Home FAQs I am a Welcome Finance customer

I am a Welcome Finance customer

  • What is happening with Welcome Finance and the FSCS?

    On the 2nd March 2011 the FSCS (Financial Services Compensation Scheme, a government agency) declared Welcome Financial Services ("WFSL") in default. This was because the firm was unable, or likely to be unable, to pay in full claims against it in relation to PPI and other Insurances. WFSL sold a substantial number of PPI and other Insurance policies to its customers, and a declaration of default opened the way for those customers, and any others who might have valid claims against the firm that are protected by the FSCS, to make a claim against the FSCS.

    The FSCS is responsible for PPI and other Insurance claims against WFSL for all policies sold on or after 14th January 2005. The FSCS is responsible for all decisions on claims, which are made in accordance with FSCS rules.

    Any PPI and other Insurance claims against WFSL for policies sold on or after 14th January 2005 that are submitted to Welcome Finance will be admitted for voting purposes only. Thereafter your claim will be passed to the FSCS. The FSCS is responsible for all decisions on claims, which are made in accordance with FSCS rules. If you do not wish to vote, but believe you have a claim to make please contact the FSCS Customer Services Team directly on 0800 678 1100 or 0207 741 4100.

    If you have not received any correspondence from Welcome Finance inviting you to submit a Proof of Debt claim form or Proxy Form, but believe you do have an unsecured claim in the liquidation and wish to vote, please email liquidation@wfs.co.uk to request a Proxy Form and Proof of Debt form, through which you will be able to provide details of your claim. Alternatively, you can download the forms at www.wfs.co.uk.

  • What should I do if I have claims relating to policies both before 14th January 2005 and after 14th January 2005?

    If your claim relates to a policy sold before 14th January 2005 you should contact us directly on 0333 999 9510.  If you also have a claim relating to a policy sold on or after 14th January 2005 you may vote as above and will then need to contact the FSCS Customer Services Team on 0800 678 1100 or 0207 741 4100.

  • How does the liquidation of Welcome Finance affect my loan?

    Welcome Finance ceased collecting outstanding loans on 31 October 2019 (this only relates to loans which have not been sold/transferred to a third party) and the Welcome Finance bank account has been closed. No further interest or charges are accruing. You should not make further payments against your loan.

    If you submit a valid claim in the liquidation, any outstanding loan balance will be automatically set-off against your valid claim and only the net amount (if any) of your claim will be accepted in the liquidation.

  • Can I continue to pay off my loan by bank transfer or standing order?

    Welcome Finance ceased collecting outstanding loans on 31 October 2019 (this only relates to loans which have not been sold/transferred to a third party) and the Welcome Finance bank account has been closed. You should not make further payments against your loan.

    If you submit a valid claim in the liquidation, any outstanding loan balance will be automatically set-off against your valid claim and only the net amount (if any) of your claim will be accepted in the liquidation.

  • I'm moving home, what do I need to do?

    You should let us know your new contact details as soon as you know you are moving house. You can do this by contacting us.

  • Can I access my personal information?

    Yes. We understand that sometimes paperwork goes missing. So, whether you’ve moved house and your filing is hidden under a pile of boxes, or it’s just plain lost, you should know that you have the right to get a copy of the information that we hold about you – all we need to know is what you would like.

    You can contact us in a number of different ways to get information about your accounts:

    Contact method

    What can we provide?

    Phone:
    0333 999 9510

    Our Customer Relations Team can give you verbal confirmation of your account details; things like your payment information, whether you purchased Payment Protection Insurance with your loan, updates on complaints / queries etc.

    Post:
    Customer Relations
    Welcome Finance
    Mere Way
    Ruddington Fields Business Park
    Nottingham
    NG11 6NZ

    You can also write to us and request paper copies of documents related to your account.

    E-mail:

    info@wfs.co.uk

    Just like when you send us a letter through the post, we can consider information requests by e-mail – so long as it’s secure.

    If you’re writing to us to request your information, to avoid any delay in us responding to you, please bear the following in mind:

    What information would you like?

    Request

    Fee

    Response Time

    A copy of the Credit Agreement for your personal or Hire Purchase loan and an up to date statement of account.

    Consumer Credit Agreement Request (CCA)

     

    £0.00

    12 Working Days

    (regulatory response time)

    A copy of the Regulated Mortgage Contract for your secured loan and an up to date statement of account.

    Regulated Mortgage Contract Request

     

    £0.00

    12 Working Days

    (usual response time)

    Everything we have.

    Data Subject Access Request (DSAR)

    £0.00

    30 Calendar Days

    (regulatory response time)

     

    What information do we need to identify you?

    To make sure there are no delays processing your request, please supply a minimum of three of the list below when you contact us:

    -       Full name (if you have changed your name since you had your loan with us, make sure to include proof of this)

    -       Your date of birth

    -       Your most recent address, and a list of any previous addresses that we may hold (this could be up to 20 years of address history)

    -       Any of your account numbers or customer numbers (if your request is specific, make sure you let us know which loan you would like information on - you can always call us if you’re not sure)