Welcome Car Finance PPI Drama!!

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Afternoon Guys

I will try and keep this as short as possible!!

8/12/2004 I took out Car Finance with Welcome Car Finance for £7000 over 5 Years@ about £330 a Month(had horrible credit at the time) and It had PPi on it.

When I have approached Welcome Car Finance they have said that they didnt Sell me the PPI it was a Company call Guaranteed Car Finance who are No Longer Trading and they are not liable for it!!

When I go to The Website for Guaranteed Car finance there is a page there which has been inactive since 2016 however the Page is still there......but it seems they have changed their name to British Car Finance.com and there is a Mobile number there and also an Address which is residential!!-Now I am at a Loss Because this obviously is a loan shark!!I am not Sure what to do!!Any Advice Please!!

Comments

  • antrobus
    antrobus Posts: 17,386 Forumite
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    djamb wrote: »
    ...
    8/12/2004 I took out Car Finance with Welcome Car Finance for £7000 over 5 Years@ about £330 a Month(had horrible credit at the time) and It had PPi on it.

    When I have approached Welcome Car Finance they have said that they didnt Sell me the PPI it was a Company call Guaranteed Car Finance who are No Longer Trading and they are not liable for it!!

    This Guaranteed Car Finance would therefore have been a broker. Brokers were not regulated until January 2005.

    You have nowhere to go, Sorry about that.
  • dunstonh
    dunstonh Posts: 116,669 Forumite
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    When I have approached Welcome Car Finance they have said that they didnt Sell me the PPI it was a Company call Guaranteed Car Finance who are No Longer Trading and they are not liable for it!!

    There is nothing wrong with having PPI. So, the product provider doesnt carry the liability for the complaint. It is all about how it was sold to you. The seller carries the liability for the complaint. ie. the car dealer.
    When I go to The Website for Guaranteed Car finance there is a page there which has been inactive since 2016 however the Page is still there...

    According to the FCA register, this company were authorised for insurance salss bewteen 14th January 2005 and 30th December 2005.

    The companies house number on the FCA register doesnt exist. So, someone messed up there. Either a clerical error or a dodgy firm. However, the firm only lasted as a regulted company less than 12 months. So, take your pick.
    Now I am at a Loss Because this obviously is a loan shark!!I

    I doubt it because
    a) the company no longer exists (so "is" would be wrong)
    b) loan sharks didnt use Welcome Finance

    That car lot seems to have changed hands a lot. So, it looks more like a failed car dealer than anything else.
    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.
  • djamb
    djamb Posts: 5 Forumite
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    I have Had Gladstone Brooks Chase it and also another firm chase it and they both said togo tothe ombunsdman,The ombundsman said that I should approach the Broker hence why I went and looked them up and then found guaranteed car finance/british car finance-They also said to look into Excessive Commisson and an Established relationship between Welcome and Guaranteed Car finance-Im really at a loss because I paid over 20 Grand for a car that was financed for 7!!!
    I dont know if to persue it with british car finance or just leave it because its sounding very faffy now!
  • dunstonh
    dunstonh Posts: 116,669 Forumite
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    I have Had Gladstone Brooks Chase it and also another firm chase it and they both said togo tothe ombunsdman

    Stupid firms. You have no right of access to the FOS as the FOS will consider sales made before 14th Jan 2005 where the firm is no longer in business.
    The ombundsman said that I should approach the Broker hence why I went and looked them up and then found guaranteed car finance/british car finance-

    That is correct.
    I dont know if to persue it with british car finance or just leave it because its sounding very faffy now!

    The problem is that the broker, who carries the liability for the complaint, no longer exists. So, you cant complain to them. It was sold before regulation. So, you have no access to the FOS or the FSCS.
    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.
  • djamb
    djamb Posts: 5 Forumite
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    so basically cant get nothing back!!
  • -taff
    -taff Posts: 14,600 Forumite
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    exactly right.


    However, on the bright side, you won't be doing that again will you.
    Shampoo? No thanks, I'll have real poo...
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    djamb wrote: »
    so basically cant get nothing back!!
    The company who have liability for (possibly) mis-selling you PPI no longer exist. Your "complaint" pre-dates the regulation of general insurance sales (2005) and so there is no one to complain to.

    Do note that it is not wrong simply to have had insurance, if it was to be refunded you'd have to show it was mis-sold to you. Did you actually have any complaint reasons?
    djamb wrote: »
    Im really at a loss because I paid over 20 Grand for a car that was financed for 7!!!
    The interest rate you paid for the car is irrelevant to any PPI complaint and doesn't indicate that the (now failed) firm were "loan sharks" I'm afraid.


    One consolation is that at least you won't be paying Gladstone Brookes (or any other claim firm) a third of anything you may have won.
  • djamb
    djamb Posts: 5 Forumite
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    The PPi was Mis sold to me but I dont remember it been sold to me by Guaranteed Car Finance-Guaranteed car fuinance were the company who put me in touch with welcome and I dealt with welcome from then on!
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    djamb wrote: »
    The PPi was Mis sold to me but I dont remember it been sold to me
    Time to put this behind you.

    No refund will ever be forthcoming, I'm afraid.

    Sorry.
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