Welcome Finance car loan - can i cancel the insurance?

itrends · 5 July 2007 at 2:11PM

Hi all!

I got a loan from welcome finance about 1 and a half years ago to buy a £5000 car. Obviously this means I am paying back much more than that.

But I recently discovered that I didn't HAVE to take the insurance protection out and that it is pretty much useless to me.

So I want to know 2 things:

1) At the end of this second year, can I give them the car back and we call it quits?
2) Is it possible to cancel the insurance that I am paying to them and instead just pay back the car loan?

Really hope someone can help as I am being hammered each month by these guys

Thanks
David

h_walters · 26 July 2007 at 9:13PM

im not sure about this but we had a £3000 loan from WF n 3yrs later they claim we still owe £3600!! I have heard from a few people who are disgruntled with WF and one has even stopped paying them as she borrowed £2000 and has paid back over £5000!

itrends · 3 September 2007 at 5:38PM

Can anyone help me?
Is there a template letter I can send to them in order to CANCEL the PPI and perhaps even get refunded what they took already?

PLEASE HELP!

David

jonesMUFCforever · 3 September 2007 at 6:44PM

If you didn't have to take out the insurance why did you?
You stand no chance of getting a full refund as you have been on cover from the date the loan was opened.

itrends · 3 September 2007 at 7:20PM

Actually, I just read the mis-selling PPI info

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

And have posted my letter.

davek1 · 20 September 2007 at 4:49PM

if you want to return the car you have to have paid half of the loan off. Welcome will fight tooth and nail not to take the car back though so it could be a tough fight!!!

itrends · 20 September 2007 at 5:19PM

It is in clear terms and print on the contract I signed that once I have paid back over £4750.xx that I can close the agreement and that they will take the car.

I have the letter drafted and will be sending it to them the moment I get paid from work as I am going to go buy an old banger for a couple of hundred quid. This then will mean I am paying £250 less per month and can put that towards paying off debts.

Finally, once they have taken the car back I will fight for the PPI refund.

They have to take it back by law as I have kept it well maintained and serviced and have paid back the applicable amount.

Still expect them to kick up a stink though as they are !!!!!!!

Welcome Finance car loan - can i cancel the insurance?

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