Reclaim PPI From Welcome Financial Services
Welcome Financial Services
If you have ever had a loan with Welcome Financial Services or any of it's trading names, then there is every chance that you have been mis-sold PPI with your borrowing. Especially if you took a loan or secured loan, through their U.K. branch network, or borrowed through Welcome Car Finance. All of the Welcome Group looked to provide finance to to the sub prime market. That's to say individuals who had credit issues and might otherwise be denied credit through the normal lending channels.
The growth of Welcome Financial Services accelerated through the late 90's and early 2000's. They were a big player in the credit boom, as they looked to satisfy consumer demand from the sub prime sector. People became obsessed with kitting their house out with the latest in consumer durables. It didn't stop there either. They had to have a car to go with it too. Welcome trained all their sales staff to sell on the monthly payment and not focus on the over all cost of the borrowing.
Often clients were offered loans at one rate, only to be told, they had failed the credit scoring and the interest rate would need to increase. Like many other sub prime lenders at that time, the branch staff at Welcome were very heavily targeted to sell, sell, sell. The rewards were often huge. Sky high interest rates on loans, secured loans and with car finance, topped with Payment Protection Policies, added right from the outset, meant huge profits for Welcome. Affordability checks were all but non existent and customers were consistently re-contacted and offered even more borrowing. It was car crash lending.
With the advent of the credit crunch, Welcome soon felt the pinch and in January 2009, Welcome Car Finance was axed. Worse followed, much of their consumer debt, is now sold on and the group declared insolvent.
Welcome is the most infamous company associated with the FInancial Sevices Compensation Scheme or FSCS. Put in place, following the advent of the FCA on 14 January 20005, they offer protection for consumers mis-sold insurance by businesses that can no longer meet their financial obligations. Protection is given at 90% of each claim.
Submitting claims to Welcome, for mis-sold PPI, before or after 14 January 2005, involves two entirely different processes. At Beat the Banks, we believe that to give every single claim against Welcome for mis-sold Payment Protection Insurance, the very best chance, it's essential to first of all recover all client lending records from Welcome. This can be a laborious process for us, but it's the only way we process our claims. Don't recover this level of information, then your claim turns into a guess. That's why, we are one of the tiny minority of claims management companies who will not accept substantially abbreviated account information from any lender.
Not just that, all our claims experts are former bank lending managers and our whole team has literally hundreds of years of banking, insurance and legal experience. If you think you have been mis-sold PPI on any borrowing through Welcome Financial Services and would like to know more, you can contact our team or 01382 200474 or 0800 193 1234.
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