Welcome Finance / Yourmoneyclaim

antonio1402

Hi there,

New to this forum, and I have in the past reclaimed unlawful credit card charges and have recently paid off lots of debts in the past year including a £5000 loan from Welcome Finance. This loan used to cost me loads of money in interest, and I'm not sure whether I was paying PPI, however I decided to pay off the remainder of this loan when I received Voluntary Severance from my old job. I believe I was paying around £178 per month, for a £5000 loan over 5 years.

I recently had a phone call from Your Money Claim, asking if I wanted to pursue a claim for PPI and charges from Welcome Finance who recently closed their business.

Having paid off the loan to get Welcome Finance out of my life, I hadn't considered pursuing this, but now I'm thinking that I should. As well, I currently have a car loan with Credit Plus, which I am halfway through paying.

Now, my question is, do I go ahead with letting Your Money Claim process this on my behalf, bearing in mind they will charge me for their services, or should i go ahead myself.

There is no indication of their charges, however on the back of the form there is a referral section, whereby if i recommend a friend and they go on to win a claim, I receive a referral award of 10% of Your money claim's fees. Their example is "Your friend receives a £5000 compensation award, you receive a £125 referral fee" Now this suggests their fee for a £5000 award is infact £1250. Is this normal? It seems pretty high? Does anyone have any recommendations, or has anyone claimed via Your Money Claim.

I know the obvious thing is to make the claim myself, however where do I begin (especially since I don't know whether I had PPI or not). Or is it easier and quicker just to accept the service fee and let Your Money Claim attempt to claim my refund from both loan providers?

Any help would be much appreciated.

Thanks!

amersall

If the Welcome loan was post 14th jan 2005,ring FSCS

http://www.fscs.org.uk/contact-us/
They will send you a claims form.
Just give them as much info as you can,as you dont have the account number.

If it was pre jan 05,then send a mis sell claim to Welcome,either way you get sorted.

Dont pay a claims co a % when the FSCS claim is a forgone conclusion,so this is money for old rope..

The credit plus loan,you send a Sar (enclose £10 for this) to the car dealer,and they have to give you all info they hold on you,you could ring and ask if they have your details,this is quicker.

Even if you use the claims co.you will have to do the above yourself anyway,that is most of the reclaim process done,and all it cost was 2 phone calls and maybe 2 stamps.