Welcome Finance

[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?

 

As stated in the policy book I can cancel within 30 days. Whi should I contact if they fail to do this? CAB / Ombudsman?

 

Thanks

[citizenB]

Hmmm, are they trying to say that the PPI is a condition of the loan. ? I think that is against the rules. If they dont cancel it within the 30 days, I would ask for their COMPLAINT procedure and escalate it up the chain of command. It might be a good idea not to talk to them on the telephone.. You want everything in writing so if/when you make a futher complaint to the FOS then you will want evidence. They will have to give you a reply within 4 weeks I think or a reason why they will need more time. After the 4 - 8 weeks you will be able to make a complaint to the Financial Ombudsman.

[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

[citizenB]

To be honest I am not sure if this is correct procedure whilst you are still within the 30 day cancellation period. However, outside of that time for mis sold PPI then YES you do have to go in to the branch to restructure the loan without the PPI.

 

My OH had to go in last Friday to do this. Apparently they wont just remove PPI but a new agreement has to be drawn up. If you do find this is correct then you must ensure that the original loan, minus the PPI is drawn up using the same terms and conditions and interest rate.

 

I wonder if it might not be in your interests to phone the Financial ombudsman to confirm. xx

[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 cancellation because I need to also sign a new agreement within this 30 days?

 

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?

[citizenB]

Exit212.. I am pretty sure that they cant use a new interest rate (ie higher) than when you first signed the agreement.

 

Are you just exercising your right to cancel.. or can you prove a mis sold policy.

 

Ie.. did they say you could only take out the loan if the policy was attached ?

 

You could I guess just say..... Ok.. I am not messing around any more, I am now referring my case onto the Financial ombudsman and ask them to rule on it.