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Reclaim from Welcome Finance ?

Hi all,

I'm new on here, first post so forgive me if this topic has been discussed before.

i reclaimed PPI from old loans a few years ago and was successful, however when I was claiming I was told by the company I used (can't think of the name at the moment, it'll come back to me though soon) that they were not able to claim back from Welcome finance, I can't remember what the reason for this was though.

Can anyone advise if this is the case or should I try and claim back from them ?

i had a couple of loans with them probably about 8 or 9 years ago ?


Any advise is greatly appreciated.

Cheers

Chris
BasicReminder.com

Comments

  • -taff
    -taff Posts: 15,377 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Welcome weren't regulated before 2005 I think....Do a search on th main forum for Welcome and check out Amersalls posts.
    Non me fac calcitrare tuum culi
  • amersall
    amersall Posts: 17,037 Forumite
    Part of the Furniture 10,000 Posts Combo Breaker
    taff is right.
    If the loan was pre 2005 you cannot make a claim as they were not regulated.
    Some have tried the insurer route but this may not get you anywhere either.
    It is First Plus that I champion in taff, more than Welcome :D
    Same rip off PPI though :D
  • Hendorator
    Hendorator Posts: 2 Newbie
    edited 4 September 2015 at 9:39AM
    Thanks guys,

    I'm not 100% sure when i had the loans. Was a long time ago of that I do know.

    Whats the best way to go about finding out ?

    I have e-mailed their complaints address requesting the information so hopefully they will be able to assist although i don't hold out much hope.

    cheers

    Chris
  • dunstonh
    dunstonh Posts: 119,864 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Didn't Welcome end up in default and the FSCS take on their complaints? In which case, 2005 is a key date as the FSCS wont consider pre-regulation sales.

    http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-for-welcome-financial-hn0qripj/
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • -taff
    -taff Posts: 15,377 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    amersall wrote: »
    It is First Plus that I champion in taff, more than Welcome :D
    Same rip off PPI though :D

    You're still more knowlegeable more than me about them though :D
    Non me fac calcitrare tuum culi
  • On the FSCS site it says if it was pre 2005 you have to complain directly to Welcome! I have done this through there complaints procedure, I am not sure if they pay out this way!
  • amersall wrote: »
    taff is right.
    If the loan was pre 2005 you cannot make a claim as they were not regulated.
    Some have tried the insurer route but this may not get you anywhere either.
    It is First Plus that I champion in taff, more than Welcome :D
    Same rip off PPI though :D


    Having just come off the phone with a member of there complaints team, I have just found out that anyone with a loan between 27th of February 2003 to the 31st of December 2004 can actually put a claim and if successful they will pay out!!


    A very nice chap I spoke to told me that a rather large fund had been kept a side to repay people between these dates. All my three loans were in this period...fingers crossed!!
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