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£110m Set Aside by Welcome Financial Services

In yet another revelation brought about by the scandal of PPI insurance, Welcome Financial Services has revealed that it has put aside £110 million in order to compensate customers that were missold payment protection insurance by the firm.

The finance company is in the process of restructuring it’s debt which will result in it being bought by Bovess. The purchase is due to take place as a result of Welcome being declared in default by the Financial Services Compensation Scheme, due to the firm being deemed unable to pay back claims against it as a result of PPI misselling.

However, part of this restructure involved working out an arrangement with the FSCS so that those that were sold PPI in error could be compensated, and with claims now able to be made by anyone who took out a PPI policy after January 14th 2005 it is likely that the vast amount of the funding will be used.

Speaking on behalf of the FSCS, a spokeswoman observed that the company had handed over £50 million and would be expected to hand over an additional £40 million as part of the redress payments. Added on to the trust fund already established by Welcome for this purpose – which currently amounts to £20 million – and the resulted amount of money is expected to cover any remaining debts that the company has regarding missold payment protection.

For more of the latest news regarding missold payment protection, and to find out how you could claim back up to £15,000 in PPI, visit Creditline Financial now by clicking the link here.

Posted by Shaun Edwards on 10 Mar 2011

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