Welcome finance PPI

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Stevieb160477
Stevieb160477 Posts: 12 Forumite
in Reclaim PPI & other insurance
Hi can anyone assist me (this is the first time I've posted a thread on here).
I had 3 loans with Welcome finance in 1999 (in my careless days). Since the issue with PPI mis-selling has come out I thought I would check and see if my Welcome Finance loans had this on them (as I would never agree to anything like that)
When I called Welcome Finance they confirmed that I had it on all 3 loans (not surprised as it wasn't the most professional company I've ever had to deal with).
Welcome advised I am unable to claim any PPI mis-sell through them as they weren't regulated by the FCA at that time.
I've since looked further in to this and discovered Lloyds of London were the underwriters at the time I took the loans out so I've contacted Lloyds who have said they will take my complaint however the likelihood is they will say as they didn't do the mis-sell its not something I can take further with them (even though they have benefited from this).
Can anyone advise me on any further steps I could take to recoup the mis-sold PPI as I was well and truly ripped off
Many thanks in advance

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  • -taff
    -taff Posts: 14,501 Forumite
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    There is nothing that you can do. They weren't regulated, your complaint is over.
    Shampoo? No thanks, I'll have real poo...
  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    The underwriters generally have no liability for a sale made by another company, they will probably reject your complaint soon as is their right. Your complaint will then be formally over.
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    In Welcome cases, there is a small window where the underwriter does take liability. From memory, its June 2003 to January 2005 (when regulation started). However, prior to that they dont.

    I have never seen any reference to Lloyds of London taking liability. They have to accept your complaint as they are required to do so. However, almost certainly the outcome will be that they were not involved. Aviva have the liability as underwriter for the 2003-2005. Aviva had liability as they were a member of the GISC. GISC started in 2001. Hence the window of 2001-2005 being relevant.
    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.
  • Stevieb160477
    Stevieb160477 Posts: 12 Forumite
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    Ok thanks for your response. Sounds like I've got no chance. Never mind thanks anyway it was worth a try
  • Nissenhut
    Nissenhut Posts: 3 Newbie
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    Not any use to you, but there is still hope for Welcome customers. I have just been informed that I'm being refunded over £8000 in PPI taken out in 2004 as a result of their skullduggery.

    I still owe on the loan, which was sold to a 'third party' (Coast Finance) a few months ago. Strangely, Welcome don't want to give me the 8 grand, they want to "take bacj my loan" and deduct it from the balance.

    Makes no odds to me really, but makes one wonder how legit this "sale" of loan accounts to the supposed "third party" really is.
  • [Deleted User]
    [Deleted User] Posts: 35,242 Forumite
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    It depends on the terms under which it was sold.
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    Not any use to you, but there is still hope for Welcome customers. I have just been informed that I'm being refunded over £8000 in PPI taken out in 2004 as a result of their skullduggery.

    2004 falls within the window where they will consider complaints.
    Strangely, Welcome don't want to give me the 8 grand, they want to "take bacj my loan" and deduct it from the balance.

    Where clawback exists, that method is quite commonly used.
    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.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    Nissenhut wrote: »
    makes one wonder how legit this "sale" of loan accounts to the supposed "third party" really is.
    It's common practice for such clawback rights to be part of the sale. The Debt Collection Agency will still share a proportion of the amount being offset against your PPI redress.
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