Can anyone offer some advice as my Welcome Finance PPI claim refused??

Meggiemoo

Hi Everyone,

A few years ago my Mum took out 3 loans on 3 sepertate occassions with Welcome Finance. She has never had loads of money but, also has never had much debt. Anyway she remembered she took out three loans with welcome finance and she remembered they told her about some insurance and ppi which they said would help with her application and basically pushed her into having it.

Anyway i put in a request a week ago (a covering letter and the questionnaire) and today she has received a letter saying they arent required to investigate the claim as it took place before Feb 03 (she thinks she took out the loan before then but, thinks she was still paying it back quite a few years later). But, that we can complain to the FOS.

Whats your opinion with this. Should i now send the complaint to the FOS or do you think that i wont get anyway due to it was a while ago?

All answers gratefully received

Thanks alot

Cazzad_2

Hi Meggiemoo,

Go to the FOS and be prepared for a long wait unfortunately.

There is a long wait with the FOS.

Meggiemoo

Thanks for your reply. I will refer this to the FOS and just wait to see what happens.

I truely believe that my Mum was mislead into having this PPI so i think that i will go to the FSA for her

DevCoder

You need to go to the FOS, the FSA won't be interested.

It is a very very long wait though and you need a bit more proof then believing that PPI was forced upon someone, otherwise it is your word versus theirs.

Maybe if you elaborated on why you think the PPI was missold then people could help?

di3004

Hi there

Was all the loans arranged by Welcome?
Reason I'm asking is because, I take it the last 2 loans were arranged by them, and maybe there was a broker for the first loan who passed the application on to Welcome.

I'm sure they would have confirmed this on the letter received though.

What year was the last loan taken out?

As Welcome Finance are in default, any loans sold after 14 Jan 2005, can be dealt with by the Financial compensation scheme (FSCS).
As they were then regulated by the FSA, the FSCS are only able to deal with cases if taken out as from the stated date above.

More details below.
http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/