Welcome Finance - Anyone been successful?

Summer-Caitlin

I have a question regarding trying to claim back from Welcome Finance for my loan which was repaid in 2007. The original loan was for £5000 over a 10 year period and was taken out in 2001. We paid it off early but still paid back almost £22,000. This loan had PPI on it and it was a joint loan. So I believe I definitely have a case against them for being misold PPI as they told me that the loan wouldn't go through unless we took out the insurance with them. I was fuming that we had to pay back so much anyway, I mean £22,000 for a £5,000 loan:eek:

Anyway, my question has been brought about by this thread. Will Welcome have a get out because it was originally taken out in 2001? I have drafted the letter from the template on here, but would just like to know before I send it if this might be their likely response? I planned on sending this letter ages ago, but totally forgot about it until now.

Thanks

di3004

Summer-Caitlin wrote: »

I have a question regarding trying to claim back from Welcome Finance for my loan which was repaid in 2007. The original loan was for £5000 over a 10 year period and was taken out in 2001. We paid it off early but still paid back almost £22,000. This loan had PPI on it and it was a joint loan. So I believe I definitely have a case against them for being misold PPI as they told me that the loan wouldn't go through unless we took out the insurance with them. I was fuming that we had to pay back so much anyway, I mean £22,000 for a £5,000 loan:eek:

Anyway, my question has been brought about by this thread. Will Welcome have a get out because it was originally taken out in 2001? I have drafted the letter from the template on here, but would just like to know before I send it if this might be their likely response? I planned on sending this letter ages ago, but totally forgot about it until now.

Thanks

Hi there,

I would start if you've not done so yet by writing to them on your loans you have taken out with them, if you had 2 loans and sold PPI and mis sold for the same reasons, then just as long as you write both account numbers you can write on the same letter.

Give them your reasons as you have stated in your post, and also check on the checklist on the link below, where you will also come across template letters and useful guidelines of reclaiming, if any other reasons occur to you, as shown in the mis selling checklist then write them in as well.
Link here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
There is no need to write the amounts down on the reclaim letters.

They have 8 weeks to respond in full, keep at them until they issue you with the final decision.
I don't think Welcome were covered as such from that year, but despite that many on here have had their cases resubmitted to the FOS, for cases prior to 2005, so I would contact the FOS on this if it comes to it, just to make sure.

Good luck with this and please keep us posted.;)

Summer-Caitlin

Thanks di3004

I will get the letter sent out to Welcome asap then. We got a secured loan from another company to pay off the one with Welcome as we could see how ridiculous it was. I am hopeful something will become of it, we were definitely misold it, but I am concerned about them maybe being untouchable by the FOS prior to 2005...

di3004

Summer-Caitlin wrote: »

Thanks di3004

I will get the letter sent out to Welcome asap then. We got a secured loan from another company to pay off the one with Welcome as we could see how ridiculous it was. I am hopeful something will become of it, we were definitely misold it, but I am concerned about them maybe being untouchable by the FOS prior to 2005...

Your welcome.;)

If you were mis sold on both PPI's then write to both of them, good luck and according to some posts on here the FOS are considering investigating mis selling of these policies prior to Jan 2005, so if it comes to it then ring them to make sure.
Fingers crossed for you.

Di

Summer-Caitlin

di3004 thanks again:T

I don't have any PPI on the existing loan as I am older and wiser now and decided it wasn't necessary, they also in turn didn't try and force the matter. I will give WF the 8 weeks they need and see what their response is.

I will definitely post how I get on.

shamrock7

Summer-Caitlin wrote: »

di3004 thanks again:T

I don't have any PPI on the existing loan as I am older and wiser now and decided it wasn't necessary, they also in turn didn't try and force the matter. I will give WF the 8 weeks they need and see what their response is.

I will definitely post how I get on.

If your loan agreement was prior to 23/02/03 Welcome were not regulated. If this is the case look at the not covered by the FOS thread on page 1 or 2 as I am pursu
ing them at the moment with a claim 3 weeks prior to the regulation date. The FOS are looking at the underwriter/Broker Route. Fingers crossed. Keep at them;)

di3004

shamrock7 wrote: »

If your loan agreement was prior to 23/02/03 Welcome were not regulated. If this is the case look at the not covered by the FOS thread on page 1 or 2 as I am pursu
ing them at the moment with a claim 3 weeks prior to the regulation date. The FOS are looking at the underwriter/Broker Route. Fingers crossed. Keep at them;)

Thanks for posting this Shamrock, I am so happy to hear about yours so far.:beer:

Summer-Caitlin

shamrock7 wrote: »

If your loan agreement was prior to 23/02/03 Welcome were not regulated. If this is the case look at the not covered by the FOS thread on page 1 or 2 as I am pursu
ing them at the moment with a claim 3 weeks prior to the regulation date. The FOS are looking at the underwriter/Broker Route. Fingers crossed. Keep at them;)

Thanks shamrock7, I have actually been following your case and hoping you get results:T

As my loan was taken out in 2001, does that mean that I still have to write to Welcome anyway, I mean it's pretty clear that they will turn around and say that they weren't regulated, will I not be wasting my time with it? Unless of course I have to write to the first for legal reasons anyway?

shamrock7

Hi there,
Your welcome and you have to write to them so they can issue you a final response within the 8 weeks then you can go to the FOS. In the letters that WF send you you will be put off by them about going to the FOS. Ignore this and carry on regardless. I'll keep posting my latest updates under the not covered by the FOS thread. Go for it

bambino82

Hi all,
wondering if anyone can help.
I had a 2000 loan with welcome finance which i took out in November 2006.

Have paid the loan over the term, not missed any payments and have been happy.

However, due to the reccession my hours have been reduced at work.
I looked through mywelcome finance paperwork and i have payment protection.
I called up hoping to reduce payments, but was told, PPI was for unemployement, sickness, ill health!!!

I told my accounts manager during a meeting that there was no point me having that insurance as i am covered for all the above anyway.

Steve.....the man dealing with my account, told me in front of my
friend that i could claim my PPI back when i finished the loan in Oct 2009. its now sept 2009 and i have made lots of phone calls to head office and different departments, and have been told, once my loan is finished and closed the insurance (PPI) i have paid and not used wont be refundable.
Can someone please Help advise what to do......
The thought of paying for something useless has made me mad.
When i took the loan out i was told that the PPI added would ensure i was not declined for the loan amount!!!!!!

HELP NEEDED PLEASE.