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Welcome loan insurance

In 2010 Welcome Finance was named the fourth most complained about insurance company by the Financial Ombudsman Service. Odd, you may think, as Welcome is a lender and not an insurance company. In fact, the list was dominated by banks and other lenders. The reason for this was the huge rise in the number of payment protection claims.

Of all the Welcome loan insurance claims registered with the Financial Ombudsman Service, 93% were settled in favour of the customer. This means that Welcome would have to pay compensation to these customers. In March 2011 it was announced that Welcome was in default. This is a term used when a business authorised by the Financial Services Authority is financially unable to settle claims made against it. The announcement was not unexpected as Welcome reported in 2009 its debts exceeded its assets by £1.1 billion and it was known to have been badly hit by the PPI mis-selling scandal.

The good news for anyone who believes they have been mis-sold a loan insurance policy by Welcome is that they still have the right to make a complaint. Because Welcome was authorised by the Financial Services Authority claims against them now will be investigated by the Financial Services Compensation Scheme.

If you would like to make a Welcome loan insurance complaint call our claims team today on 0207 471 2000. We have already helped thousands of customers make successful claims. We also assist customers with claiming back bank charges applied for late payments and over the limit fees on credit cards.

In 2006 the Office of Fair Trading investigated the fees applied to credit cards for late pays and over the limit fees. They discovered that some banks were charging up to £35. After a thorough investigation the Office of Fair Trading announced the maximum fee applied for these kind of bank charges should be £12. Since the investigation, most lenders have lowered the fee to £12; however, if you have paid excess charges in the past you now have the right to make a complaint. For more information, contact our team today.


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Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website www.gov.uk/moj/cmr number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit 16, Elysium Gate, 126 New Kings Road, London, SW6 4LZ and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

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* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

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