PPI Welcome Finance or the broker

[pressandgo]

Had loan from Welcome Finance with PPI obtained via a broker who insisted on PPI, for purchase of car. Loan paid off early. Made a claim, via FSCS route, which is being handled by Welcome !!! . Welcome sent letter back declining claim as they were not involved in original sale and if wish to complain need to address them to the broker. Had no real contact with FSCS as claims routed via Welcome

After some advisce please as best way forward. Surely as Welcome had the payments claim has to be against them. Not sure if anybody has been successful against a small broker.

pressandgo

[miliitant]

Re: PPI Welcome Finance or the broker

56 Antecedent negotiations.

(1)In this Act antecedent negotiations � means any negotiations with the debtor or hirer
(a)conducted by the creditor or owner in relation to the making of any regulated agreement, or
(b)conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

(c)conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement within section 12(b) or (c),
and negotiator � means the person by whom negotiations are so conducted with the debtor or hirer.

(2)Negotiations with the debtor in a case falling within subsection (1)(b) or (c) shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

(3)An agreement is void if, and to the extent that, it purports in relation to an actual or prospective regulated agreement

(a)to provide that a person acting as, or on behalf of, a negotiator is to be treated as the agent of the debtor or hirer, or

(b)to relieve a person from liability for acts or omissions of any person acting as, or on behalf of, a negotiator.

(4)For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

[pressandgo]

Re: PPI Welcome Finance or the broker

Thanks for prompt reply - read and re-read above and still not sure of the implications.

1b applies as does (2) - I had negotiations with the broker rather than Welcome (the creditor)

Unsure of meaning of 3 and 4. - does (3) (a) mean the broker is acting for me rather than Welcome , if so what are the implications,

Does 4 require me to deal in the first instance with the broker??

Sorry for so many questions but given history of Welcome and the debtor-btoker-creditor scenario feel I must get my facts 100% before contact.

[pressandgo]

Re: PPI Welcome Finance or the broker

other half tried to ring FSCS today to get an application form for claim - ignored the Welcome option - spoke to someone who could not send application out without name of broker. Will ring tomorrow with full info. Hope this is a step forward - ie the recognition of broker.

Will keep all posted.

[EXC]

Re: PPI Welcome Finance or the broker

56 Antecedent negotiations.

(1)In this Act antecedent negotiations � means any negotiations with the debtor or hirer
(a)conducted by the creditor or owner in relation to the making of any regulated agreement, or
(b)conducted by a credit-broker in relation to goods sold or proposed to be sold by the credit-broker to the creditor before forming the subject-matter of a debtor-creditor-supplier agreement within section 12(a), or

(c)conducted by the supplier in relation to a transaction financed or proposed to be financed by a debtor-creditor-supplier agreement within section 12(b) or (c),
and negotiator � means the person by whom negotiations are so conducted with the debtor or hirer.

(2)Negotiations with the debtor in a case falling within subsection (1)(b) or (c) shall be deemed to be conducted by the negotiator in the capacity of agent of the creditor as well as in his actual capacity.

(3)An agreement is void if, and to the extent that, it purports in relation to an actual or prospective regulated agreement

(a)to provide that a person acting as, or on behalf of, a negotiator is to be treated as the agent of the debtor or hirer, or

(b)to relieve a person from liability for acts or omissions of any person acting as, or on behalf of, a negotiator.

(4)For the purposes of this Act, antecedent negotiations shall be taken to begin when the negotiator and the debtor or hirer first enter into communication (including communication by advertisement), and to include any representations made by the negotiator to the debtor or hirer and any other dealings between them.

This won't assist as the Consumer Credit Act doesn't cover PPI or any insurance product regardless of whether it was attached to a product that does.

6. .....Insurance products are regulated under the Financial Services and Markets Act 2000 (FSMA) even if the linked credit agreement is regulated under the Consumer Credit Act 1974 (CCA) or is unregulated.

http://www.fsa.gov.uk/pubs/guidance/gc11_26.pdf

[pressandgo]

Re: PPI Welcome Finance or the broker

Going nowhere fast - rang FSCS with name of Broker - got contact ITC Compliance - rang them - claim did not control broker til 10/10/07, my loan taken out in Jan 07. Rang FSCS again (nightmare) eventually put thro' to a Deloitte person who said can't help suggest contact FOS.

Any advice.

Intend

[miliitant]

Re: PPI Welcome Finance or the broker

try direct group

http://www.google.co.uk/url?sa=t&rct...khQ3seun9KJFHQ

[EXC]

Re: PPI Welcome Finance or the broker

Or you could call the FOS and ask - they're usually very helpful http://www.financial-ombudsman.org.u...act/index.html

[pressandgo]

Re: PPI Welcome Finance or the broker

Miliitant - not sure how They can help??

Exc - will give it a go.

Thanks

[miliitant]

Re: PPI Welcome Finance or the broker

any insurance crap involved with welcome went through direct group in one way or another

it was a way of trying to hide a commission payment welcome paid itself via a welcome own company called

welcome elite brokers

[pressandgo]

Re: PPI Welcome Finance or the broker

Broker on documents is Best Car Credit UK.

Mliitant are you suggesting a straight claim for mis-sold PPI to Direct Group??

[miliitant]

Re: PPI Welcome Finance or the broker

Direct group held the policy documents as such as their was no underwriter.
Thats why norwich union (aviva) have no record of you

just contact direct group and mention welcome and ask if they have any details on you

DO YOU HAVE ANY CONTACT DETAILS ON THIS BEST CAR CREDIT UK

THEY ARE ELUSIVE

[pressandgo]

Re: PPI Welcome Finance or the broker

Not sure why you refer to norwich union - not in the trail as far as I am aware.

Got an address for Best Car Credit UK - Bishop Bridge Road Norwich NR1 4ES and phone number - rung late today just rang no pick up

How best to contact driect group??

[miliitant]

Re: PPI Welcome Finance or the broker

TO HAVE AN INSURANCE POLICY, YOU HAVE TO HAVE AN UNDERWRITER

NORWICH UNION JUST SOLD THE RIGHT TO USE THEIR NAME TO GIVE THESE POLICIES AN AIR OF Authenticity

ALL THIS INSURANCE CRAP WAS DONE IN HOUSE TO MAX OUT THE PROFIT MARGIN


http://www.google.co.uk/url?sa=t&rct...khQ3seun9KJFHQ

[pressandgo]

Re: PPI Welcome Finance or the broker

Just been reading Welcome policy schedule - and can see reference to both Direct Group and Norwich Union.

Question now is - "Is there scope to put in a claim against either of these.?"