Welcome Finance Claims
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In common with many other financial institutions Welcome Finance sold and mis-sold PPI alongside the loans it arranged for its clients over many years. However, it is no longer taking on new customers, though it is still servicing existing clients.
This unusual situation means that claims against Welcome may be investigated by one of three bodies, depending on when the policy was sold. Anything sold between October 2000 and February 26th 2003 will go to Aviva. Policies sold between February 27th 2003 and January 13th 2005 will be looked at by Welcome. Any policy sold later than that will be referred to the Financial Services Compensation Scheme (FSCS)
Welcome has been declared in default by the FSCS – effectively it has ceased trading and cannot afford to pay compensation on mis-sold policies so the FSCS has taken over responsibility for policies sold after January 14th 2005.
The FSCS is what is known as ‘a fund of last resort’ and can investigate any claim referred to it paying compensation if the policy is found to be mis-sold.
How was PPI mis-sold?
If you took out a loan, credit card or mortgage with Welcome Finance, it is likely you were mis-sold PPI if you experienced any of the following:
- you were pressured into buying PPI or told you must have PPI
- you were promised a cheaper rate if you bought PPI
- you were already covered by another policy
- you received full sick pay from your employer
- you were told your loan or credit application was more likely to be accepted if you bought PPI
- PPI was added without telling you
- you were advised to buy PPI that did not suit your circumstances or needs
- you were self-employed, unemployed or retired but advised to buy PPI
- you had a pre-existing medical condition at the time of buying PPI, which may have affected your ability to make an insurance claim
- you were advised that a pre-existing medical condition was included in your PPI policy (or advised that it wasn’t included)
- it was not made clear that you would pay interest on the PPI if it was added to your loan
- it was not made clear that the PPI would end before the loan or credit was repaid
- the amount of commission paid on the sale was not revealed at the time