Urgent Help Welcome Finance Liquidation

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
7 replies 3.4K views
Wayne1874Wayne1874 Forumite
2 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Hi

Hoping someone will help here or point me in the right direction.

Put in a claim to Welcome Finance direct for PPI as advised by FSCS who could only help with loans from Jan 2005 onwards.

In a nutshell Welcome have responded just within the 8 weeks and admitted liability but are refusing to pay out as they are in their words 'EXPECTED' to enter liquidation in the next 12 months however they cannot say when.

They have told me to get in touch with the FOS who have said there is nothing they can do likewise the FSCS.

Welcome also said in their letter that 'All claimants who have a liability with Welcome post 29th February 2016 and who are due cash redress are impacted. Customers with claims processed prior to this date will continue to be redressed until the Trust Fund agreed as part of the Welcome's financial restructuring in 2011 is exhausted.'

My claim went in 27th March this year but how can they get away with this when they say they only expect to go into liquidation.

Any thoughts on how I should proceed and do I have any chance of getting anything from them?

Thanks for your help.

Wayne1874

Replies

  • jelliejellie Forumite
    876 Posts
    Eighth Anniversary 500 Posts Name Dropper
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    Wayne1874 wrote: »
    Hi

    Hoping someone will help here or point me in the right direction.

    Put in a claim to Welcome Finance direct for PPI as advised by FSCS who could only help with loans from Jan 2005 onwards.

    In a nutshell Welcome have responded just within the 8 weeks and admitted liability but are refusing to pay out as they are in their words 'EXPECTED' to enter liquidation in the next 12 months however they cannot say when.

    They have told me to get in touch with the FOS who have said there is nothing they can do likewise the FSCS.

    Welcome also said in their letter that 'All claimants who have a liability with Welcome post 29th February 2016 and who are due cash redress are impacted. Customers with claims processed prior to this date will continue to be redressed until the Trust Fund agreed as part of the Welcome's financial restructuring in 2011 is exhausted.'

    My claim went in 27th March this year but how can they get away with this when they say they only expect to go into liquidation.

    Any thoughts on how I should proceed and do I have any chance of getting anything from them?

    Thanks for your help.

    Wayne1874

    There's nothing you can do - it sounds like the Welcome pot is almost empty.

    As FOS have told you they are unable to help, it looks as though they have accepted that Welcome can't pay.

    To be fair, the PPI issue has been going on for years and they were in default in 2011, so you've had plenty of time to make your complaint. Unfortunately for you, you've left it too late.
  • Thanks Jellie and you confirm what I thought might be the case. Just a bit disappointed that I didn't get in touch before, I tried a while back through a company who then pulled the plug saying they couldn't help and only came across an article in March which was when I went direct to them.


    Never mind some you win some you lose.


    Thanks for your reply.


    Wayne
  • My daughter received a letter, apparently from Welcome Finance that included an offer to almost double the PPI she has already received. However they are requesting her bank details which makes us very suspicious. So after reading you forum post I intend to contact the Financial Ombudsman tomorrow.
  • [Deleted User][Deleted User] Forumite
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    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    MoneySaving Newbie
    Not sure what forum post you refer to. However, any letter requesting Bank details should always be viewed with suspicion.

    Not sure the Financial Ombudsman should be your port of call, though, more likely Action fraud:

    http://actionfraud.police.uk
  • jelliejellie Forumite
    876 Posts
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    PRowlands wrote: »
    My daughter received a letter, apparently from Welcome Finance that included an offer to almost double the PPI she has already received. However they are requesting her bank details which makes us very suspicious. So after reading you forum post I intend to contact the Financial Ombudsman tomorrow.

    They are one of the companies which have been carrying out a review of previously paid PPI cases, and they are paying out more where necessary.

    Why not ring them up and ask if it's genuine? What address is she being asked to respond to?
  • LabsuperLabsuper Forumite
    266 Posts
    100 Posts Third Anniversary Combo Breaker
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    guglennt wrote: »
    The solutions to cash flow challenges often come out of inability to plan or address the right type of cash flow solution. You run the risk of liquidity problems when you current assets aren't able to be converted in a timely manner into cash - those assets are typically receivables and inventory
    ...weird, just weird!
  • [Deleted User][Deleted User] Forumite
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    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    MoneySaving Newbie
    Labsuper wrote: »
    ...weird, just weird!
    No, just a spammer building post count :)
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