Welcome Finance (PPI Cancellation)

[212]

Hi all,

 

I took out a recent loan with WFS and took PPI with it. I got my PPI booklet which advised I could excerise my right to cancel within 30 days. I am well within my 30 days and sent a letter recorded delivery, exercising my right to cancel. This was on Monday.

 

I come home from work to find voicemail asking me to call my local welcome office urgently regarding my letter. I'm unable to call them back due to them now being closed.

 

I'm a bit annoyed at this, and they shouldn't even need to contact me. They have received my letter so shouldn't they now cancel this by law?

 

I've done a bit of reading and see that so many people are having trouble with this.

 

What should I do now as it seems they want to put a wall against my cancellation?

 

Thanks

[Sparklez30]

I wouldn't trust welcome at all especially over the phone. My guess would be they will try to get you to sign another agreement although there is no reason for you to need to. If it were me I would write to them confirming you have already requested the PPI insurance to be cancelled within the required cooling off period but you have received no confirmation that the insurance has been cancelled and that your payments will reduce accordingly. Also that you require all correspondance to be in writing.

 

You have proof they received the first letter cancelling it within the time so I don't see how they could wriggle out of removing it from the loan although having had some dealings with them I have found they have a tendency to ignore you!

 

I don't know alot about PPI I'm affraid but I'm sure someone more knowledgable will pop along soon

[exit12]

I have just called them back with regards to the voicemail and the local office is advising that I need to go into their office to sign new paperork before they can cancel the PPI and give me a rebate.

This is not what it says on the Insurance booklet I had and all it says is that I have to write to the head office within 30 days, which I have done - twice now!

How do they expect me to even have time to get into their office when it is around 60 miles away and i work full time. They advised I need to get into office before 05th May which there is now way I will do.

Does this sound right, that I need to go the office to cancel my PPI and sign new agreement?

Any advice on what to do next, as I am still within my 30 days cancellation period.

Please?

Thank You

[exit12]

I just called them again and asked why the forms could not be sent and they advised I need to sign a new agreement before my 30 days is up. If they post them she said there wouldn;t be time for me to send them back within the 30 days. Well if they posted them when they got my letter of cancellation, there would have been plenty time.

Now thing is - on the policy booklet it clearly states that I have 30 days to cancel the PPI by writing to them. I have done this - well within the 30 days (twice). So does this not mean I have done my part? even though they are saying I need to sign another agreement before the 5th May?

I feel that because I have written to them within the stated 30 days, I should not now be refused my cancelleation because I need to also sign a new agreement within this 30 days also?

 

Also - they advised my interest will have to recalculated on the 'new agreeement' - are they trying to just keep my payments high they are now losing money due to me cancelling PPI?

 

Anyone please?

[Sparklez30]

They should not increase your interest rate because you cancel PPI (although I doubt that would stop Welcome Finance!). They can ask you to sign a new agreement but it should be based on the same interest rate (this is as has been stated by the FSA).

 

However I would think if you have followed the procedure that is stipulated they cannot change the requirements but hopefully someone who knows more can come along and advise!

 

I also don't see why they couldnt post you the agreement to look over or why they couldnt have put this request in writing - makes me suspicous too! I really don't trust Welcome Finance lol!

[alanalana]

Hell all,

 

just wanted to point out that this thread was started by 212 and there is obviously a mix up as it is now being used by exit12 and Sparklez is answering exit 12.

 

Could exit12 please start a new thread so 212 can get answers appropriate to that particular case.

 

It just help to prevent any mixups on advice given.

 

Regards

aa

[Sparklez30]

So it was - sorry I didn't even notice!

[thehomee]

I can't work out how to link to my thread, but I have currently got a thread going about the fact that Welcome asked me to sign another agreement or they wouldn't cancel my PPI even though I had asked them well within the 30 days.

the only thing I could think to do was to stop paying them, but now they have sued me!

[Sparklez30]

Heres the link

 

http://www.consumeractiongroup.co.uk/forum/general-debt-issues/135614-welcome-finance-court-summons.html

[thehomee]

thanks sparklez!

[alanalana]

Hello 212,

 

If your terms and Conditions state you can cancel in writing within the 30 days and you have done that and got proof of postage and delivery i.e. recorded signed for or special delivery next day, then I would suggest you have met the criteria laid down in the T & Cs.

 

I believe the banks will put a stumbling block on every move to cancel within that time as everything over the 30 days would be seen as a cancellation but you would probably get little return on the cost as listed on the CCA.

 

I would write to them again stating you have met the required conditions and tell them failure to cancel with a full refund of the cost of the PPI plus the insurance will be met with complaints to the OFT, FOS and the British Bankers Association.

 

Hope this helps you

 

aa