Unfortunately the digital process will not work with Javascript disabled. You can find out more on how to enable javascript by clicking here.

PPI CLAIMS DEADLINE
29th Aug 2019

Welcome Finance PPI Claim

welcome-finance-ppi-claim
Did Welcome Finance Sell You PPI?

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.

IMPORTANT NOTICE!

WE ARE NO LONGER ACCEPTING NEW PPI CLAIMS!

Due to the proximity of the PPI deadline, we are no longer accepting any new PPI claims to allow us to process existing PPI Claim enquiries

Please be assured, if you have already enquired about a PPI Claim with Money Management Team Limited we are processing your enquiry and will update you as your claim progresses. If you need an update in the meantime, please contact us.

You can pursue your own claim direct to the firm to obtain a refund. You can do this for yourself at no cost and then use the Financial Ombudsman Service or Financial Services Compensation Scheme (FSCS) which are both FREE.

Dont Miss the 29th Aug 2019 PPI Deadline!

£Millions Remain Unclaimed!

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.

Welcome Finance PPI Calculator

PPI Calculator Assumptions

PPI Claims FAQ's

Read our frequently asked PPI Claims related questions and complete the Free PPI check** form above to start the process

What is PPI?

PPI stands for Payment Protection Insurance. It is a financial product designed to cover repayments on loans, mortgages and credit cards which you may not be able to meet if you find yourself out of work due to illness, redundancy or other reason.

Having PPI cover would mean that if you fell ill, became unemployed, or found yourself in a situation which meant you were not earning money, your repayments would be covered.
PPI also went by many other names, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).
These insurance policies were often sold alongside loans, mortgages and credit cards

How was PPI Missold ?

Many sales staff at banks and other financial companies were under heavy pressure to meet certain targets each day in the 1990s. Encouraged to sell PPI wherever possible – due to its strong profitability – many of them sold PPI incorrectly, going against the industry regulations in order to reach their targets.

PPI was mis-sold in many different ways, with some of the most common being:

  1. The bank telling you that it was compulsory.
    Customers were sometimes told by the banks and lenders that PPI cover was necessary in order to receive the loan they were applying for. Sellers would either not mention it was an optional extra, or imply that those in charge of deciding whether you would receive your loan would be more likely to accept your application if you took out PPI cover.

  2. You received it without asking for it, or without knowing you were having it. You might not have discussed PPI properly with the seller, yet they subtly added it to the loan documents without you asking to have it.

  3. It was sold to you for an expensive price
    If PPI was sold to you at a high price, then you may have barely gained any money if you ever ended up claiming on it, even if you were eligible for the maximum payout. Because the policy would not actually benefit you properly, it can count as being mis-sold.

  4. It was unsuitable for you to have it
    Some people had no need for PPI cover. They were either fully covered anyway by another policy, or their personal situation made it impossible for them to ever claim on it, such as having a pre-existing medical condition, for example. You may have reached retirement age during the policy’s timeframe, for example, making the PPI mis-sold.

How do I know if I’ve had PPI

Your statements or other relevant documents should have PPI listed on them, potentially under other names such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

How do I check and spot PPI payments?

For PPI on loans or mortgages, you will probably be able to find signs of PPI payments on your original agreement. For PPI on credit cards, it should show up on your statements. Generally it would have been charged monthly.

Remember to check for the different names PPI was sometimes called on your documents, such as: ASU insurance (Accident, Sickness and Unemployment), Life & ASU insurance (Life & Accident, Sickness and Unemployment cover), PLP (Personal Loan Protection), CCRP (Credit Card Repayment Protection) and MPPI (Mortgage Payment Protection Insurance).

Why should I make a claim?

The Financial Conduct Authority (FCA) – formerly the Financial Services Authority – discovered that PPI had been mis-sold by many banks and lenders across the UK on a major scale.

There were 20 million PPI policies in the UK by mid-2008, with an estimated seven million added to credit agreements annually. Based on this, PPI may have been mis-sold to more than 70 per cent of the UK, with potentially more than 40 per cent of policyholders not even knowing it was attached to their loan, mortgage or credit card.

Considering this, it is reasonably possible that if you took out credit in some form during the last few decades then you may well have been mis-sold PPI on it, or been charged an unfairly high amount of commission on it, and therefore you may be entitled to compensation.

Additionally, many cases which have been rejected by lenders later go on to be overturned by the Financial Ombudsman Service (FOS).

Can I make a PPI claim myself?

While you have every right to deal with your claim yourself, some people may feel like they don’t have the spare time or patience to do this. PPI claims involve completing questionnaires, chasing up banks, and can take various different routes.

Using a claims management company means they can use their knowledge and experience to guide you through the claims process.

How far back can your PPI claim be dated?

PPI is known to have been mis-sold from as far back as 1988 up until 2014 in some cases.

How Far Back Can I Claim PPI?

How much could I get back?

If your PPI was mis-sold, the amount of compensation paid out is generally your PPI premiums plus gross interest at 8 percent. If you paid more interest on your loan, mortgage, credit card or other product as a result of having PPI, then you may receive more compensation.

What happens if I’ve missed repayments?

Should you have missed any payments on the loan, credit card or mortgage which you are claiming for, any compensation you receive would be used first to clear any arrears, before the any payment is made to you.

The Financial Ombudsman Service (FOS) offers a free and impartial advice service for consumers, and we recommend that you speak to them or to a specialist debt advisor about your financial situation.

Can I still make a claim even if my PPI policy has expired?

Yes. No matter when the policy expired, provided the PPI was mis-sold, you are entitled to make a claim.

What if I don’t have any paperwork?

Financial companies must keep records of all their customer’s transactions and dealings for the past 6 or more years, so they may still have your records for you. If you paid off your loan more than 6 years ago, there may not be any available records. However, there have been cases in which claims have been made against cases of mis-selling over 20 years ago, often without paperwork.

How long do PPI claims take to process?

Our average timeframe is between 8-16 weeks from the date of the lender’s acknowledgement to a decision being made.

Should your claim be rejected and you then appeal to the Ombudsman, you can expect to wait several months longer. However, many claims that are rejected initially go on to be overturned by the Ombudsman so it is generally worth the wait.

The more details you can recall about your agreement, the more likely it will be that your lender can locate and verify you against their systems. This can help avoid requests for further information which can delay a decision being made.

I am currently in a Debt Management Plan Can I still claim?

YES

Being in a debt management plan (DMP) does not have any effect on your right to make a claim. However, your own situation may differ, depending on your agreement with the debt management company you should be aware of the following:

  1. You may be required to let your debt management company know that you plan to claim, as well as informing them about any subsequent compensation.
  2. If the loan, credit card, mortgage, overdraft or other account you are complaining about was included in the DMP, your lender may automatically deduct some or all of the compensation and pay it to your debt management company.
  3. If it was not included, then it is possible that you might still be required to make a payment to the debt management company.
  4. It is possible that you may not end up with any money left over after paying back your DMP, however you will still have benefited from making the claim because your outstanding debt will have been reduced.

I have an IVA or have been declared bankrupt, can I still claim?

If you are going through or have recently been through an IVA or bankruptcy, you must speak to your insolvency practitioner or debt adviser before making a claim.

What if the finance company no longer exists?

If your PPI policy was taken out after 14th January 2005 your claim can be taken to the Financial Services Compensation Scheme (FSCS). The FSCS is the UK’s compensation fund of last resort. They may pay compensation if a firm is unable, or likely to be unable, to pay claims against it. This usually takes place when the original lender either no longer exists or is bankrupt.

How will this affect my relationship with the lender?

A claim should not affect your relationship with the lender, because it is the lender’s duty as part of the FCAs “Treating Customers Fairly” (TCF) initiative to ensure that all customers are treated fairly.

The FCA are very serious about this being carried out, saying: “TCF remains a vital part of our supervisory approach and as such, it has been fully integrated into our core supervisory work. This will help to safeguard the legacy of the significant effort made by the FCA and by firms on their TCF programmes, in terms of improved outcomes for consumers. Where we find failings, we will use our full range of regulatory powers to take action.”

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.

What are High Commission Levels?

Insurance providers paid banks and other lenders a commission for every PPI policy sold. The greater the number of policies sold, the more commission that is earned by the seller.

High-levels of commission is when you, the customer, has paid more than half of what you’ve paid for the PPI policy.

The FCA introduced new rules in March 2017 after a Supreme Court ruling in the case of Plevin v Paragon Personal Finance March 2017, which outlines how PPI commission complaints are to be dealt with.

The rule states that if the commission is over 50% of the price of the PPI, the claimant is entitled to the difference back plus interest.

Since the Plevin case, customers could complain about the level of commission paid for, that was not previously disclosed when the policy was sold to them. If the commission was high you may be entitled to compensation regardless of if you were mis-sold the PPI or not.

However, another case, Doran v Paragon Personal Finance June 2018, was decided by a District Judge in a County Court. He awarded the claimants all their high commission payments back plus interest.

The case of Doran does not set a precedent, like Plevin case does, as it was decided in a lower court and may yet be appealed by Paragon Personal Finance.

Customers who have already been successful in their claims for mis-selling cannot claim under the Plevin rules. This will still apply after the recent Doran case. Lenders will only consider claims for undisclosed commission if the customer has been rejected for a mis-sale.

If you feel that you have paid high commission for a PPI policy, you may be entitled to compensation, please complete our online PPI High Commission Check Form.

How Can the Plevin Ruling Affect my Case?

If you’ve already claimed and received a pay out, you cannot claim again.

However, if you had PPI in the past you may not have been mis-sold the policy, but you may still be due a pay-out. Banks now need to take into consideration the Plevin rules which means a previously rejected claim could be successful.

If your mis-sold PPI claim was previously rejected, you may be able to complain about the commission if:

  • The PPI policy was sold with the credit arrangement on or after 6 April 2007;
  • The PPI policy was sold with the credit arrangement before 6 April 2007 and was still running on or after 6 April 2008;
  • 50% or more of your PPI premium was pure commission for the lender which was unknown to you. The extra paid may be refunded to you.

Claim Back Mis Sold PPI on Loans, Credit Cards & Mortgages

Complete our simple enquiry form and Start your Claim with a FREE PPI Check**.

Don't Miss the PPI Deadline £Billions Remain Unclaimed! No Cold Calling Guarantee Find out if you have a valid PPI Claim

START YOUR PPI CHECK TODAY

Next of Kin Mis-sold PPI Claims

An area of mis-sold PPI that is often overlooked because many people do not know about it is claiming on behalf of a deceased spouse or other family member who has passed away. For example, if you knew your spouse was paying for PPI before they passed away and you have concerns if it was mis-sold, you should find out as you may be entitled to claim it back.

Each month a sum of money was paid for a PPI policy that covered the policyholder should they repayments become unaffordable because of illness, accident, redundancy or death.

The PPI policy would have been sold by a bank, building society or other financial provider such as an insurance company or broker.

There have been many cases of banks, lenders and other providers selling PPI to customers who would never be able to claim on it.

The are several situations that could apply to your spouse or family member that would make them ineligible for PPI. These include:

  • Having a pre-existing medical condition or if someone was;
  • Being self-employed or retired at the time of taking out the cover;
  • Public sector workers, civil service workers and those in other similar employment may have protection through their employment contracts, so did not require PPI;
  • Some customers were not aware that they had PPI as it was added on with their consent or knowledge;
  • Customers being led to believe the PPI cover was compulsory when it was optional, indicating that they didn't understand what the cover was for.

If you, as an executor, personal representative, or next of kin know or suspect that any of the above situations applied to your late spouse or family member, look further into it as there is a strong possibility that the PPI was mis-sold.

Here's what you need to do:

  1. Establish if your spouse or family member was paying for PPI on a credit card, loan or mortgage.
  2. Try and work out if the PPI was mis-sold based on the situations described above.
  3. Decide how you want to pursue the claim: yourself or by using PPIClaims.co.uk. By using PPIClaims.co.uk we do all the hard work, so you don't have to.

If you think there may be PPI on any loans or credit agreements that were take out by a deceased spouse or family member it is worth getting a FREE PPI check done to know for sure.

How Much Could I Claim Back From Welcome Finance?

There are several factors that will determine how much compensation you can claim.

It can depend on the number of accounts you have. If you have more than one account which has had PPI added to it, you will have made more than one payment for PPI each month. Together these amounts will be the basis for what you may be entitled to receive.

If you have had several different credit card accounts, these may have had PPI policies attached to them with the monthly premiums being calculated as a percentage of the amount outstanding.

You may be able to claim a substantial amount in PPI compensation, especially if your credit card balance was close to the limit.

How Long Do I Have to Lodge my Mis-selling Claim With Welcome Finance?

The FCA has set a deadline of 29 August 2019 for all mis-sold PPI claims to be submitted by.

If you do not put your claim in before this time you will not be able to claim.

You can submit a claim directly to the lender yourself for no charge. You can also approach the Financial Ombudsman Service and Financial Services Compensation Scheme for free to review your case, providing it falls within their remit and you have approached your lender first.