Welcome finance PPI

sammy_s

Hi everyone, would be grateful for some help and advice, sorry if I'm repeating anything already on here,

I took out a secured loan 4 years ago for £15,000. With ppi, life insurance, acceptance fee and 1 monthly payment included total cost of credit was £18,218. Annual interest rate is 18.72% (I was young and stupid!!) and my contractual payments are £302 for 180 months, however I pay £320 to cover some arrears on the account which were paid a year ago but welcome finance have not amended the payments and i didn't ask them to. Despite having repaid at total of £14,928, my outstanding balance as of 15/01/2012 was £17,320.38.

I have just sent off a ppi questionaire for investigation and hopefully a refund. My questions are how much should i accept as being a reasonable refund? and if i have my loan recalculated what would be a reasonable figure? Also, will the fact that I have already paid a substantial amount of this loan be taken into account?

I'm not entirely sure of my rights and because i feel a little over whelmed and embarassed for accepting ridiculous tems, I'm at risk of accepting less than perhaps i'm due.

Any help/advice/guidance would be much appreciated.

Regards,
Sam

amersall

You will get the ppi you have paid to date back,the loan will be reset,the whole ppi taken off the balance and the monthly payment will go down by the ppi amount.

gabrynia22

Sammy s u received an answer from them already?
I have made my claim for PPi last week(non template letter -my own words) and I'm waiting for answer from WELCOME FINANCE. PPI WAS COMPULSORY when I purchased a car loan
Please let me know how it finished I have same story as u:
4 years ago
PPI 2880 ł
MONTHLY PAYMENTS 348ł for over 48 months
This month is last month of payments

Please contact me as soon as they contact u ,with helpful info.
CROSS FINGERS