Welcome finance ppi

coco1277_2

Hi , I took out a loan with welcome in oct 2004 and subsequently settled aug 2006 and also hire purchase start Jan 2005 and paid Dec 2006 which both like many other people I was told I could not have the credit if I didnt take the PPI .

Now I have been reading that loans pre 2005 you have to complain through another channel and loans after 2005 complain to fscs .

Please can someone advise me where I need to take my complaint as not sure where to go as both loans are quite close together and and does it go from loan start date or what , sorry I am confused on where to go .
Any advice appreciated.
Thank you

di3004

coco1277 wrote: »

Hi , I took out a loan with welcome in oct 2004 and subsequently settled aug 2006 and also hire purchase start Jan 2005 and paid Dec 2006 which both like many other people I was told I could not have the credit if I didnt take the PPI .

Now I have been reading that loans pre 2005 you have to complain through another channel and loans after 2005 complain to fscs .

Please can someone advise me where I need to take my complaint as not sure where to go as both loans are quite close together and and does it go from loan start date or what , sorry I am confused on where to go .
Any advice appreciated.
Thank you

Hi there

Was it Welcome Finance that sold the accounts?

Whoever set up and sold you the accounts is the ones you pursue, so if they set up and sold both of the accounts, it seems that on the one you can put in a case with the FSCS and the other as they are not eligible to go this direction - you could try contacting the Financial Ombudsman Service (FOS) who will possibly suggest the Underwriter/insurer avenue.

So basically the FOS will be able to adjudicate against the Underwriter of the policy, and investigate the liabilities these had with the broker/lender of when the policy was sold to you.

If your not sure who the actual underwriter/insurer is/was, then WF can still send you the policy details, the details of them should be enclosed on the details, and you do not always receive these documents with the paperwork you received after taking out the accounts and are requested for separately.

So give the FOS a call and see what they suggest, good luck.;)

coco1277_2

Thank you very much for your reply , I shall give them a call and see what they say

di3004

coco1277 wrote: »

Thank you very much for your reply , I shall give them a call and see what they say

Your very welcome (no pun intended) lol:D:)
Good luck, its a direction the FOS have suggested to many in the same position.;)

pipz_2

yes go to welcome directly as they are paying me for ppi from a loan in 2004 so you shouldnt have a problem.

src007

coco1277 wrote: »

Hi , I took out a loan with welcome in oct 2004 and subsequently settled aug 2006 and also hire purchase start Jan 2005 and paid Dec 2006 which both like many other people I was told I could not have the credit if I didnt take the PPI .

Now I have been reading that loans pre 2005 you have to complain through another channel and loans after 2005 complain to fscs .

Please can someone advise me where I need to take my complaint as not sure where to go as both loans are quite close together and and does it go from loan start date or what , sorry I am confused on where to go .
Any advice appreciated.
Thank you

I'm repeating the good advice already given by others on here but just to make things clear...

You can direct both complaint to Welcome Finance, although as you may know (thankfully) they're out of business.

For the loan taken after 2005 the FSCS will then send you forms to complete.

The FSCS won't be able to deal with the pre-2005 case however Welcome still have a 'pot' of money for refunds of PPI for the 2003-2005 period so you can still deal with Welcome's complaint's department directly.

Although, if Welcome didn't set up the loan / PPI (e.g. a garage sold the finance) that will change things.

Welcome Finance were a pretty horrible company. I hope you weren't stung too badly by those folks? What was the damage?