Can i charge interest to Welcome if they missed refund deadline

kelise

Hi.
My husband went through another company to get his PPI refunded from Welcome finance.

Welcome finally agreed to repay back the PPI and they were supposed to pay it back by the 6th October, however he has received nothing.

Would my husband be able to send a letter to them to advise that as they are now 3 weeks late with repaying the refund he will now be charging interest per day for the amount being refunded.
If he can how much would he be able to charge.
thanks

di3004

kelise wrote: »

Hi.
My husband went through another company to get his PPI refunded from Welcome finance.

Welcome finally agreed to repay back the PPI and they were supposed to pay it back by the 6th October, however he has received nothing.

Would my husband be able to send a letter to them to advise that as they are now 3 weeks late with repaying the refund he will now be charging interest per day for the amount being refunded.
If he can how much would he be able to charge.
thanks

Hi there

I am not too certain on this but the interest should be added up to the date they pay out to what I'm aware of anyway.
Maybe someone will clarify, good luck.;)

dunstonh

Would my husband be able to send a letter to them to advise that as they are now 3 weeks late with repaying the refund he will now be charging interest per day for the amount being refunded.

Highly unlikely as they should add interest automatically to any refund. So, you shouldnt get it twice.

di3004

Thanks for clarifying on this Dunstonh.;)

dunstonh

The important thing is to make sure they have added the interest that they are meant to. The redress payment should be broken down into how much is redress (and how they calculated it) and how much is interest on it.