Welcome finance PPI Reclaim

thumbandit

In 2004 i took out a loan with welcome finance and they said i needed to have Payment protection or i couldnt have the loan.

I sent them a SAR and £10 and they have sent me a statement today.

The statement has the following items ...

28-Aug-04 Opening Balance 0
28-Aug-04 Initial Disbursement 2873.83
28-Aug-04 PPP- All Categories Migrate £839.70
28-Aug-04 Medicare _ Migrated £50
28-Aug-04 Acceptance Fees Product £75


Then Payment - 162.95
and Capitalisation (smaller figure) payment stays the same Capitalisation goes down

Then payment changes to Principal Credit ADJ and that figure goes down.

Finished paying in july 2007

What the hell does it all mean lol, im presuming the 839.70 was a PPI policy added to the total of the loan, but what of the migrate and what do the other things mean

Sorry for sounding dumb but its a bit of a strange statemnet to me.

Thanks in advance

amersall

Migrate means " moved" as this is Single Premium PPI, it means that the insurer has been paid the PPI and the medicare upfront.

You had PPI and you need to contact Welcome, they will deal with this, the reason for mis sell is Single Premium PPI, the full cost and unfair rebates were not explained to you at the point of sale.