Much like the majority of lenders, Welcome Finance sold PPI alongside their loans. The issue with Welcome Finance, and where it differs from the other major lenders, is that the company has since gone out of business.
Before the company went out of business, it set aside a substantial sum to pay compensation, however this money has since run out. Anyone who wants to make a claim against Welcome Finance will have to refer their claim to Financial Services Compensation Scheme (FSCS).
The scheme is a government ‘fund of last resort’ who are tasked with paying compensation on behalf of the companies that are now unable to do so.
However, there is a strict time limit on what cases are acceptable. The FSCS was set up in January 2005 at the same time as the Financial Ombudsman Service (FOS) and cannot pass judgement on any sales that took place before this date. Even if a borrower were to be able to prove they’d been mis-sold PPI, the FSCS is unable to award compensation.
Grounds on which PPI may have been mis-sold by Welcome Finance
There are several ways in which Welcome Finance PPI was mis-sold. Lots of people took out PPI cover with their loans believing that it boosted their likelihood of being accepted, or that the policy was a necessity. However, there are many other ways it may have been mis-sold:
- Were you aware that Welcome Finance had added the PPI insurance to your loan?
- If you had no idea you had it, you may have been mis-sold.
- At the time Welcome Finance sold you loan PPI, were you unemployed, retired or a student?
- If so, you may never have been able to claim on the policy, so it could have been mis-sold.
- If the policy costs weren’t listed separately by Welcome Finance to the loan advance, you may have been mis-sold.
- Welcome Finance was required to list the costs separately.
- Was any information provided by Welcome Finance about alternative policies?
- If not, then you may have been mis-sold, because there may have been cheaper and alternative cover elsewhere.
- Were you informed by Welcome Finance about any exclusions?
- For example, if you had any pre-existing medical conditions, the cover may have been voided, therefore you could be classed as being mis-sold.
- Loan PPI is an optional product so not compulsory, did Welcome Finance make this clear?
- If Welcome Finance told you it was required in order to secure the loan, or you felt pressured in any way to taking out loan PPI, you might have been mis-sold.
- Were any checks done by Welcome Finance to determine if you had any existing PPI policies?
- If not, you may already have been fully covered, so were mis-sold if they failed to check.
- Did Welcome Finance check if your employer provides full sick pay?
- If no checks were done and you are entitled to full sick pay, your loan payments would have been covered rendering the loan PPI unnecessary.
- When discussing your Welcome Finance loan application, did you feel pressurised into buying PPI?
- When taking out PPI Welcome Finance should have made sure you were happy with the deal, instead of having it forced on you. If any pressure was placed on you to take out a policy you didn't require, you may have been mis-sold loan PPI.
PPI Claims FAQ's
Read our frequently asked PPI Claims related questions and complete the Free PPI check** form above to start the process
Reclaiming Welcome Finance PPI
Start by finding your paperwork with evidence of mis-sold PPI. You will need this to make a claim. If you no longer have the paperwork, don’t worry – at PPIClaims.com we can find out if you bought PPI on any previous products or accounts.
If you notice that your account had PPI attached to it, think back to when it was sold to you. Can you remember when or why you agreed to it? Were you informed that it would be added?
If you can’t remember please don't worry, we can check if you had PPI with Welcome Finance for free.
Start Your Welcome Finance PPI Claim?
We’d like to discuss the details of your case with you, so your complaint can be lodged with Welcome Finance as quickly as possible.
Before proceeding with a mis-sold PPI claim with Welcome Finance we first need to establish details of the PPI policy you held with them and offer a FREE PPI Check** service for this part of the claim process.
Starting your FREE PPI Check is easy:
Complete our FREE PPI check form to start the process.
What If My PPI Claim Has Already Been Rejected by Welcome Finance?
If you have raised a previous PPI complaint with Welcome Finance which was not upheld, and you wish to raise a further complaint relating only to the commission charged under the Plevin ruling on your PPI policy, please complete our online PPI High Commission refund form.