Welcome Finance PPI claims to go through FSCS

[di30]

It was confirmed on my e-mail news update that Welcome Financial Services are now in default.

This was send by media news update from the Financial Compensation Scheme (FSCS), so anyone who have been mis sold PPI from being sold this product from this broker/lender can apply through the FSCS.

To contact the FSCS for more details here.
http://www.fscs.org.uk/contact-us/

http://www.fscs.org.uk/news/2011/mar...cial-7pghpepm/


FSCS declares Welcome Financial Services Limited in default

2nd March 2011
Customers of Welcome Financial Services Limited (WFSL) may be entitled to receive compensation from the Financial Services Compensation Scheme (FSCS) in relation to advice on or the arranging of payment protection insurance (PPI) by the firm on or after 14 January 2005. The FSCS does not cover claims for compensation in relation to PPI business conducted prior to that date.
The FSCS has declared WFSL in default. This is because the firm is unable, or likely to be unable, to pay claims against it in relation to PPI. WFSL sold a substantial number of PPI policies to its customers, and a declaration of default opens the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim.
The FSCS will now be responsible for PPI claims against WFSL. To assist in its handling of claims, the FSCS has arranged to use WFSL’s claims handling resources. However, the FSCS will remain responsible for all decisions on claims, which will be made in accordance with FSCS rules, and will closely oversee and monitor all steps in the handling of claims. This arrangement will enable claims to be processed more quickly and efficiently.
How to make a claim for compensation

The FSCS will be making arrangements to contact all policyholders who were sold PPI by WFSL on or after 14 January 2005, and will work as quickly as possible to process any claims received.
If you do not want to wait for an application form to be sent to you, you should contact WFSL’s customer services team on 0845 373 0386 or write to them at Welcome Finance, P O Box 10950, Sandringham House, Harlow, CM20 9JF. Alternatively, you can contact the FSCS customer services team on 0800 678 1100 or 0207 741 4100 to ask for an application form to be sent to you to make a claim for compensation.
If you have previously submitted a complaint to WFSL relating to a PPI policy that was sold to you on or after 14 January 2005, and you are awaiting a response, you do not need to do anything more. We will send you an application form.
How long will claims take to process?

WFSL will work as quickly as possible to process claims for the FSCS. We will keep claimants informed of the progress of claims.

• More information about the FSCS
• When FSCS coverage began
• More information for levy payers

[jebedee]

Re: Welcome Finance in default/FSCS

Will the FSCS pay the fees of CMCs as well?

[pompeyfaith]

Re: Welcome Finance in default/FSCS

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

[di30]

Re: Welcome Finance in default/FSCS

One of my reclaims were dealt with by the FSCS in regards of a company Twopart/eloan that dissolved.
Its actually straight forward really, and if the company are already declared in default it should not take as long as when waiting for a firm to be confirmed in default.

[dogtired]

Re: Welcome Finance in default/FSCS

What happens if it was before this date, still awaiting FOS decision on this shower.
Actually "won" a claim but as they appeared not to take into account we had paid the over £7000 when we moved and added all the ridiculous charges

[di30]

Re: Welcome Finance in default/FSCS

What happens if it was before this date, still awaiting FOS decision on this shower.
Actually "won" a claim but as they appeared not to take into account we had paid the over £7000 when we moved and added all the ridiculous charges

Hiya
So you mean you have won the reclaim via Welcome Finance with the FOS?

I would in this case contact them, they will advise you on this, and may pass it on to the FSCS on your behalf.

Sorry if I have misunderstood.

[ncf355]

Re: Welcome Finance in default/FSCS

What happens with pre 05 welcome cases?

[di30]

Re: Welcome Finance in default/FSCS

I assumed if the business were governed by GISC, the same rules apply, as I understand that Welcome were regulated by GISC prior to the FSA taking over in Jan 2005, this one I would check with the FOS.

[ncf355]

Re: Welcome Finance in default/FSCS

Cheers Di

[mosten]

Re: Welcome Finance in default/FSCS

Couple of Questions

1) What if you have had an offer from welcome in last week or two,,?

2) What if the offer includes loans that were topped up since 2003 to current loan..? (Will this still stand?)

3) What is timescales like with these compared to normal..?

Thanks in advance

[di30]

Re: Welcome Finance in default/FSCS

Hi there

I am not sure on the fact if an there have already been an offer prior to them defaulting, but firstly in this case I would contact the business to make sure they are still going ahead with the offer settlement. Take it from there.
And the same on earlier loan offers.
However, the FOS should be able to confirm on these.

Basically the timescale is not thought to be as long as the FOS.

For example if a company are already in default it could be a matter of up to six months at the most.

With one of mine, in regarding another company that finally went into default, even though these dissolved, they were listed with the FSCS, but it was the year after they were confirmed in default by the FSCS, so mine did take over a year and a half.
So as said - companies already declared in default by the FSCS will not take as long.

[dogtired]

Re: Welcome Finance in default/FSCS

Thanks DI!
It had to happen! been over a year with FOS as we rejected the "offer" from Welcome due to the incompetence of the various offices we maintained that as there was no signed or properly executed documents they could not "re-write" this alleged account, (posted elsewhere on this and am waiting reply both from a pm to PPI tech and FOS)
XX
dogtired:beagle:

[TANZARELLI]

Re: Welcome Finance PPI claims to go through FSCS

Claims for PPI misselling against WFS prior to Jan 14th 2005 should still be put in via initial contact with WFS then via FOS.

[Paul210]

Re: Welcome Finance PPI claims to go through FSCS

Just spoke with FSCS, all complaints should still be lodged with Welcome first as they will conduct the investigation.

Also they have confirmed that the offset rule is now in play due to default declaration so can apply any award against any outstanding balance on any welcome account, not just any arrears balance which was the previous position with welcome.

[Gian80]

Re: Welcome Finance PPI claims to go through FSCS

Hi all,

I have just spoken to Welcome Finance and the FSCS and was told the same thing, that any settlement will be offset against any outstanding balance (even if it is not in arrears) and this can also be across accounts (i.e. any settlement in relation to closed accounts will be offset against any current outstanding balance).

When I put it to the FSCS that this flies in the face of how they have previously dealt with complaints the chap I spoke to said he was also surprised. He quoted a Q&A sheet they had been issued with regarding the WF runoff that stated under FSCS rules settlements for mis-sold PPI will be used to reduce any outstanding loan balance with any remaining amount being paid to the complainant. When I asked which rule this was specifically he was unable to advise me and suggested I send them an email which will be passed to their legal team!

I also asked him whether they would honour any offers of settlement that they have made prior to 1st March which he said they would. Therefore if WF have already made an offer of settlement to you this should still go through and the redress paid out as you have stipulated (i.e. in to a nominated bank account or by cheque).

I also asked about pre-2005 cases, I was told to submit LOC's to WF as you usually would and if they did not uphold the complaint you reserve the right to escalate the matter to FOS. Presumably cases that go to FOS and are upheld will not been used to offset against any outstanding balance?

In relation to post-2005 cases, this is clearly not an acceptable situation. An individual should have the freedom to choose how the redress is paid out as allowed under common law. I will be emailing the FSCS to ask why the scheme they are running in relation to WF cases is different to how they normally deal with cases.