Welcome Finance PPI Reclaims: Can You Get Your Money Back?

If you took out a loan or credit agreement with Welcome Finance, you might be entitled to reclaim Payment Protection Insurance (PPI). PPI was frequently added to finance agreements and was intended to cover repayments if you were unable to work due to illness or unemployment. However, it was often mis-sold, meaning you were charged for a policy you didn’t need or couldn’t benefit from.

Did Welcome Finance Mis-sell You PPI?

Several factors indicate that you may have been mis-sold PPI by Welcome Finance. Consider if any of the following applied to your situation:

• Were you pressured into taking out PPI?
• Were you told the loan wouldn’t be approved without PPI?
• Were you unaware that PPI was included in your agreement?
• Were you self-employed, unemployed, or had pre-existing medical conditions that made you ineligible to claim?
• Were you not properly informed about the terms and conditions of the policy?
• Was a more suitable alternative policy not offered?

If you answer “yes” to any of these questions, you have a strong possibility of successfully reclaiming your PPI.

The PPI Deadline and Beyond

The official deadline for making PPI claims through the Financial Ombudsman Service (FOS) was August 29, 2019. However, there are still potential avenues for reclaiming PPI from Welcome Finance, although they require a different approach.

Section 75 Claims: If you used a credit agreement from Welcome Finance to purchase goods or services, you might be able to claim under Section 75 of the Consumer Credit Act. This allows you to claim against the lender (Welcome Finance) if the supplier breaches their contract or misrepresents the goods or services you purchased. While not directly a PPI claim, it might be a relevant avenue if your underlying purchase had issues and the PPI was linked to that finance agreement.

Plevin Ruling: This landmark ruling focused on unfair commission charged on PPI policies. If the commission earned by Welcome Finance on your PPI policy was significantly high and you weren’t informed of this, you may still be able to make a claim. While the FOS deadline has passed, you could potentially pursue this through the courts, though this is a more complex process requiring legal expertise.

How to Make a Claim

Even though the main PPI deadline has passed, you can still investigate your options. Gather any paperwork you have related to your Welcome Finance agreement, including loan agreements, credit statements, and any correspondence related to PPI. You can then:

• Contact Welcome Finance (or their administrators): Write to them requesting information about your PPI policy and the commission they earned.
• Seek Legal Advice: Given the complexities of claiming after the deadline, consulting a solicitor or claims management company specializing in financial mis-selling is advisable. They can assess your situation and advise on the best course of action.

While reclaiming PPI from Welcome Finance after the official deadline can be challenging, it’s still possible to explore your options. By understanding the circumstances of your PPI policy and seeking expert advice, you can determine if you have grounds for a claim.