Reclaim Mis Sold PPI Against Welcome Finance
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.