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Bish_6
Posts: 3 Newbie
Hi, I'm hoping someone can help me and clarify that welcome finance are telling me the correct information.
I had an HP agreement with welcome finance in 1998. I recently found the original agreement paperwork and raised a complaint regarding the PPI. Today I have received a final response letter from welcome which says,
"Due to the date on which this policy was purchased, your complaint must be referred to the underwriters of your insurance for it to be considered.
This is because your account was taken out prior to WFSLs voluntary membership of the GISC guidance on PPI sales, which began on 27th Feb 2003. The (then) FSA agreed that any non-regulated insurance sales (that is those sold prior to WFSLs membership of GISC are the responsibility of the underwriters.
Unfortunately, we are unable to provide information about your underwriter due to the time that has elapsed since this policy was sold, we are not required to retain this information and therefore no longer hold this data. With the above in mind, I regret to inform you that your complaint in relation to the above accounts is not within the jurisdiction of the financial ombudsmen service."
Does anyone know if that is all true? Also the underwriter is written on the original agreement which they have a copy of. Should I go directly to them? Or is this the end of the road and just leave it? Really not sure what to do now!
Hope someone can help me!!
Thanks in advance!
I had an HP agreement with welcome finance in 1998. I recently found the original agreement paperwork and raised a complaint regarding the PPI. Today I have received a final response letter from welcome which says,
"Due to the date on which this policy was purchased, your complaint must be referred to the underwriters of your insurance for it to be considered.
This is because your account was taken out prior to WFSLs voluntary membership of the GISC guidance on PPI sales, which began on 27th Feb 2003. The (then) FSA agreed that any non-regulated insurance sales (that is those sold prior to WFSLs membership of GISC are the responsibility of the underwriters.
Unfortunately, we are unable to provide information about your underwriter due to the time that has elapsed since this policy was sold, we are not required to retain this information and therefore no longer hold this data. With the above in mind, I regret to inform you that your complaint in relation to the above accounts is not within the jurisdiction of the financial ombudsmen service."
Does anyone know if that is all true? Also the underwriter is written on the original agreement which they have a copy of. Should I go directly to them? Or is this the end of the road and just leave it? Really not sure what to do now!
Hope someone can help me!!
Thanks in advance!
0
Comments
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Yes it is.Does anyone know if that is all true?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.0 -
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I have the original agreement. I sent a copy to welcome finance. I have just been doing a little bit of research into the underwriters who are stated on the agreement and it was a small, local firm. The 'owner' has since passed away and the firm has closed. Is there any other avenue I can try now or is it just not worth it??0
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If the underwriter no longer exists and the sale of the PPI was prior to January 2005, then its game over.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.0
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