Welcome Finance

[chrisb333]

Hi Guys,

 

I have a loan with Welcome Finance for £250 per month.

Cause I was desperate I agreed to their insurance at £50 per month.

 

I have paid about 14 out of 48 monthly payments but as things are getting a bit tight financially it would be great if I could stop the £50 insurance part.

 

So my question is:

If I asked them nicely would they get rid of that part of the loan or would I have to do something more agressive about it?

[082stewie]

Hi Chris,

 

I had an issue with them cancelling the PPI but when I told them I had a right to cancel they went ahead and done it. Dont bother with your branch, go right to head office and follow up with a letter with the instruction.

 

Just a note, they wont refund it. They will only give you a crappy pro-rata refund for the outstanding balance of the PPI,if it was front loaded onto the loan (sharks)

 

Stewie

[chrisb333]

I have a loan with these started 2007

Total amount of credit was £8000

Paying back £270 p/m

 

Only reason been paying them is I know they would cause me a lot of hassle if I didnt.

 

Anyway, been paying for some useless insurance which was added to the loan-£740

Personal Accident Plan £350

& Lifecare 24 £390

 

My question is can I simply stop these after such a long time of paying?

[cerberusalert]

It is simple to cancel PPI: although sometimes they do try to talk you out of it, all you have to do is insist. But with loans, the premium for the PPI insurance over the whole term of the loan is calculated at the beginning and often added on to the loan amount so you are even paying interest on the PPI costs.

 

Banks often say that you are not entitled to cancel the PPI after 30 days, but what they do not tell you is that you should be able to cancel the PPI from this point on and get a partial refund.

 

And there are also some circumstances in which you should never have been sold the loan in the first place. In these cases, you might as well ask for a refund of all the money you have so far paid in PPI. But even if the bank refuses this, you should still be able to cancel the PPI from this point onwards.

 

So, the sample letter is as follows:

 

Complaints department

Bank's name & address

 

Re: account 999999999999999999999

 

 

COMPLAINT

 

Dear Sir or Madam,

 

I took out the above loan for £x,000 on dd/mm/yy. When I took it out, I signed up for Payment Protection Insurance. I phoned up on dd/mm/yy to ask to cancel it and was told that this is impossible. I am writing to complain.

 

Put in any of the following which apply:

 

[When I took out the loan, I was told that I would not have been given the loan if I did not take PPI. I have since been told that this is not true, and that you are not allowed to make PPI a condition of taking out the loan unless you include the costs of PPI in your quoted loan interest rate, which you did not do. I therefore consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]

 

[i am self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick. My situation was known to the person who sold me the loan, however he/she did not point out that the insurance was virtually useless to me so I think that I have been mis-sold the insurance.]

 

[When I took out the loan, I said I did not need the PPI as my employer provides generous illness and redundancy benefits, but I was told I should still take it out. As this is not correct, I consider that I have been mis-sold this expensive insurance, which I do not need and which I said that I did not want.]

 

[i wish to cancel the PPI because since taking out the loan, my employment situation has changed. I am now self-employed/work as a contractor/unemployed and therefore will not be eligible for any payments from the PPI if I cannot get work or am sick.]

 

[i wish to cancel the PPI because I now have sufficient alternative insurance cover from my employer and other sources.]

 

[i wish to cancel the PPI because I am in financial difficulties and cannot afford it. I enclose a Statement of Affairs which shows this.]

 

I have been advised that I should be able to cancel the PPI contract at any time and receive a partial refund of the premium that I have paid. I would like to do this. [And in view of the way I was mis-sold the insurance, I would like to ask for a full refund of the whole premium.]

 

I would appreciate a reply to this letter within fourteen days. If you reject this complaint, I would be grateful if you could explain whether you provide an internal appeals process. If you do not, please supply me with a final response letter, so that I can take up the matter with the Financial Ombudsman Service.

 

Yours faithfully,

 

 

nb There is no reason why you have to be able to prove that you cant afford the PPI before you cancel it, so in theory you should not need to send an SOA ( statement of earnings). However, it helps because it puts the bank morally in an even worse position if their PPI is causing you hardship.

[chrisb333]

Only problem is it wasnt PPI as such, it is Life ins and injury ins (although you would have to lose an arm or a leg to get any)

 

Does this make any difference?

 

Also, I have heard that they re-new your agreement with a worser one, any truth in this?

[cerberusalert]

It's still a payment protection insurance albeit one that's worse than they normally are.

 

Can you scan the agreement & post it up after removing identifying details, there's a chance that they may have cocked it up over this 'insurance'.

 

Also, I have heard that they re-new your agreement with a worser one, any truth in this?

Insurance is not compulsary.

[chrisb333]

Well, didnt really expect that reply.

They seem to have ignored the request to cancel the insurance and have instead concentrated on whether I recall the situation correctly.

 

They said they will investigate further and get back to me by 9th August.

Thats not good enough is?

 

That means I will be making another 2 payments with insurance while they investigate!

 

OK, whats my next mover with the buggers?

[chrisb333]

Anyone?

[cerberusalert]

Can you scan and post this agreement up after removing identifying details. Depending how it has been executed could determine its enforceability. See http://www.consumeractiongroup.co.uk/forum/debt-collection-industry/171037-multiple-agreements-falling-within.html

[chrisb333]

I know you asked me before to do this, but I'm not very good at the old scanning stuff.

Any idea how I would do that?

[cerberusalert]

Scan the documents to a jpeg file & save to 'My Documents'. Go to TinyPic - Free Image Hosting, Photo Sharing & Video Hosting & left click 'Choose', another page will open listing folders in your computer. Double left click 'My Documents' & left click the file you want to upload. Left click 'Open', the box will close then left click 'Upload Now' on the webpage. The page will refresh giving a list of options, copy the URL & paste it back here. Left click 'Post Quick Reply' & voila your agreement will appear "just like that" as Tommy Cooper would say.

[chrisb333]

Thank you.

But how do I delete my personal details after scanning?

[cerberusalert]

The easiest way would be for you to cover the details before you scan it. Otherwise I'll have to give you a lesson on how to use 'Paint'.

[cerberusalert]

I've sent you a private message.

[chrisb333]

Had a call from head office.

 

"You cannot cancel the insurance. It comes with the agreement. Check your policy booklet and it tells you there"

 

Thats what they have told me.

Surely this is wrong but how can I FORCE them to cancel it now if they don't want to?

[cerberusalert]

Make a complaint to trading Standards via Consumer Direct Consumer Direct - Contact us and the OFT The Office of Fair Trading: Contact us

 

debtcollectionguidance@oft.gsi.gov.uk

 

 

tel: 020 7211 5823

[postggj]

chriss

 

do you have your policy document ref these insurance cons

 

phone these people and ask for copies

 

Direct Group - Where Insurance and Innovation Combine - Home Page

 

when you have them

ill pick them apart

 

let the fun begin

[chrisb333]

Yes, I have the original docs they sent me after the loan was taken out.

 

What are we looking for?

[chrisb333]

Post?

[postggj]

hi chriss

 

i know its a pain but can you scan them front and back so i can see the t&c

 

then post them up

 

deleate name

address and acc number

 

you will be surprised that they are nothing more than toilet paper

but need to confirm so we can move forward

[chrisb333]

Hi Guys,

 

I have a loan with welcome that has 2 years to go.

 

I have been paying them even though I have a DMP with lots of other loans on it, simply because I have heard they resort to horrendous tactics when pursuing the debt.

 

I really need to add them to my DMP but I'm worried they will get me the sack by keep harrassing me at work and my boss wouldnt understand.

 

I also thought they might be going under but that keeps getting delayed!

 

Should I dispute the loan and then add it, or just add it without any dispute?

I ask because I have tried to get the Life/home insurance cancelled to save me some money but they won't have it. I am now at the Ombudsman about it, but that could take years?

[Guest Old_andrew2018]

Bumping your thread, as I dont have an answer

[dx100uk]

add it and get ahold of your life stop living in fear.

 

they CANNOT contact your works etc etc.

if they do report them!

welcome are not that big a deal, just read a few of the threads here.

 

why wont they cancel the PPI?

 

i think you should start forcing the issue not pass it on.

 

dx

[chrisb333]

they have now sent me a new agreement to sign with no date on it and with 48 months term which was the original term!

They have taken the PPI off but all looks shady to me.

 

Whats to stop them trying it on by saying 48 months from now?

[postggj]

can you post it up

 

send it to me by pm if you need to

 

this smells

 

welcome back stranger