Welocme Finance PPI Help

petermcg82

Hi Guys,

Looking for a bit of advice. I took out a loan with Welcome Finance in Dec 07 over 36 months and was told at the time PPI was needed to approve the loan.

I have paid my payments every month however this time last year I was made redundant and had to claim on the policy for 4 months which was paid out by the insurance company with no problems.

I was employed soon after that and have continued to make my payments again every month however through my job I now have adequate cover / insurance in place should I be made reduntant again which at the moment does'nt look very likely and would like to cancel the PPI I have with the loan in order to reduce my monthly payments or pay off the loan quicker.

Has anyone ever been in a similar situation and had any success doing so and have any advice of how I would go about it or is this a non starter due to the fact that I have calimed on the PPI and the loan is 2 years old.

Many Thanks

di3004

petermcg82 wrote: »

Hi Guys,

Looking for a bit of advice. I took out a loan with Welcome Finance in Dec 07 over 36 months and was told at the time PPI was needed to approve the loan.

I have paid my payments every month however this time last year I was made redundant and had to claim on the policy for 4 months which was paid out by the insurance company with no problems.

I was employed soon after that and have continued to make my payments again every month however through my job I now have adequate cover / insurance in place should I be made reduntant again which at the moment does'nt look very likely and would like to cancel the PPI I have with the loan in order to reduce my monthly payments or pay off the loan quicker.

Has anyone ever been in a similar situation and had any success doing so and have any advice of how I would go about it or is this a non starter due to the fact that I have calimed on the PPI and the loan is 2 years old.

Many Thanks

Hi and welcome.

Good one on finding a new job.:beer:

Right in regards of cancelling the PPI with Welcome Finance, I would check out the policy as I assume the PPI is added in with the loan repayments.
You could contact them and let them know that you do have adequate cover in your employment and feel its worthless paying out twice.

Write to cancel, but you can always ring them to make sure on this first to see where you stand.

I'm sure many have been in the same position as yourself here and will post up.

That is the annoying thing with the PPI actually added within the loan payments.

Of course if your not happy with the way they handle this you still have the right to complain, if they do not resolve this in your favour, like a mis selling ppi complaint, you can take it to the FOS for them to investigate this for you.

Hopefully others will post up on this one for you, good luck with this.;)

atwitsend_2

I'd be interested to see what happens with this, I also have a welcome finance loan taken out in 2006 with PPI included in the loan repayments.

petermcg82

di3004 wrote: »

Hi and welcome.

Good one on finding a new job.:beer:

Right in regards of cancelling the PPI with Welcome Finance, I would check out the policy as I assume the PPI is added in with the loan repayments.
You could contact them and let them know that you do have adequate cover in your employment and feel its worthless paying out twice.

Write to cancel, but you can always ring them to make sure on this first to see where you stand.

I'm sure many have been in the same position as yourself here and will post up.

That is the annoying thing with the PPI actually added within the loan payments.

Of course if your not happy with the way they handle this you still have the right to complain, if they do not resolve this in your favour, like a mis selling ppi complaint, you can take it to the FOS for them to investigate this for you.

Hopefully others will post up on this one for you, good luck with this.;)

Thanks,

Yeah it is annoying that it is all lumped in together as I have no idea how much I am actually paying towards the PPI and how much is repaying the loan / interest. The statement I received recently doesn't break this down it only details the £120 per month that I pay and then the £60 "Capitilisation" ?? that they add on.

Hopefully someone has done this previously and will be able to advise.

Again thanks for replying.

di3004

I would like to mention though, there have recently been a few posts on here - even though a successful claim have been made, they have still been successful for being mis sold.

These policies are a rip off and a complaint on its own.

Check this link here for more info, it may help you decide what you want to do.;)
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

traz39

has anyone had money back from welcome ppi i have been waited since 12th august:eek:

di3004

traz39 wrote: »

has anyone had money back from welcome ppi i have been waited since 12th august:eek:

Hi there
Yes I believe so.
Have you also checked out on the above success thread?;)

petermcg82

di3004 wrote: »

I would like to mention though, there have recently been a few posts on here - even though a successful claim have been made, they have still been successful for being mis sold.

These policies are a rip off and a complaint on its own.

Check this link here for more info, it may help you decide what you want to do.;)

Thanks for the link from what I gather by reading that I couldn't claim for being miss-sold the PPI as I claimed the policy. That is what I assumed however I would be interested in hearing if anyone had sucessfully manged to cancel PPI insurance with Welcome due to a change in thier personal circumstances.

Again thanks to all who have replied.

di3004

petermcg82 wrote: »

Thanks for the link from what I gather by reading that I couldn't claim for being miss-sold the PPI as I claimed the policy. That is what I assumed however I would be interested in hearing if anyone had sucessfully manged to cancel PPI insurance with Welcome due to a change in thier personal circumstances.

Again thanks to all who have replied.

Hi Peter, your welcome.;)

I would like to mention that a few recently have posted up, they were still successful in regards of reclaiming on the PPI, even on a successful claim being made, so maybe it paid out for one but not the other, where they were still paying full protection for it.
Or for whatever reason they had - they were successful anyway.

Magpiecottage posted up something the other day, who is an advisor something on this, and I asked if more info could be posted up, as this would be a help for everyone looking into these issues.;)

marshallka

di3004 wrote: »

Hi Peter, your welcome.;)

I would like to mention that a few recently have posted up, they were still successful in regards of reclaiming on the PPI, even on a successful claim being made, so maybe it paid out for one but not the other, where they were still paying full protection for it.
Or for whatever reason they had - they were successful anyway.

Magpiecottage posted up something the other day, who is an advisor something on this, and I asked if more info could be posted up, as this would be a help for everyone looking into these issues.;)

If you read section 3 of the new proposals starting in Jan 2010 then it does state that a policy can still be missold to you if you have already claimed on it as well.

http://www.fsa.gov.uk/pubs/cp/cp09_23.pdf

Claims and their impact on redress

3.11 Where the firm finds that the consumer would not have bought any PPI policy, but
the firm has previously paid out on one or more claims on the policy, the firm may

deduct the value of those claims from the redress it pays the consumer.

di3004

marshallka wrote: »

If you read section 3 of the new proposals starting in Jan 2010 then it does state that a policy can still be missold to you if you have already claimed on it as well.

http://www.fsa.gov.uk/pubs/cp/cp09_23.pdf

Claims and their impact on redress
3.11 Where the firm finds that the consumer would not have bought any PPI policy, but
the firm has previously paid out on one or more claims on the policy, the firm may

deduct the value of those claims from the redress it pays the consumer.

Thanks for this Marshallka.;):beer: