Welcome loan can I cancel the PPI straight away and still get the loan?

di3004

Yes I agree with the above post, when you contact Welcome Finance, double check as they have already stated 2 different amounts.;)

And now that you do not require their ppi it will alter again so ask again what you would be paying.
All the best.;)

Di.
x

milliemonster

Please take time to read through this thread before you sign up for your loan
http://forums.moneysavingexpert.com/showthread.html?t=544240

smegs1978

dragongirl101 wrote: »

Hello all, this is my first post on here.
My husband has applied for a loan and was refused but they passed it on to the Unsecured Credit Company who also said no but went through to Welcome loans who said yes. This was on Monday and we are still waiting for the paperwork to turn up (today is saturday) but this is what they said on the phone:
The loan is for £6000 over 48 months. They said the monthly repayments are £350 and that £180 of that is PPI and life insurance with Norwich Union!?!
My husband is self employed so we believe that this PPI would be pointless anyway and don't want to pay £350 a month! However taking the £180 off the £350 would mean repayments of £170 a month which we are prepared to go for as we really need the loan ad don't think we will get it elsewhere- he has no ccj's and all 4 of his credit accounts are up to date and showing as "satisfactory" on his experian report and he is on the electoral roll but there are a lot of previous searches on there bringing the score down.
My question is: When the paperwork comes, will we be able to sign the agreement for just the loan WITHOUT the PPI? OR, if we have to sign it and have the PPI will we then have a certain time period in which to cancel the PPI therefore not having to pay it but still get the loan?

Please any advice???

Hi,
I took out a welcome finance loan, i did it over the phone with main office and felt pressured into taking all the extra insurances and PPI, so i said yes as i was desperate for the money and no one else would lend me anything. Anyway after reading through the contract when it came, i realised the extras were optional. So i wrote welcome a letter within the 30 days to cancel the extras. I rang them to make sure they had got it. I then must of rang them 5 times to check when my contract would be rewritten, i got excuse after excuse as to why it hadn't happened. After the 6th time i rang, i eventually got somewhere and managed to get my contract rewritten. They were very reluctant to cancel but they legally can't refuse to.
Although there interest is very high at least they were happy to help, when most other places refused.
I would suggest ringing your local branch and see what they say.

marshallka

smegs1978 wrote: »

Hi,
I took out a welcome finance loan, i did it over the phone with main office and felt pressured into taking all the extra insurances and PPI, so i said yes as i was desperate for the money and no one else would lend me anything. Anyway after reading through the contract when it came, i realised the extras were optional. So i wrote welcome a letter within the 30 days to cancel the extras. I rang them to make sure they had got it. I then must of rang them 5 times to check when my contract would be rewritten, i got excuse after excuse as to why it hadn't happened. After the 6th time i rang, i eventually got somewhere and managed to get my contract rewritten. They were very reluctant to cancel but they legally can't refuse to.
Although there interest is very high at least they were happy to help, when most other places refused.
I would suggest ringing your local branch and see what they say.

If you sent your letter recorded delivery to cancel the PPi in the cancellation period you have a proof of this and also you could have taken a complaint to the FSA/OFT and FOS if they did not do this.

dragongirl101

Just to let people know incase others have the same thing or are wondering: My husband phoned Welcome and said he would like to cancel the OPTIONAL payment protection insurance and personal accident plan (which they had pre ticked in the box) and they did not argue at all just said ok then and said what the repayments would be without it and that they would send an amended loan agreement straight away.
So our loan is for £6000 over 48 months. The repayments are £230 a month. Really high I know but it is important to us to have the loan. I am worried about it but don't have another choice.

ADVICE to people re: PPI. Don't get caught into taking it in the first place and if you do cancel it within the 1st 30 days.

sadiejp

i took a loan with welcome over 6 months ago is it too late to cancel the PPI

Regards

marshallka

sadiejp wrote: »

i took a loan with welcome over 6 months ago is it too late to cancel the PPI

Regards

You can cancel the PPI at ANY time but as its over 6 months they will only give you back a small rebate of the cost of the PPI and also theywill usually redo the loan too. WHen you took the PPI it was actually paid for by way of a loan and so you will still owe whatever that loan was to pay the PPI and the interest less this small rebate. Hope that helps.

snupys

Welcome finance! I ave dealt with Welcome for at least 9years shaddy to core. but i keep going back most of time its always as a last resort . the ppi they offer you cant claim on it if u are self employed . On one occasion i applied for loan after waiting 2 week for the agreement to arrive sent it back phoned to mark sure they welcome had received agreement, expecting payout i was told their was an error with paper work all in all it took me 3mths to loan without ppi u wouldnt get let loan i m still wait for money back mis-sold ppi every excuse in the book expect it .I wrote to Welcome mis-sold ppi using template 3mth down the line no answer i now started witholding mine payment, today phoned Welcome i was told should fax back letter 1st letter not even though it was sent recorded ,now they say it would take 10day to investigate mis selling i wait and pray.I think this might end up in court !!