Welcome Finance PPI

thumbandit

I had 2 loans with Welcome finance pre 2005, i have emailed the FSCS welcome finance team who have asked for my previous address and other details, i recieved an email today saying they will write to me within 5 working days.

Can anyone tell me the likely outcome here, what will their letter comprise of?
What are the chances of Success.

Thanks .

di3004

thumbandit wrote: »

I had 2 loans with Welcome finance pre 2005, i have emailed the FSCS welcome finance team who have asked for my previous address and other details, i recieved an email today saying they will write to me within 5 working days.

Can anyone tell me the likely outcome here, what will their letter comprise of?
What are the chances of Success.

Thanks .

Hi there
You should be ok, if you were sold one of these single front loaded policies, they are frowned upon and its likely you will be successful, good luck on your case.;)

ellmae

I received £7000 back off them within 6 weeks , so I am sure you wil be fine

paulaoakley

Does anybody know if the loan is still running whether they will deduct this from the amount outstanding with them going to FCSC? Or will they send me a cheque? Thanks Paula

ellmae

paulaoakley wrote: »

Does anybody know if the loan is still running whether they will deduct this from the amount outstanding with them going to FCSC? Or will they send me a cheque? Thanks Paula

Hi Paula they will deduct it off any outstanding balance first x

nikki1520

I think you may find that welcome have gone onto administration, and may be still collecting payments, but are not in a position to pay out on pip- I think all their cases are being dealt with by the FOS

pipz_2

one of my claims with welcome is 2004 (car finance) and FSCS sent me one of their detailed application forms which i have filled in.

question - what is a single front loaded policy?

amersall

Front loaded ppi is in effect another loan that is included in the original loan and paid back over the term with interest.

All claims for ppi mis sell before 14th january 2005,will have to go the insurer route,as Welcome were not regulated before that.

If you try to claim from the insurer and they then say no,you can take it to FOS, who can then help you.

I hope Welcome are not stalling with these pre 2005 loans just to keep people waiting,and then send a letter saying they cannot help you because they were not regulated,this is unfair,as all this time you could have put the complaint into the insurer to begin with.

After this,you then wait the 8 weeks again for a final response from the insurer.