PPI Advice needed

Svensson8

Hi there I recently took out a loan with Welcome Finance, when I took out the loan I was given the hard sell with the PPI and agreed to it. However when I got home and thought about it I decided I did not want the PPI so decided to cancel it. I was within my 30 days statutory cancelling period so I Sent them a letter recorded delivery saying that I wanted to cancel. However since then I have heard nothing and I know the letter has been delivered there. Today though I noticed that the first payment went from my account and was for the full amount.
What I would like to know is would my monthly payment drop when they remove the PPI? Or do they sort it out another way?

Darren

CLAPTON

Pick up the phone asap and phone them.

k1mmie

I too have a loan with Welcome. Although they have added a PPI figure up front of the loan (£4000+), there are no seperate monthly figures. Just one monthly repayment figure. Is this normal and why were we not told of any other forms of PPI? Also I have read that most loans only cover 5 years with PPI, but our loan is for 180 months so if this is the case, why we were not told as it is obviously not sufficient?

Svensson8

Just to update you all, I still have not heard anything confirming that they have cancelled my PPI. However I did today recieve a letter saying that they need me to contact them with regards to my account. As I wrote to cancel the PPI within the Statutory 30 day period, am I right in thinking that they have no legal basis to refuse my instructions? Obviously they want to speak to me to try and hard sell me the PPI again, why should I have to ring them up, why can't they just do as instructed? Any advice on what I should say when I do decide to ring them back?

Darren