Welcome Finance - PPI

craigmc

Hi All

I have recently written to Welcome Finance to cancel and have refunded the PPI.

I have just located the Agreement and payment breakdown which was issued when the loan was paid to me and interest has been added to the PPI and Lifecare - is this allowed?

thanks

CLAPTON

These are usually structured as a single premium payment policy.. i.e. you pay the full premium upfront... then they kindly lend you the money to do that and so charge interest
I see no reason therefore why it should be illegal

Of couse if the policy was mis-sold you can reasonably claim the interest back too.