Welcome Finance PPI help

AndyLGR

I had car finance through Welcome in 2006, with the loan ending in 2010.

Yesterday I received a letter from a company called FSCS (financial services compensation scheme), looking at the return envelope and the paperwork they sent they seem to be affiliated with welcome in some way, even though they say FSCS are administering claims from PPI claimants through the offices of Welcome Finance.

Also the covering letter says they (FSCS) are responsible for claims of compensation against Welcome and that I should complete the enclosed paperwork and return it in the prepaid envelope (addressed to Welcome actually).

The form has such questions as;

Have I made previous PPI claims?
Why am I claiming?
Do I owe money to the firm I am claiming against?
Was I told the policy is optional?
Was I influenced into buying it?
Was I told purchasing it would help the loan application?
Was I informed of my right to cancel after 30 days?
Was the cost of the premium explained?
Was it checked I was employed?

It then goes on to ask for my bank details to pay any claim into.

Now the policy has been paid off for over a year now and I have never given any thought to reclaiming the PPI on it.

I've dug out my original paperwork today and even though I was told I needed PPI to process the loan there was a box on the paperwork that was ticked to say I wanted the PPI, they also sent me details of the PPI. a couple of weeks after the loan commenced.

I assume I have no claim to make as a box was ticked on the form that i signed originally. But I was wondering if anyone has come across a similar unexpected approach from someone encouraging you to make claim against Welcome?

Thanks

amersall

Hi there,the FSCS are a legitimate company and they are dealing with Welcome claims at the moment,i dont know about them asking for bank details though????? give FSCS a ring and find out if this is legitimate.
http://www.fscs.org.uk/contact-us/


Someone who has a letter from FSCS will help you with this.

Look here for reasons for mis sell and put these down, doesnt matter if you ticked the box if you have no need of this insurance.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

jo-urney

hi there - i think i have heard before that the FSCS have been proactively contacting people with welcome loans - give them a call on their freephone number, press option 2 and then option 1 and you will be able to speak to soebody specifically regarding your welcome loan. i believe the bank details section on the form is so they know where to send your money back to, but if unsure, give them a shout to confirm good luck if you decide to reclaim!

farcove54

AndyLGR wrote: »

I had car finance through Welcome in 2006, with the loan ending in 2010.

Yesterday I received a letter from a company called FSCS (financial services compensation scheme), looking at the return envelope and the paperwork they sent they seem to be affiliated with welcome in some way, even though they say FSCS are administering claims from PPI claimants through the offices of Welcome Finance.

Also the covering letter says they (FSCS) are responsible for claims of compensation against Welcome and that I should complete the enclosed paperwork and return it in the prepaid envelope (addressed to Welcome actually).

The form has such questions as;

Have I made previous PPI claims?
Why am I claiming?
Do I owe money to the firm I am claiming against?
Was I told the policy is optional?
Was I influenced into buying it?
Was I told purchasing it would help the loan application?
Was I informed of my right to cancel after 30 days?
Was the cost of the premium explained?
Was it checked I was employed?

It then goes on to ask for my bank details to pay any claim into.

Now the policy has been paid off for over a year now and I have never given any thought to reclaiming the PPI on it.

I've dug out my original paperwork today and even though I was told I needed PPI to process the loan there was a box on the paperwork that was ticked to say I wanted the PPI, they also sent me details of the PPI. a couple of weeks after the loan commenced.

I assume I have no claim to make as a box was ticked on the form that i signed originally. But I was wondering if anyone has come across a similar unexpected approach from someone encouraging you to make claim against Welcome?

Thanks

Hello,
I had the same form from the FSCS at the end of April regarding my Welcome loan I paid off in 2009. I filled in the form stating I was told the PPI was compulsory to getting the loan, I also had to give my bank details. About 7 weeks later I had £1300 put into my bank account and received a letter detailing it a week later.
This has happened to quite a few people on here so give it a go.
Good Luck
Kay

AndyLGR

amersall wrote: »

Look here for reasons for mis sell and put these down, doesnt matter if you ticked the box if you have no need of this insurance.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step2

So the box was ticked in my original application as I was told I needed the insurance to progress the loan and also to help my credit history in case I was sick or redundant etc. But doesnt this come down to your word against theirs and in actual fact what was on the application is what matters?

Also looking in to it a little more the only info I was given was the monthly amount of the ppi, (the extra it added to my loan), and the total repayable over the term of the loan.

Despite them saying I had to have the insurance, I just wonder if I have no case at all purely because I saw the amounts it would cost.

nich1

ANDY LGR - i am in the exact same situation as you. my word against theirs. i don't know what to do but im trying to research as much as possible because i think they will think of any excuse not to pay out. i'll keep you updated if i here anything

amersall

Hi both,just because you had taken the ppi does not mean it was any good to you,get the form sent off to FSCS and put the reasons that this ppi was not suitable to you,if you were told you had to have this ppi because...you might need it in the future take it just in case,or you wont get the loan without it etc,then put a complaint in.

If you got decent sick pay from work and have life insurance,or if you only worked part time (the unemployment part of ppi only covers you if you work more than 16 hours, and put any other reasons you think may help your case.

pipz_2

i am also trying to claim against welcome, for 2 car finance agreements, i did not need ppi but it was part of the loan i was led to believe. I am waiting for a decision although i did get a letter this morning saying they were going to process it (as a result of the company i used to recover this burying the application form for 2 months!!!) but it might be that i may not get anything! so it is a case of wait and see. fingers crossed but its taking a long time (been waiting since january)

AndyLGR

I filled my form in from FSCS for the Welcome PPI I had, and I sent it off at the weekend. Fingers crossed now.

amersall

Fingers and everything else crossed :D:D

AndyLGR

Success. 5 weeks after sending the completed paperwork back to FSCS, they have refunded the PPI to my bank account today. Thanks to everyone who offered their advice and help.