Have you had a loan or credit card with Welcome Finance?
Did you have Payment Protection Insurance PPI included?
If so do you feel the policy was mis-sold to you?
Contact us on 01202 835111 to discuss how we can help you to reclaim your mis-sold PPI. Alternatively you can click on the link below to fill in an online application and one of our staff will contact you shortly.Claim your mis-sold Welcome Finance services here today
Welcome Finance also known as WFS and Welcome Loans was one of the largest lenders for those with bad credit ratings and generally the sub-prime market. In 2009 they did not lend to new customers, the existing customers with loans and credit cards many of which had PPI attached to them have come forward to complain about the mis-sold PPI policies. Since going into administration PPI claims have been applied for through the FSCS. Petitions Direct will be able to assist you through the process in claiming mis-sold PPI as long as the policy was taken out after the 5th January 2005. For more information contact us on 01202 835111.
Despite the company not lending to new customers for some while, they were still the 9th most complained about company to the Financial Ombudsman Service in the 2nd quarter of 2010, having 1,954 complaints made. A huge 83% of all complaints were upheld to the customer.
Many of the directors have been suspended from duty whilst a possible £850 m pound black hole is investigated in their previous accounts.
Around 380,000 people would have taken out PPI polices when borrowing from WFS and some have already claimed back mis-sold PPI.
If people have a valid claim they will receive 90% of any financial loss they may have suffered as a result of mis-sold PPI , like paying premiums on policies which were mis-sold.
The FSCS has said under this agreement customers could expect to receive any redress of mis-sold PPI much faster than if WFS had gone into a insolvency procedure such as administration or liquidation.
And the FSCS stressed that it would be in control of any payments payments made so customers will have the comfort that the FSCS will be responsible for the whole claiming process from start to finish. For more information on the FSCS click this link.
“Policyholders can be assured that the FSCS will remain responsible for all decisions on claims, which will be made in accordance with FSCS rules, and that the FSCS will closely monitor and oversee all steps in the handling of claims.”
WFS was in financial difficulty in 2009 when accounting irregularities were uncovered.
It was eventually uncovered that the company had a pre-tax loss in 2008 of £745m.
By the last quarter of 2009 the company’s debts outweighed its assets to a massive hole of £1.1bn.
Welcome Finance Services Limited Co. No. 133540
Registered Office; Kingston House, Centre 27 Business Park, Woodhead Road, Birstall, WF17 9TD
Telephone Number 0844 6187847.