Is it worth claiming back ppi from welcome finance

danielwhitt

Hello all
i just contemplating claiming my money back from welcome finance for ppi after recieving a letter from the fscs,
i had a look today, and i had five loans with them over the last 7 years, all loans were paid off early or paid on time for the duration, in total i have paid them about 23,000 over that time
i never missed a payment or claimed on the insurance for anything,
at the time i was in the RAF and because i was struggling to get loans as i was not on the electoral register, they were the only ones who would help me, when i told them i didn't need ppi they said it was part of the loan as it was a sub prime loan and if i didn't take it out i couldn't have the loan, so i did and now i feel really stupid after ready some of the stuff on here,
just after some advice really, on wether or not its worth it

many thanks dan

nicole_moore

Hi, i was told when i took my loan out with them in 2003 that they couldnt guarantee i would get the loan if i didnt take the ppi, i claimed at the end of october 2010 and by february i had £2800 back from a loan that was only for £3500. They were very quick, just do write the letter, you have nothing yo loose.

marshallka

danielwhitt wrote: »

Hello all
i just contemplating claiming my money back from welcome finance for ppi after recieving a letter from the fscs,
i had a look today, and i had five loans with them over the last 7 years, all loans were paid off early or paid on time for the duration, in total i have paid them about 23,000 over that time
i never missed a payment or claimed on the insurance for anything,
at the time i was in the RAF and because i was struggling to get loans as i was not on the electoral register, they were the only ones who would help me, when i told them i didn't need ppi they said it was part of the loan as it was a sub prime loan and if i didn't take it out i couldn't have the loan, so i did and now i feel really stupid after ready some of the stuff on here,
just after some advice really, on wether or not its worth it

many thanks dan

Did the PPI cover you being in the RAF anyway? You were obviously missold if you were told it compulsory to the loan even when you said you did not need it.

It certainly sounds worth it to you with all those loans. Get the form filled in and as they have written to you it should not be too long before they get back with their decision.

danielwhitt

it really sounds too good to be true though, it cant be that easy, can it????

marshallka

danielwhitt wrote: »

it really sounds too good to be true though, it cant be that easy, can it????

Were you ever eligible to claim on the PPI. Being in the forces I would think not as you are paid regardless aren't you?

For you, yes it is going to be that easy if the FSCS have written to you and all the loans were taken out after regulations began (14th Jan 2005) which I assume "some" or all are because they have been in touch with you.

danielwhitt

i was always paid regardless which is what i tried to explain to them but they werent having any of it, my loans started around 2004 to 2009
the letter i had from the fscs basically said as a welcome customer who had ppi on my loans i was entitled to claim for it being mis sold, and a few brief paragraphs on what to do next

marshallka

danielwhitt wrote: »

i was always paid regardless which is what i tried to explain to them but they werent having any of it, my loans started around 2004 to 2009
the letter i had from the fscs basically said as a welcome customer who had ppi on my loans i was entitled to claim for it being mis sold, and a few brief paragraphs on what to do next

Just fill in the forms mentioning ALL the loans (not just one unless you have to do one for each loan that is) and I am confident you will get a good response shortly.

danielwhitt

just an update

welcome paid out £2900 for four of my loans and the biggest loan i had with them , which is also the latest loan i had with them, they are still trying to work out how my they owe me but seems to be taking an age, when the older one were sorted out relatively quickly
they say there a problem working out how much they owe me
what could it be

magpiecottage

danielwhitt wrote: »

my loans started around 2004 to 2009

In theory, at least, you also have grounds to complaint that they also misled you that the loan was sub prime when it was not.

It might be difficult to prove and Welcome is in receivership but it does still exist. The FSCS is currently paying out for PPI but the loan would need, if necessary, to go to FOS.