loans settled then the loan redone twice?

darren742

advise please as i am trying to help a friend who has a loan with welcome finnace i know poor choice she has had her loan re done twice ie settled for the full amount the re lent the whole amount back again this was done once when she wanted a little more money and when she asked them to look at the intrest rate as she had been paying 66 percent for a whole 14 months of course there is ppi on the loans as well has she been ripped off as each time this has been done her term for the loan was reset back to 36 months so in a sence all the payments she made have not paid off anything on the loan,is this clear case of churnning can this be done?? is it miss selling if its clearly not in the intrest of the person lent the money and she was really now awear that the loan was settled each time as i had to point this out to her.
any advise gladly taken please

~Beanie~

I don't think the actual loans were miss-selling, she obviously asked for them if she wanted more money and Welcome Finance are well known for charging extortionate interest rates.

The PPI could be a different matter though.

darren742

thank you for the reply of course each time the loan settled this locks in the ppi profit for who ever sold the loan the fact she did not know loan settled just makes me think that it may be easyer to claim back all the ppi and ask as to why from a needs point of view for the customer that they needed to reloan the money again and again this is not a benfit to the customer only the loan company and the advisor doing a new loan new commision i will be following up for her with this and any other advise thank you