Welcolme Finance

KIMY

Can anyone give me advise had a loan with Welcome from 2002 and Nov 2004 paid off settlement figure of over £15,000. I have wrote to them with regards mis-selling of PPI and that l had no rebate on settlement figure for interest or on single premium PPI.
Had a letter back yesterday stating would not investigate case as FSA state where a complaint relates to an event that took place more than six years ago they do not have to investigate and the law states they can destroy documents and letters. The loan was not paid off until Nov 2004 and in my calculation 6 years is not up until Nov 2010.
Can you advise.

Stuart_1980

Hi Kimy

As far as I am aware all financial institutions have to keep the docs for 6 years as you quite rightly stated, I would call the Financial Ombudsman Service and seek their advice.

di3004

KIMY wrote: »

Can anyone give me advise had a loan with Welcome from 2002 and Nov 2004 paid off settlement figure of over £15,000. I have wrote to them with regards mis-selling of PPI and that l had no rebate on settlement figure for interest or on single premium PPI.
Had a letter back yesterday stating would not investigate case as FSA state where a complaint relates to an event that took place more than six years ago they do not have to investigate and the law states they can destroy documents and letters. The loan was not paid off until Nov 2004 and in my calculation 6 years is not up until Nov 2010.
Can you advise.

Hi Kimy

How annoying this is for you, but I agree with Stuart, ring the FOS on this here:
http://www.financial-ombudsman.org.uk/contact/index.html
Not sure if these were actually protected by GISC before the FSA taken over in Jan 2005, cannot remember what year they would have been protected from though, but ask the FOS.

If it comes to it, it may be a case of going the insurer/underwriter direction instead, the FOS are trying to make these responsible too, so if the FOS states that these were not members of GISC, ask about the insurer/underwriter direction if they don't.
The lender should supply you with the insurer's details of address and of the full policy on request, you write to these the way you did with Welcome, if they come back and say no, the FOS should be able to investigate as the insurer would or should have been protected.

Its another direction to try if all else fails, so do call the FOS on this.
Please let us know what they say, good luck.

KIMY

Many thanks, have spoke to FOS and they will act on my behalf with settlement figure as not paid interest pack. But they have told me to write to Insurance underwriters and they will act on my behalf if no result in 8 weeks.
I have to write to Welcolme and advise as they have given me there final response the Ombudsman will now look in to this.
Keep you updated, any advise appreciated.:A

di3004

KIMY wrote: »

Many thanks, have spoke to FOS and they will act on my behalf with settlement figure as not paid interest pack. But they have told me to write to Insurance underwriters and they will act on my behalf if no result in 8 weeks.
I have to write to Welcolme and advise as they have given me there final response the Ombudsman will now look in to this.
Keep you updated, any advise appreciated.:A

That is great Kimy :T.
Yes I have been there and lots of others too, mine is now actually waiting to be passed on to an Adjudicator in regards of the insurer and not turned away, for being in more or less the same situation with you, apart from my broker had also dissolved.
Good luck.

Andrew_Thomas

Good luck let us know how you get on