Welcome Finance refusing PPI Claim posting me to a bankrupt company???

tozi09

I need your help, bought a car in 2004 and believe I was misold my PPI. I claimed it against Welcome Finance and after receiving their questionnaire got a letter in the post last week refusing liability passing it to acompany called Blue Finance LTD which is no longer trading. They also referred me to the fscs should I want to take it further.

Now I have my original documentation of purchase and all the documentation was completed on Welcome finance letter heads and at no point was there any other indication that third parties were involved. All my payments were paid to Welcome Finance.

Please assist what steps should I take and how. I am a novice at this and would greately appreciate your views.

:mad:

di3004

tozi09 wrote: »

I need your help, bought a car in 2004 and believe I was misold my PPI. I claimed it against Welcome Finance and after receiving their questionnaire got a letter in the post last week refusing liability passing it to acompany called Blue Finance LTD which is no longer trading. They also referred me to the fscs should I want to take it further.

Now I have my original documentation of purchase and all the documentation was completed on Welcome finance letter heads and at no point was there any other indication that third parties were involved. All my payments were paid to Welcome Finance.

Please assist what steps should I take and how. I am a novice at this and would greately appreciate your views.

:mad:

Hello there

That is correct that you pursue the broker, and the paperwork is generally that of the lender of whom takes the money etc.

I would contact the FSCS and make sure they are able to deal with this, because they only generally deal with businesses who have gone down under, and if they were FSA regulated Jan 2005 onwards, but do double check with them.

If this fails, contact the free tel number of the Financial ombudsman service (FOS) who may suggest another avenue, generally the underwriter/insurer of the policy.

Let us know how you go and we can take it from there.

Good luck.

http://www.fscs.org.uk/contact-us/

http://www.financial-ombudsman.org.uk/contact/index.html

Alpine_Star

Di is, as ever, correct - unlike the misleading 'advice' you are receiving on CAG.

The role of insurers and lenders in mis-selling PPI
Concerning provider/distributor responsibilities, where a firm is an authorised general insurance intermediary, it is not bound, unless by contractual terms, to offer a particular PPI policy provided by a lender. Indeed, in some cases, doing so may not be treating customers fairly. Distributors are responsible for maintaining a compliant sales process, and therefore should be responsible for redress, where a failing arose from the manner in which the product was sold. If brokers feel that undue pressure was placed upon them by lenders or insurers, they may separately have recourse to the courts if they so choose.

The issues in relation to agency law (e.g. whether the broker is acting (as agent) on the part of the insured or the insurer (as principal)) are complex and fact specific, depending on both the individual contractual arrangements between the parties and the specific facts surrounding a particular sale. Again, brokers may separately have recourse to the
courts if they so choose.

Accordingly, we remain of the view that our Handbook text concerning PPI complaints and redress is appropriately positioned in its emphasis on the seller of the policy, and we are not making any changes to it in this regard.

http://www.fsa.gov.uk/pubs/policy/ps10_12.pdf

dunstonh

Agree with above.

The fact you have PPI is not an issue. What you are complaining about is the advice you were given or the way it was set up by the person that sold it. The lender has no liability for either of those. The broker does.