Welcome won't investigate.

castaway1116

Hi everyone,This is my first post on MSE.I have claimed PPI from Welcome Finance loan dating back to 2001,they have sent back a final response letter stating that it is outside the relevant time limits and referring me to the FOS.I contacted them and they in turn told me to contact the FSCS.They said that they could not investigate beyond 14/1/05.On the PPI reclaiming site (updated 25/10/11)it states that" if the account is still active in the last five years you can claim"
In my case I fell into difficulties and repaid the loan over a longer period,this would have brought me into the relevant for the FOS.Does this mean my account was still "alive".If not does this mean that Welcome can legally brandish the finger at me.:mad:

dunstonh

It is the date you signed the application that matters. Not the duration of the debt.

castaway1116

Hi Dunstonh,The lines I quoted from this website were actually from the official MSE.com website on how to reclaim PPI.As far as expert advice goes,I've had several conversations with someone at the FOS.Initially,after looking at the loan doc's that I had scanned and sent to him together my original claim letter and Welcomes final response,he said he would look through the info and get back to me.A week or two after this he phoned me to say that at the time I took the loan out, Welcome was not under their jurisdiction.He advised me to seek advice from the FSCS.It was they who told me that they could/would not investigate any claim prior to 14/1/05.I then went back to the FOS and told them of the FSCS response,the next day I received a phone call from the FOS,they said that they would send me a questionnaire to fill in,and that they would see if they could help me further.That is right up to date.As far as seeking advice from a Financial Advisor goes,I'm afraid i'm not financially able to do so,hence my post here.Also I thought that since Welcome have been deemed to be in DEFAULT my position would have been easier.

dunstonh

Also I thought that since Welcome have been deemed to be in DEFAULT my position would have been easier.

The fact they are in default takes the FOS out of the equation. That leaves you with the FSCS. However, to qualify for that, the firm has have been regulated by certain bodies by certain dates.

castaway1116

OK,the FSCS won't investigate because it's out of the relevant time period,the FOS won't investigate because it's out of their jurisdiction.Once again I pose the question...where do people go who are in the same situation as me.
Is the government saying"We know many policies were mis-sold prior to 14/1/05,however we will not consider them for possible compensation"

dunstonh

Is the government saying"We know many policies were mis-sold prior to 14/1/05,however we will not consider them for possible compensation"

The Government doesnt get involved.

With pre-regulation cases, you cant really be mis-sold as there were no regs to abuse. Just retail laws which are mostly caveat Emptor. So, whilst you may have been sold in a way that would be considered a mis-sale today, it doesnt mean it would be classed as one back then.

The FSCS is paid for by those that are regulated by the FSA. So, you only get protection with them if the firm you used was regulated by the FSA (or predecessors). So, you get this line in the sand where one day there is no consumer protection and the next day there is. You could have two people with identical cases where they believe they were mis-sold. The one seen the day before gets no consumer protection but the one after does.

castaway1116

Correct me if I'm wrong but it seems like you're telling me that there is absolutely nothing I can do ?.First you tell me that I should consult a Financial Advisor,then you start on about lines in the sand ?.
The information which states that PPI can be claimed back on a loan"if your account was still active in the last six years you can claim.So a loan taken out eleven years ago and repaid in full five years ago is fine,in rare cases you can go back further" is actually part of the advice contained in MSE.com on how to claim back PPI. THAT is why I posted my question,and looked for help,not to be shot down in flames by someone who trumpets out "I AM A FINANCIAL ADVISOR".:money:

dunstonh

?.First you tell me that I should consult a Financial Advisor,then you start on about lines in the sand ?.

I havent told you to consult a financial adviser.

The information which states that PPI can be claimed back on a loan"if your account was still active in the last six years you can claim.So a loan taken out eleven years ago and repaid in full five years ago is fine,in rare cases you can go back further" is actually part of the advice contained in MSE.com on how to claim back

Its a guide. it doesnt mean it is accurate in all cases. Most firms will not be in default. Welcome is in default and that means the rules that apply to it are different.

THAT is why I posted my question,and looked for help,not to be shot down in flames by someone who trumpets out "I AM A FINANCIAL ADVISOR".

Please point to where you have been shot down in flames prior to this point. You have been given information and its clear you dont like the information but that is no excuse to start being rude and acting like a 12 year old.

JuicyJesus

dunstonh wrote: »

Please point to where you have been shot down in flames prior to this point. You have been given information and its clear you dont like the information but that is no excuse to start being rude and acting like a 12 year old.

You indicated that their claim would fail. Therefore you have "shot them down in flames", which is clearly unfair. What you should have done is sympathise and offer them a cuddle.

And when this thread hits 88mph...

magpiecottage

FOS can look at complaints about PPI sold before 2005 provided two criteria are met - the firm must have subsequently come under its DIRECT jurisdiction (not simply that it represented somebody else who was responsible for its sales) AND at the time of the sale it subscribed to the General Insurance Standards Council's code of practice.

However, this only came in during the course of 2001 - July if I remember correctly.

This means if you bought before then you would be complaining that Welcome did not do something they were not obliged to do so I am afraid you would have no case.

castaway1116

Juicy and Magpie,Thanks for your support.I took out the loan in Dec' '01 so I should be inside the time scale.In addition today I received a response from the FOS,a questionnaire.The person I have been speaking to at the FOS has been very helpful and quite genuine in wanting to help.So I'll send off the form and relevent doc's recorded delivery on Monday.Magpie,I seem to remember the person at the FSCS mentioning that Welcome came under the jurisdiction of the General Insurance Standards Council's code of practice.This is probably why the FOS are willing to take this on.