Claiming PPI from Welcome Finance pre 2002?

SummerJessica

Hi all

I have been looking on this forum to see if there are similar threads on this but can't find exactly what I am looking for.

I took out a loan for £5,000 with Welcome Finance in 2001. Payments were around £168 per month which included the PPI which I was told had to be taken to be granted the loan. I repaid the loan early, as it was a ten year loan (paid around £9,500 to close it) so all in all I paid around £21,000 for a £5,000 loan!!!! I was young at the time and didn't think much of it but was just glad to see the back of it.

Anyway I no longer have paperwork for this account, I don't even have an account number but is there any way I could look at claiming the PPI back? I paid a ridiculous amount to this company and it would be great if I could be pointed in the right direction to move this forward? I don't know who the PPI insurance was with, is there anyway I could find this out?

Thanks

Summer

[Deleted User]

Twelve years ago is a long time if you have no documentation from your own archive. If the Bank have no record (typically destroyed after six years) and you have no record then your complaint is over before it's begun.
Send a Subject Access Request (SAR) letter, which costs £10, to your lender and see what is returned.
Template here;
https://forums.moneysavingexpert.com/discussion/1475553

SummerJessica

Thanks for the reply. So would I send the letter to Welcome Finance even though they don't exist anymore?

amersall

You send it to Welcome, they are still in business.
If you manage to get any paperwork for this loan, you will need to find out who the insurer was and make the claim to them due to the year you took this loan out, if you get no joy with them then the FOS can help, this does not guarantee a win but worth a shot.

Stupid_Question

It's a waste of time going to Welcome, the loans pre gisc, they'll take 8 weeks to reject your complaint. Put your complaint directly to Aviva.

jellie

Stupid_Question wrote: »

It's a waste of time going to Welcome, the loans pre gisc, they'll take 8 weeks to reject your complaint. Put your complaint directly to Aviva.

As above- go straight to Aviva, Welcome won't pay out on PPI bought before 2003.

No idea if Aviva need your account details though, but just ring Welcome and ask them for the information anyway.

You shouldn't moan about how much you paid back - presumably you couldn't get a loan through high street lenders and it would have been clear on the loan agreement you signed. Their interest rates were very high but young or not, you could still have worked out that £xxx per month over xx months = £xxx repayable.

Good luck with your claim.

magpiecottage

Stupid_Question wrote: »

Put your complaint directly to Aviva.

Who will refer you to whoever sold the policy.

dunstonh

Aviva have no liability. The liability is with the broker that sold it.

BigMan

How are you getting on.

I had 3 loans with Welcome Finance in 2001-2004 and I put a complaint to Aviva and they are looking in to is for me, it does take a while.

I managed to get the loan agreement numbers and insurance reference numbers from Welcome and then presented them to Aviva.

Will let you know how I get on.

[Deleted User]

BigMan wrote: »

How are you getting on.

OP hasn't logged on since early April.