I dont mind paying what i owe and initially welcome were very good

i extended my loan to consolidate some other Owings, i would only have one monthly outgoing.

i also took out two of the three offered insurance policies.

Everything was fine and i didnt need to think about my payments.....

until i heard they were laying people off and i may be one of them,

i played on the idea of decreasing my monthly payments...which i did.

I signed a bit of paper to state that i would drop my payments to the minimum of £80.80 per month....

.I have now been laidd off and have been forced to wake up and look at my finances

i looked through my insurance policy and found out i am covered if i am laid off from work,

i thought this was great until i spoke to welcome...

All they stated was because i reduced my payment amount my insurance is null and void,

i received no hint of this from the man that i spoke to when reducing my payments and all the lady on the phone could say was "sorry".

I am now left paying what i owe (which i dont mind) plus another £1560 on top as apparently i bought these policies outright even though i can no longer use them...

I have since been in touch with welcome and requested a complete breakdown of my account and have been in contact with the FSA who agree i shouldnt still be paying for something i can no longer use...

They have set me off in the right direction of getting in touch with Welcomes complaint department which then makes everything 'official' as it were...

i will keep you posted on how it goes....

one last point on the breakdown of my account i have, since the 27/10/05 paid off a massive £460.20 unofficially the amount of my payments £1718.20 minus the capitalisation (interest) £1715.02 means in 3 years

i have paid off £3.18 with regular payments.....Go figure!?!?