We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can i charge interest to Welcome if they missed refund deadline
kelise
Posts: 67 Forumite
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
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
0
Comments
-
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.;)The one and only "Dizzy Di"
0 -
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.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Thanks for clarifying on this Dunstonh.;)The one and only "Dizzy Di"0
-
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.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.6K Banking & Borrowing
- 254.5K Reduce Debt & Boost Income
- 455.5K Spending & Discounts
- 247.5K Work, Benefits & Business
- 604.3K Mortgages, Homes & Bills
- 178.6K Life & Family
- 261.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards