Welcome finance have paid!

pipz_2

Just wanted to let everyone know that today i checked my bank account and i have been paid for ppi that was on my car finance!

I submitted my FSCS form on the 18th August (after the company i used had buried it in another folder) and today they have paid out just over 2300 into my bank account, which is roughly the same amount that they charged me for ppi, without interest. I know FSCS are paying back 90% so im not sure how its all calcualted but it couldnt have come at a better time.

:beer:

on the down side i also received a letter from the claims company today saying that my policy with ppi for car finance from 2004 does not meet their criteria, even though it was sold to me in the same way at the same welcome office!! do you think it is still worth trying to claim this myself and how do i do it?

di3004

pipz wrote: »

Just wanted to let everyone know that today i checked my bank account and i have been paid for ppi that was on my car finance!

I submitted my FSCS form on the 18th August (after the company i used had buried it in another folder) and today they have paid out just over 2300 into my bank account, which is roughly the same amount that they charged me for ppi, without interest. I know FSCS are paying back 90% so im not sure how its all calcualted but it couldnt have come at a better time.

:beer:

on the down side i also received a letter from the claims company today saying that my policy with ppi for car finance from 2004 does not meet their criteria, even though it was sold to me in the same way at the same welcome office!! do you think it is still worth trying to claim this myself and how do i do it?

Well done and Congratulations!:beer:

My answer is yes, if the claims company have closed the case, then request they send you back the paperwork.
However if the business that sold you the account/policy were not regulated, you can try the underwriter/insurer avenue, but its suggested to contact the Financial ombudsman service (FOS) on this first.
Good luck.

ellmae

pipz wrote: »

Just wanted to let everyone know that today i checked my bank account and i have been paid for ppi that was on my car finance!

I submitted my FSCS form on the 18th August (after the company i used had buried it in another folder) and today they have paid out just over 2300 into my bank account, which is roughly the same amount that they charged me for ppi, without interest. I know FSCS are paying back 90% so im not sure how its all calcualted but it couldnt have come at a better time.

:beer:

on the down side i also received a letter from the claims company today saying that my policy with ppi for car finance from 2004 does not meet their criteria, even though it was sold to me in the same way at the same welcome office!! do you think it is still worth trying to claim this myself and how do i do it?

Claim through welcome direct, I have and have just got my ppi back for 2 loans from 2003 nd 2004 x

pipz_2

Thank you, have already requested paperwork back. I did assume that as it was not as easy that might be the reason they did not Perdue it. I will not give up then!

pipz_2

This is the response I got by email, can anyone advise me on how I should proceed with this now please




Account number 497189 has never been sent to the FSCS as it was investigated by Welcome Finance. The reason it has not been upheld is because of the time the loan was taken out. At the time if this sale Welcome Finance were not members of the General Insurance Standards council therefore there were no regulations in place. It only became compulsory for banks to join the insurance Standards Council in January 2005.
!
Since the complaint was initiated we received a pre regulation rejection therefore no documents were filled out by you and no further work was carried out. This complaint is now closed.

amersall

Hi there,do as ellmae suggested,if you get no joy,then go for the insurer as Di said.

ellmae

amersall wrote: »

Hi there,do as ellmae suggested,if you get no joy,then go for the insurer as Di said.

With welcome all loans after 2005 are delt with by the fsco , all loans from 2003 to 2005 its welcome direct. All loans before 2003 you need to go through the insurer who is normally Aviva. Aviva will normally reject you they have with me but I have taken them to the fos. I hope this helps .

magpiecottage

Welcome has been declared "in default" that means that it has been deemed unable to meet claims against it.

Consequently your redress has been paid by the Financial Services Compensation Scheme. However, that Scheme does not conjure up money out of thin air. A levy is paid by all financial services firms from the smallest broker to the largest bank and insurance company, including those that had nothing to do with Welcome Finance.

But they do not pay it out of the kindness of their hearts. They pass it on in the form of charges. Every interest payment you make to a bank includes an element toward it - without it you would pay less. All the interest you receive on your savings takes account of it. Without it you would receive more. Every investment in a personal pension or a stocks and shares ISA includes an allowance for it and without it your returns would be better.

And every insurance policy premium would be cheaper without it.

That is not a comment on whether it is a good or bad thing, I am just observing that it is not Welcome Finance but all of us who have indirectly paid your redress.