Welcome PPI

[jaguarsuk]

I recently requested documents from Welcome as I had a loan back in 2004 with PPI, it was sold to me as I could only have the loan if I took it after me telling the woman I did not want it. I used to work in a bank and knew it was useless. Anyway I took it because I needed the loan to fend off some demands by DCAs.

They've sent what I asked and in a letter included the follwoing:

As you did not have an account open as of 6th April 2008, you cannot complain about an unfair relationship due to undisclosed commissions in line with the FCA Policy Statement PS17/3, issued in March 2017.

I have tried reading this Policy and I'm none the wiser for it. Basically I'm wondering if I can reclaim the PPI I have paid for?

Debt Camel could you perhaps advise. Any help from anyone who knows will be greatly appreciated.

[glaw1982]

Hiya.

Yes you can still make a complaint for miss sold PPI charged alongside your loan. If the complaint is defended by Welcome, they just won't consider a complaint for undisclosed commission (Plevin), but you will still be able to refer your complaint to the FOS.

There are certain dates attached to the Plevin ruling which require the PPI to still be in force after 6 April 2008 to be considered in scope. This is a separate issue to miss sold PPI complaints.

Hope this helps.

[jaguarsuk]

Great thanks for the explanation.

As I understand it I have to complain through the FCA for a welcome PPI Claim?

[glaw1982]

Hiya. You will need to complain to Welcome initially for the miss sold PPI complaint. If they don't uphold the complaint, you can then refer it to the Financial Ombudsman Service if you don't agree with their response.

FOS deal with individual complaints.
FCA is the regulator for financial organisations and set the policies for firms so they won't deal with individual complaints from consumers.

Once you get the final response from Welcome to your complaint, the letter should explain where you can escalate if you don't agree with their response (for upheld and rejected).

kind regards

[jaguarsuk]

Okay, sorry I meant the FSCS.

http://www.bbc.co.uk/news/business-12624895

i’ll complain to Welcome on Monday then!!

[glaw1982]

Ahhhhh apologies, you are correct if Welcome Finance are no longer trading, you can submit your complaint to FSCS :0)

[glaw1982]

Sorry just read a little more into this. FSCS only deal with policies sold after January 2005 and I noted after posting the last update that you purchased yours in 2004.

Had a look on the FSCS website which states:

"If your claim relates to a policy sold before 14 January 2005, you should contact the firm directly and it will process your claim. If you also have a claim relating to a policy sold by the firm on or after 14 January 2005, you will need to contact the FSCS customer services team on 0800 678 1100 or 0207 741 4100."

https://www.fscs.org.uk/what-we-cove...cial-hn0qripj/

Good luck!

[jaguarsuk]

Thanks for the update and all your help.

[Snoopdog88]

Thanks for the update and all your help.

Hi I successfully claimed my Welcome ppi back through the insurance underwriter for my old loans from 2001 if it helps paid without any issues in 4 weeks

[jaguarsuk]

Hi I successfully claimed my Welcome ppi back through the insurance underwriter for my old loans from 2001 if it helps paid without any issues in 4 weeks

Great news, thanks for this. With one thing and another I haven't actually sent them a claim letter yet, but have it down on my things to do today.

[Snoopdog88]

Great news, thanks for this. With one thing and another I haven't actually sent them a claim letter yet, but have it down on my things to do today.

yes I had put it off for years and to be honest it couldn't have been easier , even welcome gave me all my loan account numbers , amounts etc, dates to pass across , I did have them all but saved me a job

[jaguarsuk]

Do you know whom the Underwriter was off hand?

[jaguarsuk]

And do you have a redacted version of the letter you sent I can use as a template Snoopdog88 ?

[Snoopdog88]

And do you have a redacted version of the letter you sent I can use as a template Snoopdog88 ?

Aviva is the underwriter for mine in the year 2001 ( I had the original paperwork), I did not really use a letter I just sent an email and explained I had PPI on these loans giving dates and amounts and the reason it was missold to me was as follows e.g I was told I had to take it out for the loan to be approved, 2. I had full in work benefits which would of paid out in the event of sickness anyway, 3. I was pregnant at the time and the pregnancy sickness I had been suffering from would have been excluded anyway which the man at Welcome said it would be covered.

[jaguarsuk]

Aviva is the underwriter for mine in the year 2001 ( I had the original paperwork), I did not really use a letter I just sent an email and explained I had PPI on these loans giving dates and amounts and the reason it was missold to me was as follows e.g I was told I had to take it out for the loan to be approved, 2. I had full in work benefits which would of paid out in the event of sickness anyway, 3. I was pregnant at the time and the pregnancy sickness I had been suffering from would have been excluded anyway which the man at Welcome said it would be covered.

Thanks for the reply, this is helpful as 1 is exactly what happened to me and as a permanent employee of a bank at the time 2 is the same for me.
I'm a man so 3 would be a leap