Welcome Finance PPI.....Aaaaarrrrrhhh!!

iainb31

I wrote to Welcome Finance in February this year advising that I believed I was missold a PPI policy when I took a loan out with them back in 2002 as I was given the impression that I wouldn't be granted a loan without taking it out.

I received a letter from Welcome Finance in March this year stating that there was no proof of this and they were rejecting my claim. I subsequently received a letter on the 25th October of this year stating that they had re-evaluated my claim and were subsequently over-turning their original decision and wished to offer me full compensation + £100 for inconvenience caused.

I filled out the form and sent it back, they advised that it could take up to a max. 30 days for the money to be refunded into my bank account, we are now on day 43 and I'm no further forward, everytime I phone I keep getting told the same excuse, that there is a "computer glitch" and they've no idea how long it will take. I'm very much beginning to lose what patience I had with them, I get the distinct impression that they are fobbing me off for whatever reason. They've already lowered the payments on the balance of my loan after taking the PPI off so I cannot see why they cannot refund the money owed to me.

Beckyboo79

Hi all, i have never posted on here before so not sure if this is the right place, am after some advise

Have just been told by the financial ombusdman that my one claim i had tried to do, they cant help with as it was before the company were registered or something, anyway

I took out a loan with my ex partner in 2003, i believe we were mis sold the ppi, it was amde out that because our credit score was not brilliant, that we had to have it as we were risky. Also it was a joint loan but only my ex's name is on the policy.

I am going to try and claim it back. We split up jan 2007 and i have been paying it ever since.

Im not sure what to do, do i try to claim on the basis of my reasons above? Or try to cancel the insurance and get a refund as its in his name, hes not the one paying it?

I dont know what to do for the best, any advice or help would be very very grateful

Thanks in advance folks :undecided

hur575

Beckyboo79 wrote: »

Hi all, i have never posted on here before so not sure if this is the right place, am after some advise

Have just been told by the financial ombusdman that my one claim i had tried to do, they cant help with as it was before the company were registered or something, anyway

I took out a loan with my ex partner in 2003, i believe we were mis sold the ppi, it was amde out that because our credit score was not brilliant, that we had to have it as we were risky. Also it was a joint loan but only my ex's name is on the policy.

I am going to try and claim it back. We split up jan 2007 and i have been paying it ever since.

Im not sure what to do, do i try to claim on the basis of my reasons above? Or try to cancel the insurance and get a refund as its in his name, hes not the one paying it?

I dont know what to do for the best, any advice or help would be very very grateful

Thanks in advance folks :undecided

Sorry I can’t help but hopefully others will be able to, may be you should try posting in ppi section, some have won their ppi back and can offer advice.

Beckyboo79

Thank you, have done that now, see i am no good on these forums lol

tenmen

i have recently put a claim in for my misold ppi with welcome through a 3rd party company, the claim was successfull and they offered me 5600 pounds (original loan was only 7500!!) i have accepted this offer and sent the form back to welcome by recorded delivery, it states that when they recieve the form they will pay by bacs. their local office said i would be paid at end of week. this was 2 weeks ago, and their complaints dept just gives me the runaround and cant seem to give me or commit to a date when they will pay?! how long could this take and are there any guidelines?
please help!!

TonyB73

I took out a loan with "welcome" and was told at the time that if I took the PPI and Medcare I would be far more likely to have the loan approved. Obviously I only went to these guy's as a last resort, my financial situation didn't improve and over a period of time had to "refinance" the loan a couple of times every time a new PPI and medcare was added.

Have already had a chat with the FSO regarding the PPI, however wondered if because the original loan package was misold despite what welcome might try and say, as the later loans settled the previous ones could they be classed as unenforcable as the loan amounts were inaccurate having the old PPi's and medcare included

Any advice greatly appreciated

amersall

TonyB73 wrote: »

I took out a loan with "welcome" and was told at the time that if I took the PPI and Medcare I would be far more likely to have the loan approved. Obviously I only went to these guy's as a last resort, my financial situation didn't improve and over a period of time had to "refinance" the loan a couple of times every time a new PPI and medcare was added.

Have already had a chat with the FSO regarding the PPI, however wondered if because the original loan package was misold despite what welcome might try and say, as the later loans settled the previous ones could they be classed as unenforcable as the loan amounts were inaccurate having the old PPi's and medcare included

Any advice greatly appreciated

Hi there, you may find it hard to get unenforcability on the first loan as you took the ppi and when you reloan the ppi from the first loan (less the very small rebate they give you for early settlement) is put onto the next loan, that is how it works. You should be claiming back all loans that you got with the ppi on from welcome, and if i am correct the ppi is frontloaded so you will pay this over the term with interest, and does the ppi only cover you for a certain time, but the ppi is still on your loan?.

geduramah

Recieved a letter today from FSCS who are taking over PPI claims against WELCOME as they have been declaired in default. Welcome was not in a position to pay out any PPI claims and thats why they have been taken over.
I was considering making a PPI claim but never got round to it, but after recieving a straight forward app, I am going ahead with it.

I was misold PPI, the guy who sold me it reccomended it and despite me telling him that I had long term renal problems, he continued to sell me it.

I think my loan was about 1,500 and I was paying £210 monthly for over 2 years, when I called to ask for a settlement figure it was £1200!! At the end of the day I needed the cash, my credit score was pants and they got me out of a pickle at the time but they really do pray on the financially vulnerable!

Hanky_Panky

geduramah wrote: »

Recieved a letter today from FSCS who are taking over PPI claims against WELCOME as they have been declaired in default. Welcome was not in a position to pay out any PPI claims and thats why they have been taken over.
I was considering making a PPI claim but never got round to it, but after recieving a straight forward app, I am going ahead with it.

I was misold PPI, the guy who sold me it reccomended it and despite me telling him that I had long term renal problems, he continued to sell me it.

I think my loan was about 1,500 and I was paying £210 monthly for over 2 years, when I called to ask for a settlement figure it was £1200!! At the end of the day I needed the cash, my credit score was pants and they got me out of a pickle at the time but they really do pray on the financially vulnerable!

Ok so the above part emboldened will be excluded but what about all the other benefits - unemployment, other illness etc etc. Might want to give it a bit more thought first.

lro86

hi, i'm just knew here, but I have a PPI from welcome finance which we only knew it needed when you take a loan. the carloan already paid since last year September. Can someone their help and or guide me how to claim PPI.