PPI from Cattles/Welcome Finance

Debt_Slayer

Following on from my case against Lloyds I was digging through some old files and found an old credit report which to my shame had some info on several Welcome Finance loans I had. I did default on the last loan but the other three were settled in full.
My credit reports for the last 12 months do not show anything to do with the last defaulted loan. I explained this to the advisor from StepChange who said only to include recent debts not part of a Statute Barred.

I know Welcome told me the PPI was included and was a part of the loan and I couldnt take the loan without it, and the loans ive had with them totalled over £24,000.
As the defaulted loan has a balance of £4,000 i'm wondering if its worth pursuing a PPI case against Welcome. The interest rates on their loans weren't exactly low so I will have paid a large volume of the £24,000 in PPI.

Has anyone taken up a complaint with FSCS against Cattles/Welcome? Any redress would clear that debt, maybe more.

amersall

If the loan was taken out on or after Jan 05 then put a claim for mis sell (use the Single Premium PPI as one reason)to whoever sold you the loan and PPI, it could be that Cattles (have never heard of these) was the broker and in this case you send the claim to them.
If your loan was before 05 then you have lost before you start as they will not have been regulated, If it is Welcome who sold the loan, I think people have been redressed from 03,I believe the loans were still running though, I could be wrong and if I am and I know someone will correct me! .

Debt_Slayer

amersall wrote: »

If the loan was taken out on or after Jan 05 then put a claim for mis sell (use the Single Premium PPI as one reason)to whoever sold you the loan and PPI, it could be that Cattles (have never heard of these) was the broker and in this case you send the claim to them.
If your loan was before 05 then you have lost before you start as they will not have been regulated, If it is Welcome who sold the loan, I think people have been redressed from 03,I believe the loans were still running though, I could be wrong and if I am and I know someone will correct me! .

Cattles Group is the mother company of Welcome Financial Services.
The loan was sold by WFS in their local branch, the first 3 loans were between 2002 and 2004 and the last one was 2004.
PPI was compulsory as I was told as I questioned it. The sales woman in branch told me given that im a 'high risk' lender the PPI was a condition of sale and my loan wouldnt be approved without it.

Given that the loans were bad credit loans the interest rates were over 30% and all four had a value of £24,000 so the PPI would have been a large portion of that.

amersall

Send the complaint to Welcome and see what they come back with, you may get lucky with the 04, you never know, use Single Premium as one of the reasons for mis sell, do not use this

PPI was compulsory as I was told as I questioned it. The sales woman in branch told me given that im a 'high risk' lender the PPI was a condition of sale and my loan wouldnt be approved without it

unless you have proof of this as it will be your word against theirs.
If you get no joy, you will not be able to take this to FOS due to the year.