Welcome Finance PPI

mitch0057
mitch0057 Posts: 8 Forumite
edited 16 October 2018 at 6:57PM in Reclaim PPI & other insurance
Hi Folks,

I am new to this forum and not sure how it goes.

I had confirmation of PPI from Welcome Finance which required to be agreed with a six month time line, this was April 2017. I however didn't confirm this as I wanted to pursue other claims via their underwriters as my other claims related to pre 2000 loans. This is was a lengthy process and resulted in no one accepting liability, I then went back to Welcome Finance to accept their original offer only to be advised that the offer is no longer valid as it has exceeded the six month time line. Can anyone advise how I should approach this as following numerous communications with Welcome they have declined to reinstate the original offer of compensation.

Gordon
mitch0057
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  • dunstonh
    dunstonh Posts: 116,033
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    Can anyone advise how I should approach this as following numerous communications with Welcome they have declined to reinstate the original offer of compensation.

    If they have declined it is game over. It is their choice to waive it or not. They have told you that they are not waiving it.
    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.
  • antrobus
    antrobus Posts: 17,386 Forumite
    mitch0057 wrote: »
    Hi Folks,

    I am new to this forum and not sure how it goes.

    I had confirmation of PPI from Welcome Finance which required to be agreed with a six month time line, this was April 2017. I however didn't confirm this as I wanted to pursue other claims via their underwriters as my other claims related to pre 2000 loans. This is was a lengthy process and resulted in no one accepting liability, I then went back to Welcome Finance to accept their original offer only to be advised that the offer is no longer valid as it has exceeded the six month time line. Can anyone advise how I should approach this as following numerous communications with Welcome they have declined to reinstate the original offer of compensation.

    Gordon

    Welcome Finance (Welcome Financial Services Ltd, firm reference number 305742) is no longer trading and went out of business on 2nd March 2011.
    https://www.fscs.org.uk/what-we-cover/ppi/welcome-finance/

    Don't you mean FSCS?
  • mitch0057
    mitch0057 Posts: 8 Forumite
    edited 20 October 2018 at 3:16PM
    Thank you for your email to Welcome Finance.

    Your initial claim was received on 28/02/2017 and the final response issued 25/04/2017.

    Within your final response it would have stated that the offer expires six month after the dated letter and you will no longer be able to receive the compensation offered past this time.

    Based on this, our decision remains, however should you wish to sought any advice you have the right to do so.


    Regards

    Customer Relations
    Welcome Financial Services
    Tel: 0333 999 9510
    mitch0057
  • Sorry meant to say that may last post was the response I received from Welcome Finance today 17/10/18
    mitch0057
  • dunstonh
    dunstonh Posts: 116,033
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    Welcome is no longer trading but the company is still open.

    The FSCS is handling post regulation sales. Welcome will reject pre-regulation sales as pre-regulation. I'm guessing that is what the original rejection was from them.

    So, as a pre-regulation case, 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.
  • Hi,
    Welcome actually confirmed that PPI was applied to my loan and offered to compensate. Welcome sent me an offer letter advising that it was valid for six months, however as I was pursuing other underwriters in relation to other Welcome loans, I didn't accept within the six month timeline, Wlelcome are now advising that as I didn't accept within the six months then I am no longer entitled to this refund. How can they now refuse this ?
    mitch0057
  • dunstonh
    dunstonh Posts: 116,033
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    How can they now refuse this ?

    They offered you a resolution that was valid for 6 months. You didnt take them up on that offer and it expired.
    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.
  • Yes, I should have taken it straight away when they offered it in there letter dated April 2017 however I didn't until it had lapsed
    Can they legally hold this back from me when they have confirmed that I was actually due the compensation, surely if they confirm that PPI was wrongly applied and made an offer to compensate that this would still be the case rather than saying the offer was only valid for a six month period?
    mitch0057
  • dunstonh
    dunstonh Posts: 116,033
    Name Dropper First Anniversary Combo Breaker First Post
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    Can they legally hold this back from me when they have confirmed that I was actually due the compensation, surely if they confirm that PPI was wrongly applied and made an offer to compensate that this would still be the case rather than saying the offer was only valid for a six month period?

    Or they may have been offering a goodwill gesture with no admission of liability (a good many do it that way).

    They offered it to you. You rejected it. You had a chance to appeal the decision. You didn't. The offers are not kept open indefinitely.
    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.
  • amersall
    amersall Posts: 17,004
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    You could have accepted the offer, it would have made no difference to any other claims that you were doing.
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