Main site > Forums > Essential Money > Loans > Welcome Finance car loan - can i cancel the insur... (Page 1)

IMPORTANT! This is MoneySavingExpert's open forum - anyone can post

Please exercise caution & report any spam, illegal, offensive, racist, libellous post to

  • Be nice to all MoneySavers
  • All the best tips go in the MoneySavingExpert weekly email

    Plus all the new guides, deals & loopholes

  • No spam/referral links
or Login with Facebook
Welcome Finance car loan - can i cancel the insurance?
Closed Thread
Views: 2,996
Thread Tools Search this Thread Display Modes
# 1
Old 05-07-2007, 2:11 PM
MoneySaving Newbie
Join Date: Feb 2007
Posts: 12
Default Welcome Finance car loan - can i cancel the insurance?

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

itrends is offline
Report Post
# 2
Old 26-07-2007, 9:13 PM
MoneySaving Newbie
Join Date: Jul 2007
Posts: 4

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!
h_walters is offline
Report Post
# 3
Old 03-09-2007, 5:38 PM
MoneySaving Newbie
Join Date: Feb 2007
Posts: 12

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?


itrends is offline
Report Post
# 4
Old 03-09-2007, 6:44 PM
Deliciously Dedicated Diehard MoneySaving Devotee
Join Date: Aug 2004
Posts: 19,634

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.
What goes around - comes around
give lots and you will always receive lots
jonesMUFCforever is offline
Report Post
# 5
Old 03-09-2007, 7:20 PM
MoneySaving Newbie
Join Date: Feb 2007
Posts: 12

Actually, I just read the mis-selling PPI info

And have posted my letter.
itrends is offline
Report Post
# 6
Old 20-09-2007, 4:49 PM
MoneySaving Stalwart
Join Date: Jan 2006
Posts: 585

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!!!
davek1 is offline
Report Post
# 7
Old 20-09-2007, 5:19 PM
MoneySaving Newbie
Join Date: Feb 2007
Posts: 12

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 arses!
itrends is offline
Report Post
Closed Thread


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

 Forum Jump  

Contact Us - - Archive - Privacy Statement - Top

Powered by vBulletin® Copyright ©2000 - 2014, Jelsoft Enterprises Ltd.

All times are GMT +1. The time now is 2:44 AM.

 Forum Jump  

Free MoneySaving Email

Top deals: Week of 30 July 2014

Get all this & more in MoneySavingExpert's weekly email full of guides, vouchers and Deals

GET THIS FREE WEEKLY EMAIL Full of deals, guides & it's spam free

Latest News & Blogs

Martin's Twitter Feed


Cheap Travel Money

Find the best online rate for holiday cash with MSE's TravelMoneyMax.

Find the best online rate for your holiday cash with MoneySavingExpert's TravelMoneyMax.

TuneChecker Top Albums


MSE's Twitter Feed

  • RT @MSE_GuyAnker: Serbia's GDP £23bn, Jordan £20bn, Latvia £17bn, Iceland £9bn (source: Wikipedia). UK banks' PPI provisions £23bn
  • RT @MartinSLewis: £10 meat for £5 Morrisons voucher ( while its one per person, many people are getting each family ?
  • Not all packaged bank accounts were mis-sold. But if you?ve claimed, can you tell us how much you?ve got back?
Always remember anyone can post on the MSE forums, so it can be very different from our opinion.
We use Skimlinks and other affiliated links in some of our boards, for some of our users.