Welcome finance PPI-refund not enough?

nvb272

Hi

In March 2006 i took out car finance over 48 months with Welcome which included a PPI policy at £50.66 per month, after about 30 payments i claimed a refund and didn't hear anything from Welcome exept that my claim had been accepted.

When i called Welcome they said that they had paid £700 off my balance but i had paid around £1500 on the policy-surely i am entitled to £1500 plus interest.

any help would be appreciated

maxdp

Hi There

Can you ask them to send you details of how they arrived at this figure. Did they say it was a goodwill gesture. Did you sign anything saying that it was in full and final settlement.

mangle101

Unless you had arrears i believe that you are entitled to the full amount of what you have reclaimed.

maxdp

You are entitled to the full amount you have claimed as mis sold. If this was added to a loan then it must have been refinanced if it was a single premium Policy. They could not just cancel the policy. Have they asked you to do that mangle?

nvb272

the paperwork they sent only says a payment of £752 it doesn't mention anything about placing any money against arrears.

My original policy was 249.53 over 48 months, in December 2009 i signed a new policy without PPI stating it was 197.56 over 48 months, the policy is due to end this month.

So far i have paid a total of £8994.49-£1823 was PPI but welcome claims i owe them a further 26641.31 i had arrears but that only totalled 1500.

Andrew_Thomas

you may have been rebated when changing over policies ask to see the closing statements