been fine. Their way of doing things appear to me as being blinkered and a bit of staff training and probably paying staff decent amounts may help - this is only my opinion though.

    Its just a shame they've been silly with their accounting hence various investigations and hopefully they can recover enough to keep afloat.
    Last edited by Ms-Pacman; 08-01-2010 at 6:20 PM.
  • Ms-Pacman
    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.
    Originally posted by Regshoe
    I have a letter and an email from NU stating they have never sold to Welcome or DG an insurance product that is for my car HP. yet I have paid for a GAP policy
  • spacehopper1
    Pretty certain that is rubbish - the PPI products are pretty crap, but they exist. I think it was Norwich Union who were selling Welcome the products, but I can't remember for certain.
    Originally posted by Regshoe
    Welcome finance sold insurance products under written by several insurance companies including Norwich Union as was now AVIVA, AXA and others depending upon the product purchased. The claim handlers are a company called Direct Group and are based in Doncaster and all is legal and above board.
    Many many customers have had many a successful claims with these insurances and will do in the future.
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