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| Welcome Finance Ppi And Repayments | |
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| Topic Started: Jan 19 2007, 07:05 PM (111 Views) | |
| jgbird | Jan 19 2007, 07:05 PM Post #1 |
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Hi all, I have had a car loan with welcome finance for 2 and a half years now. I have now and then paid a little late, but have always caught up. After missing a payment I always got a letter saying I was £352 behind (the monthly amount I pay them. I rang them today to pay them £400 (currently 2 months behind or so I thought) only to be told that after the above amount, I am now £1408 in arrears. Apparently this has accrued over the past two years somehow. They were a bit vague about the months that I actually missed, an used some flashing financial speak to try and explain how it had mounted up. They then went on to say that I shouldn't miss another payment otherwise the debt would be handed over to a debt collector and the car taken away. I have never received a letter from Welcome Finance saying I owe any more than £352. Also, when I enquired about PPI insurance (I am self employed), they said it did cover self employed as long as I tell the tax office that I am now working. When I said I would like to cancel it, they said it wouldn't make any difference to my monthly repayments. Instead it would only take off £400 from the total outstanding (about £11,000 aparently). When I expressed my wish again to cancel, he kept saying I may aswell keep it, he said I onyl have 1 1/2 years remaining of the agreement and cancelling it wouldn't reduce my payments anyway. He certaining didn't want me to cancel it. What I would like to know is I remember reading somewhere that if you are more than halfway through an agreement, then they cannot take the car back. Is this true? Also, with this PPI, I would have thought I would be paying monthly for it. It sounds strange that PPI payments are added to the end of the loan, and appears to only be paid in the remaining months repayments. Does this sound right?? Many thanks for guidence. |
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| whistleblower | Jan 19 2007, 08:42 PM Post #2 |
www.saynotoyes.co.uk
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It depends what cover you have been sold. If Welcome Finance were aware that you are self employed when you bought the car and sold you PPI to cover you for unemployment or redundancy, you have been mis sold the product. However, if the policy is for sickness or just life cover, then there is no mis selling Check out your cover and policy and let us know! |
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| Bakedalasker | Jan 20 2007, 10:59 AM Post #3 |
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Regarding the half way mark they would require a court order to take the car back. |
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9:04 PM Nov 8
