PPI Claim Pre 2005 - Welcome Finance vs Broker vs FOS

[carpy2014]

Hi there,

I have recently had a payout for a post 2005 PPI claim where I purchased a vehicle, financed by Welcome Finance and brokered via Auto Credit Finance. This was handled by FSCS.

I also have a pre 2005 account, which followed the same path as above . As advised by FSCS as it was pre 2005 I should go direct to Welcome, which I did with the standard PPI questionnaire. They have responded to say " your broker, who was acting on your behalf arranged the insurance and that Welcome were not involved" They go on to confirm that the the broker has ceased trading and I should go to the FOS.

I am wondering if I should first try and hunt down Auto Credit Finance first.

Or are we of the collective opinion that I should indeed take my complaint to the FOS at this stage.

Any advice would be greatly appreciated.

Thanks in advance

[di30]

Re: PPI Claim Pre 2005 - Welcome Finance vs Broker vs FOS

Hi and welcome

Firstly, well done on your success!

In regards of the other, usually if pre 2005 they may not have been FSA regulated, so in this case the FOS will not usually be able to take on the complaint, but they may possibly advise to otherwise go the Insurer/underwriter avenue as they also have relationship in regards of the policy etc, and they will usually be FSA regulated even if pre 2005 because of dealing with insurance matters.

So meanwhile, do try finding out who the underwriter/insurer were, and you can either have a go yourself first with them with our help of a letter or ask the fos to do this for you, but please take into account the FOS will take some time trying to establish the relationship, and do tend to take longer than they would if dealing with the broker if reclaim rejected.

We are here to help

[carpy2014]

Re: PPI Claim Pre 2005 - Welcome Finance vs Broker vs FOS

Hi Di,

Thanks for the reply.

I also noticed you had commented on my other post. Cheers!

So Firstly Auto Credit Finance were the broker so your suggestion would in fact be to start with them and if no joy the alternative options would be identify the insurer/underwriter (a lot of posts suggest Welcome Finance were linked with Direct Group, so a possible avenue there)

And then 3rd Option is FOS.

I feel fairly happy to start in that order. Are we saying once I have a registered business address for ACF its the simple matter of sending the PPI letter and awaiting their response?

Thanks

[di30]

Re: PPI Claim Pre 2005 - Welcome Finance vs Broker vs FOS

Hiya

And yes that is correct. Start with the broker, if his fails, then do contact the broker or lender in this case to ask for the underwriter details, then let me know so I can help with a letter for the underwriter.

Good luck!