Is it legal for a unsecured loan complany to keep payments high?

Question

I have had a loan with Welcome Finance and have cancelled my Payment Protection Insurance which they charged me over £350 for 4 months which i think is abit extreme also since then I have been told that my monthly payments will not be reduced even though it states on my paperwork that i pay extra for PPI is this legal and if not who do i contact. Thanks.

Answer 1

You did well to get rid of the insurance.

It seems that what the company are doing is using the money you had normally paid for insurance to go towards paying off the loan. This should save you interest.

You could ask them not to and this would save you a small amount each month.

Answer 2

Ask them who is the ombudsmen controlling their business.

Usually when they hear that question they pull their sock up. If they do nothing  get in touch with the ombudsmen.

Answer 3

Hello Beloved,

Compliments of the day to you. I am Mr. Mr peter Olu business man,

I give out loans between £2,000 and £500,000 to honest individuals at 2% interest rate for a period of 2-15 years as the case may be. The repayment will be in monthly installments which will commences 3 months after receipt of the loan.

Services rendered includes:

~Personal Loans

~Student Loans

~Car Loans

~Home Loans

~Business Loans

~Debt Consolidation

~ETC

If you are interested in obtaining a loan from us, contact me via e-mail: [e-mail]

You will be glad you did. God bless you!

Best Regards

Mr peter OLu.