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BBB
BBB Posts: 258 Forumite
in Reclaim PPI & other insurance
I was missold it by Welcome Finance, so I tried to claim it back a year or so ago, they said NO, I just left it, yesterday my housemate rings me to say they are refunding me £870 which is pretty sweet, I asked him to take the letter into work and give it to my friend, she's just rang me and they have awarded me £2500 compensation, £1600 of which has now cleared the loan. Amazing.

I am floating on air right now :D
:beer:

Comments

  • di3004
    di3004 Posts: 42,579 Forumite
    BBB wrote: »
    I was missold it by Welcome Finance, so I tried to claim it back a year or so ago, they said NO, I just left it, yesterday my housemate rings me to say they are refunding me £870 which is pretty sweet, I asked him to take the letter into work and give it to my friend, she's just rang me and they have awarded me £2500 compensation, £1600 of which has now cleared the loan. Amazing.

    I am floating on air right now :D


    Well done BBB.:T:j Congratulations!:beer:
    The one and only "Dizzy Di" :D
  • KIMY
    KIMY Posts: 417 Forumite
    Well done:beer:
  • BBB
    BBB Posts: 258 Forumite
    Just checking something, In my letter it says

    "as your existing loan agreement has expired (passed the date by which it should have been re-paid) my offer is to apply the compensation as follows

    £1648.26 will be used to clear your outstanding loan.
    £867.17 will be sent to you by BACS

    Now does that mean that the loan is completely settled and the £1648 was total of payments missed (which there were a few) and subsequent interest?

    I'll ring them on Monday but would like a definite answer!

    I'm inclined to say that it is but anyone else?
    :beer:
  • di3004
    di3004 Posts: 42,579 Forumite
    BBB wrote: »
    Just checking something, In my letter it says

    "as your existing loan agreement has expired (passed the date by which it should have been re-paid) my offer is to apply the compensation as follows

    £1648.26 will be used to clear your outstanding loan.
    £867.17 will be sent to you by BACS

    Now does that mean that the loan is completely settled and the £1648 was total of payments missed (which there were a few) and subsequent interest?

    I'll ring them on Monday but would like a definite answer!

    I'm inclined to say that it is but anyone else?


    Hi

    What normally happens is, if there are any outstanding arrears/missed payments, they award the refund towards this to clear them and anything remaining plus interest should be refunded directly to you.

    Well done!:beer:
    The one and only "Dizzy Di" :D
  • BBB
    BBB Posts: 258 Forumite
    Woo. Rang them and confirmed my balance is zero :)
    :beer:
  • di3004
    di3004 Posts: 42,579 Forumite
    BBB wrote: »
    Woo. Rang them and confirmed my balance is zero :)


    Well done!!!:T:T:j:j bet your relieved, good one and Congrats once again!:beer:
    The one and only "Dizzy Di" :D
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