welcome ppi

fishslapper

just wondering if anyone can offer any advice regarding some information i have received from welcome finance. I wanted to reduce my outgoings so i thought i would see if i could cancel my ppi on my secured loan with welcome as i could get a stand alone policy cheaper elsewhere.Their advisor said that i would be entitled to a partial refund of £1686.37 i.e. the unused part of the insurance.(so far so good).However he then said that they wouldn't be able to actually refund me that money but they would use it to reduce the term of the loan by 3.8 months.Then when I asked what my new monthly payment would be I was told that it would be exactly the same.Pardon me for being a bit thick but surely if i'm cancelling the insurance part of my loan the payments would come down, and if £1686.37 is a refund then surely it is my money to do with what i like.I then asked if those figures could be put in writing for me and sent in the post for me to mull over and i was told that the system wouldn't allow that to happen and I must make an immediate decision as to wether i wanted to cancel or not.I made the excuse that it is a joint loan and would have to discuss it with my partner and hung up.Is it just me or does this sound decidedly dodgey to anyone else

petermb_2

When was this loan taken out and do you have a copy of the agreement?

fishslapper

the loan was taken out in june 07 and i still have the agreement.

petermb_2

How much was the loan for?

fishslapper

the loan was for 17.000

petermb_2

How did you get to Welcome? Did you use a broker?

fishslapper

dinn't use a broker but went direct to them