welcome finance ppi help please

2

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  • dunstonh wrote: »
    Norton Finance are not an underwriter. They were a broker.

    That was who Welcome told me to contact.
  • antrobus
    antrobus Posts: 17,386 Forumite
    That was who Welcome told me to contact.

    Presumably that means that they were the broker that sold you the loan and PPI bundle.
  • dunstonh
    dunstonh Posts: 115,904
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    That was who Welcome told me to contact.

    The underwriter would be an insurance company. So maybe terminology got mixed up.
    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.
  • Hi everyone, first post have used the site in reference for many years though.
    Can someone explain the reason that Welcome and others can refuse to even look at agreements pre 2003.
    I understand that they were not part of the FSA, so does this mean they are simply not obliged to investigate ?
  • dunstonh
    dunstonh Posts: 115,904
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    Can someone explain the reason that Welcome and others can refuse to even look at agreements pre 2003.

    its actually pre 14th January 2005. That is the day insurance became regulated by the FCA. Firms that were members of an earlier body have to consider sales prior to that date. This is where banks get caught and have to go back in time. However, car dealers, financial advisers, accountants, brokers, mortgage advisers etc were usually not members of an earlier body. So, they dont have to consider pre Jan 2005 sales.
    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.
  • jellie
    jellie Posts: 882
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    dunstonh wrote: »
    its actually pre 14th January 2005. That is the day insurance became regulated by the FCA. Firms that were members of an earlier body have to consider sales prior to that date. This is where banks get caught and have to go back in time. However, car dealers, financial advisers, accountants, brokers, mortgage advisers etc were usually not members of an earlier body. So, they dont have to consider pre Jan 2005 sales.

    Welcome were members of GISC from Feb 2003.
  • The reason I ask is..I had 2 loans from WFS in 1999 & 2000, usual front loading of PPI, communication back from WFS refusing to investigate pre 2003....however.
    in 2012 I had an on going issue where WFS were reporting incorrectly on my credit file - I involved the ICO and in 2014 took them to court and successfully claimed "damages" for Data Protection infringements.
    During this process WFS wrote to the court describing how the loans and agreements had been set up, insurance added with terms and details.
    My point is WFS refuse to investigate because the agreements are pre 2003, but do they need to investigate, I have all the information from 2014 on a signed letter.
    ...Or will they still say we were not regulated speak to the underwriters !
  • dunstonh
    dunstonh Posts: 115,904
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    My point is WFS refuse to investigate because the agreements are pre 2003, but do they need to investigate, I have all the information from 2014 on a signed letter.

    Why do you believe they need to investigate?

    Normally its January 2005 unless the firm was a member of an earlier body, such as the GISC. As Jellie mentions, Welcome were members of the GISC from Feb 2003.

    So, they do not need to consider complaints about sales on insurance made prior to that date.
    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.
  • Hi Joseph,
    Did you manage to get any joy with this after all ?
    I'm about to post a similar request as I'm in the same boat as you and struggling to find out who the underwriters were.
    Cheers,
    Lee.
  • Marco01
    Marco01 Posts: 2 Newbie
    Hi
    Today I received a personal loan statement from Welcome regarding a personal loan I took out with them in May 06.
    It was sent to an old address I haven't lived at for about 8 years and only got to me because the postman knows me.
    Now I must have defaulted on this loan many years ago and forgot all about it ( I know stupid) my question is can I put in a ppi claim even though it wasn't paid off? ( I remember being told at the time that I needed to take out insurances to be legible for the loan).
    If I am owed any money will they offset it against the arrears?
    The original loan was for £2500 over 36 months the balance on the statement is £4905.44
    I have no other paperwork apart from this statement!
    Any advice would be greatly appreciated.
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