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I'm new to CAG but a regular on the MSE forums. I was directed here for advice.
In July 2004 I took out a loan with Welcome Finance, which was paid off last year. In March this year I wrote to Welcome Finance requesting that they refund the PPI. I requested this on the grounds that the policy was missold - in short I was told that although it was optional, the options were take the ppi or you can't have the loan. After nearly 5 months of 'investigating' Welcome responded last week by sending a copy of the agreement with the word 'optional' and my signature highlighted. I already knew that. What I didn't realise was that, I quote from their letter, '[the agreement] pre-dates the regulation of our business by the FSA, and therefore the principles you seek to rely on are not applicable.'
and
'I am minded in the light of the above that you would not be able to escalate your complaint to the fos, as this agreement would fall outside their jurisdiction regarding the agreement number.'
So, a bunch of unregulated (Edit) operating with impunity? or does anyone have any suggestions
In July 2004 I took out a loan with Welcome Finance, which was paid off last year. In March this year I wrote to Welcome Finance requesting that they refund the ppi. I requested this on the grounds that the policy was missold - in short I was told that although it was optional, the options were take the ppi or you can't have the loan. (frowned upon big time and even the BBA states Loans should not be refused on the grounds that PPI is not taken up)
This link takes you to the FSA Register... FSA Register
when you open the link type in welcome in the Firm Name Box and you will the get the information you want on welcome. You will see that they are registered with the FSA but not until Nov 2004 some months after your agreement.
The thing is they must surely have been regulated by some institution.
I would give the fos a call and ask if they would consider looking at your complaint, as clearly your agreement was in place when they became authorised. You could of course complain to the FSA, they cannot become involved in disputes but do have regulatory powers which they can use against unscrupulous financial institutions.
You will find stacks of info in the links sticky at the top of the forum includting contact details for FOS, FSA and much more.
Hello. Advice needed Welcome Finance
but a regular on the MSE forums. I was directed here for advice.
. I requested this on the grounds that the policy was missold - in short I was told that although it was optional, the options were take the ppi or you can't have the loan. After nearly 5 months of 'investigating' Welcome responded last week by sending a copy of the agreement with the word 'optional' and my signature
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