ppi refund

frontra

Received a letter from Blackhorse saying they will return my PPi with an ex-gratia payment to bring it to a speedy conclusion, but they have stated that if the account is in arrears they will use it to bring the account up to date and then return anything that is left over ,are they within there rights as the money I paid was for an insurance that I did not require or was not even told about when I took out the loan. shorly the loan and the insurance are too seperate issues

di3004

frontra wrote: »

Received a letter from Blackhorse saying they will return my PPi with an ex-gratia payment to bring it to a speedy conclusion, but they have stated that if the account is in arrears they will use it to bring the account up to date and then return anything that is left over ,are they within there rights as the money I paid was for an insurance that I did not require or was not even told about when I took out the loan. shorly the loan and the insurance are too seperate issues

Hi and well done on your success!:beer:

Apparentely this is what normally happens, they clear any arrears, but the remaining if any and interest is normally awarded directly to you.

dunstonh

they have stated that if the account is in arrears they will use it to bring the account up to date and then return anything that is left over ,are they within there rights as the money I paid was for an insurance that I did not require or was not even told about when I took out the loan. shorly the loan and the insurance are too seperate issues

If there are arrears or amounts that have been written off then the redress payment can go to that amount first. That is normal as di says above.

Remember that your premiums have been higher or the loan amount higher because of PPI. If they refunded it to you directly, it would not put you back in the position you would have been had you not had the PPI. And that is what financial redress is meant to do. If they paid it to you then it would be like you borrowing a higher amount.