Is Welcome Finance going bust?

fairmorn308

I have a loan with welcome that ends this month which was for £2500 and i still have a car loan with them which was for £4500. can i claim for them both end if one isnt finished?

also whats the process i go through to making a claim

thank you

rainbow_brite_3

Hi, i'm new here!
I was just wondering if anyone has heard or been able to speak to someone from Welcome car finance?
I was last in contact in August 2010, and haven't been able to get though since.
I have ppi with them, wasn't aware of it, unless it was due to checking out the small print.
I'm also trying to get through to check my balance, my husband wants to stop payments and wait for them to contact us, but then they'll slap horendous charges on our balance.

Has anyone else got any light on the subject?
Thanks!!!

tiggrae

rainbow_brite wrote: »

Hi, i'm new here!
I was just wondering if anyone has heard or been able to speak to someone from Welcome car finance?
I was last in contact in August 2010, and haven't been able to get though since.
I have ppi with them, wasn't aware of it, unless it was due to checking out the small print.
I'm also trying to get through to check my balance, my husband wants to stop payments and wait for them to contact us, but then they'll slap horendous charges on our balance.

Has anyone else got any light on the subject?
Thanks!!!

I know they're understaffed and difficult to get hold of, I'd write to them - have they come back to you to fill in a PPI questionnaire?

rainbow_brite_3

Hi!
Thanks for your reply,
I have the last letter they sent out to me with the address on it, but have found two other websites belonging to them and they all have a different address!
I'm guessing i write to all 3 and send them recorded so i have proof they've signed for it?
I haven't seen a PPI questionare?I've have found a letter to draft from a ppi help website, which helps you how to reclaim.
That's if i can get through to them though lol!!

amersall

fairmorn308 wrote: »

I have a loan with welcome that ends this month which was for £2500 and i still have a car loan with them which was for £4500. can i claim for them both end if one isnt finished?

also whats the process i go through to making a claim

thank you

Hi there, yes you can claim both, look here for reasons and all th einfo you need to make a claim.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
If you need any help just shout.

leegplayer

Just had a phone call today from one of the firms that want to reclaim the PPI for you. They told me that Welcome Finance has gone into liquidation and the PPI claims are in the hands of one of the financial bodies, can't remember which one exactly.

Alpine_Star

Welcome Finance have not gone onto liquidation.

''The restructuring returns Cattles and 19 subsidiaries to solvency. The restructuring includes four schemes of arrangement, which have been sanctioned by the High Court of Justice of England and Wales, a ground-breaking mechanism for the payment of certain liabilities in relation to payment protection insurance and an innovative pensions restructuring.''

''Further, the restructuring will permit Welcome Financial Services Limited (WFSL), operating under the brand names "Welcome Finance" and "Shopacheck", to continue to collect out its outstanding loans to its customers. Welcome Finance has approximately 400,000 loans outstanding and operates out of 122 branches. Shopacheck has approximately 225,000 customers and operates out of 71 branches.''


Media releases / News - Freshfields Bruckhaus Deringer LLP

amersall

leegplayer wrote: »

Just had a phone call today from one of the firms that want to reclaim the PPI for you. They told me that Welcome Finance has gone into liquidation and the PPI claims are in the hands of one of the financial bodies, can't remember which one exactly.

If you want to make a claim for mis sell do not use a company, if you use a company (and all they will do is what you can do) they will take upwards of 25% plus vat and this is on the whole ppi amount and not just the cash you get back.
If your loan was after 14th january 05 then the fscs will be getting in touch with you.If it was before this date, then you may be able to go after the insurer,as they may have been under fos jurisdiction.


The FSCS will be making arrangements to contact all policyholders who were sold PPI by WFSL on or after 14 January 2005, and will work as quickly as possible to process any claims received.
If you were sold ppi before this date then you could try going through the insurer as they may have been under fos jurisdiction.

xxlaurissaxx

Hi my friend took out a loan on 2005 and car finance in 2001. Can she send both claims in to the FSCS or just the loan one? Also, where should she send the car finace one to? as she has had charges and PPI on both accounts so would like to reclaim these back.

Thanks
xxlaurissaxx

amersall

xxlaurissaxx wrote: »

Hi my friend took out a loan on 2005 and car finance in 2001. Can she send both claims in to the FSCS or just the loan one? Also, where should she send the car finace one to? as she has had charges and PPI on both accounts so would like to reclaim these back.

Thanks
xxlaurissaxx

If these are with welcome, as i said in post above they will contact you for the 2005 loan (if it is after the dates they said in 05. As for the car finance, you may be able to go after the insurer, as they maybe under fos jurisdiction.