Good evening!
In 2005 I stupidly took out a car loan with Welcome Finance. PPI was added to the loan without being told that it was optional. When I read the documents at home a few weeks later, I noticed that PPI was on there, along with a couple of other 'optional insurances' that I had not been told about. I immediately rang WF and said that I did not ask for these and wanted them removed as they were going to cost a fortune. I was told that I had gone over the cancelation period (30 days I think) so therefore could not remove them. I was furious and had several conversations with them but they refused to remove them.
About a year ago, I was sent a claim form from the Financial Services Compensation Scheme or Welcome Finance asking if I needed to claim for mis sold PPI. I of course did, and sent off the form to them. I expalined that it was mis sold to me as I was not told about the insurance and only noticed it when reading paperwork weeks later. I also explained that at the time I took out the loan, I worked for a well known insurance compancy, and had done so for over 5 years. As part of my package, I would have received 4 times my annual salary if I had died, and received 6 months full sick pay if I had to go off sick. I therefore did not need the PPI cover and I explained to the FSCS that I would not have taken it out if it had been offered to me.
However, I was told by the Financial Services Compensation Scheme that my claim was rejected 'on the basis that the responses provided to question D2 of the application form indicate that your employment placed you in a position where you could reasonably have been expected to make an informed decision before making the purchase of PPI. We do not therefore accept your submissions of mis-selling in this instance.'
I agree that I would have been able to make an informed decision IF the insurance had been offered to me, but it was not offered, and simply included automatically.
I would like to hear how you feel about this as I am so annoyed about this. Their decision is supposed to be final, although they have said I can complain.
Am I right in thinking that just because I worked in the financial insustry, it was ok to mis sell to me?! If anyone else has had a similar response, because it can't just be me that worked in the financial industry and has tried to claim PPI, I would love to hear from you. Or if you have any advice, I would be really grateful
Thanks
In 2005 I stupidly took out a car loan with Welcome Finance. PPI was added to the loan without being told that it was optional. When I read the documents at home a few weeks later, I noticed that PPI was on there, along with a couple of other 'optional insurances' that I had not been told about. I immediately rang WF and said that I did not ask for these and wanted them removed as they were going to cost a fortune. I was told that I had gone over the cancelation period (30 days I think) so therefore could not remove them. I was furious and had several conversations with them but they refused to remove them.
About a year ago, I was sent a claim form from the Financial Services Compensation Scheme or Welcome Finance asking if I needed to claim for mis sold PPI. I of course did, and sent off the form to them. I expalined that it was mis sold to me as I was not told about the insurance and only noticed it when reading paperwork weeks later. I also explained that at the time I took out the loan, I worked for a well known insurance compancy, and had done so for over 5 years. As part of my package, I would have received 4 times my annual salary if I had died, and received 6 months full sick pay if I had to go off sick. I therefore did not need the PPI cover and I explained to the FSCS that I would not have taken it out if it had been offered to me.
However, I was told by the Financial Services Compensation Scheme that my claim was rejected 'on the basis that the responses provided to question D2 of the application form indicate that your employment placed you in a position where you could reasonably have been expected to make an informed decision before making the purchase of PPI. We do not therefore accept your submissions of mis-selling in this instance.'
I agree that I would have been able to make an informed decision IF the insurance had been offered to me, but it was not offered, and simply included automatically.
I would like to hear how you feel about this as I am so annoyed about this. Their decision is supposed to be final, although they have said I can complain.
Am I right in thinking that just because I worked in the financial insustry, it was ok to mis sell to me?! If anyone else has had a similar response, because it can't just be me that worked in the financial industry and has tried to claim PPI, I would love to hear from you. Or if you have any advice, I would be really grateful
Thanks