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My wife has recently been in communication with Welcome finance by letter regarding the removal of the PPI.
The original loan was taken out in July 2007 with PPI which was pre-quoted, although my wife had to tick the boxes (even though the amount was printed on the agreement)
A letter was wrote last year, but the cancellation was not actioned.
We wrote again this July and after 3 further letters we have a letter regarding other issues and states the the PPI has been cancelled and a rebate has been allocated to her account.
However, the won't reduce the monthly payment, send us a statement and my wife was told to call back in around 15 months, when the balance would have considerably reduced to find out the term remaining.
Although it should have finished in July 2010, I estimate the agreement to end about Sept 08.
I guess my questions are:-
1 Should they reduce the monthly amount? 2 Am I entitled to see a statement of account?
My wife has recently been in communication with Welcome finance by letter regarding the removal of the PPI.
The original loan was taken out in July 2007 with PPI which was pre-quoted, although my wife had to tick the boxes (even though the amount was printed on the agreement)
A letter was wrote last year, but the cancellation was not actioned.
We wrote again this July and after 3 further letters we have a letter regarding other issues and states the the PPI has been cancelled and a rebate has been allocated to her account.
However, the won't reduce the monthly payment, send us a statement and my wife was told to call back in around 15 months, when the balance would have considerably reduced to find out the term remaining.
Although it should have finished in July 2010, I estimate the agreement to end about Sept 08.
I guess my questions are:-
1 Should they reduce the monthly amount? 2 Am I entitled to see a statement of account?
Many Thanks Craig
Hello Craig,
Welcome are not the most informative of companies and appear to have failed to keep you up to date with your loan. They are probably still sulking because you cancelled the ppi on the loan. Have you tried to write to them regarding reducing the monthly payments( if this is what you want) and asking for a statement of the account. If they will not provide you with a statement of account, you can send them a request to see your agreement, terms and conditions and they have to provide you with a statement of the account.
If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW
yes, with out a doubt, you are entitled to see a statement of account
they are suppose to send one every twelve months
the reason they are reluctant is that they dont want you to see all the illegal charges they have put on the account, compounded by the high apr.
the only way welcome will comply is if you send them an SAR request.
there is a big issue with welcome and PPI going on at the moment, so i will not go into detail.
once you get your SAR back, you then go for a rebate on the payments made as they have not actioned your request to lower the payments as you cancelled. welcome will end up owing you money.
be under no illusion, welcome will ignore you all the way, so requests have to be made where they have to reply under the law.
send every thing by recorded delievery and keep copies.
when you send welcome your sar, put in an extra parragraph for specific information
1/ who administers the ppi policy (they will say direct group)
2/ who under wrights the policy (they will say norwich union) then give norwich union a call, they will say, never heard of you.
ive allways been of the opinion that welcome do the ppi themselves for max profit, but they are not licensed to
following your thread with interest and good luck
keep your thread updated
yes, with out a doubt, you are entitled to see a statement of account
they are suppose to send one every twelve months
Just to clarify an apparent misunderstanding here, the requirement to send annual statements on loan agreements actually started yesterday (1/10/08).
This means that transactions after this date must appear in an annual statement which must be sent no more than on eyear of the date of the transaction.
Welcome Finance PPI
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Originally Posted by craigamc
