My son has got himself a welcome finance loan

- money borrowed £3300.00 this is over 48 months of which 14 months have now gone past.

This loan will cost him £11000+.

I have written to them asking for a settlement figure 2 weeks ago, but not heard anything back yet.

I am wondering if anyone else is in the same position.

The agreement says if you have paid 1/4 of the loan back you might well be expected to pay just over £5000.

I thought he could re-finance this for cheaper and pay them off.

Despite him having paid over £3000 the figure they want to settle is over £5600.00.

I notice that he has got PPI of £1900 which is puzzling because he gets paid if he were to be off sick.

This is an unsecured personal loan and on the bottom of the settlement statement page it says

' On receipt of cleared funds, of the amount stated in this letter and within the specified time,

we agree to remove our charge on the secured property'.

'Please allow 10 working days for funds clearance, upon which time all the discharge papers will be sent directly to the Land Registry'

This was an unsecured personal loan

- Is there anyone that can give some advice please?

DO NOT refinance this loan with welcome, it will just get bigger. i made that mistake when i had money problems, and now after four years, my 5k car loan is still in the red to the tune of 3.5k...

First you should check if there is a charge on the property.

You can get a copy of the Title Register which will include any charges from Land Register Online

Hi Thanks for that dw190, just checked and there isn't a charge.

It was obviously a standard letter ending that they shouldn't have put on an unsecured loan.

My son says the boxes for PPI were already ticked when he had to sign.

He could re-finance this loan cheaper, but I wonder why they have only deducted £700 from the £1900 PPI.

He wouldn't have used it anyway as he gets paid if he were to be off.

What should he do?

If the box was already ticked why did he sign.

Was it in a different coloured ink or could it have been ticked after?

Quite a number of people on this site have successfully got refunds of PPI that had been added after or was told they had to have it.

With Welcome you have to cancel the PPI within 28 days. Not sure about claiming miss-sold PPI's though

That in itself could be classed as an unfair term.

There is an article in the last email from the "moneysavingexpert" website.

Take a look here: PPI Reclaiming: Get £1000's back on loan insurance...