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Welcome Finance PPI Refund question
mackers8923
Posts: 196 Forumite
in Loans
I recently wrote to WF asking for the PPI element of my loan to be refunded as i no longer felt it was needed. They refunded an amount around £1200 on to the loan balance but when I had worked it out to the exact penny they had done me out of around £300.
I wrote to them again asking for the details of where the £300 had gone and today in the post I have received a letter telling me all about the "Rule of 78" which I'm assuming they are using in order to keep the money.
This was the letter I sent to them:
I note and thank Welcome Finance for the recent refund of £1216.09 from my Payment Protection Insurance. However I would like to query the amount after speaking with an Account Manager today on the telephone.
My Payment Protection Insurance for the 60 months was £2150.19 which is a charge of £35.84 per month. I have used 17 months @ £35.84 which is equal to £609.22. Taking what I have paid from the total charge there is a difference of £1540.97. Take the refund you have already issued to me of £1216.09 from that, there is a difference of £324.88 and I would like to know where this money has gone and have it returned right away.
If Welcome Finance have charged me this amount then I would like to see it in writing that I have been charged for the removal of my Payment Protection Insurance. I’ do not understand how you can levy a charge for Payment Protection Insurance when I’am no longer in receipt of it and respectfully request that it be refunded right away.
Should Welcome Finance not refund the amount of £324.88 to me, I will seek further advice and if necessary contact the Office of Fair Trading in order to clarify if you have acted legally by charging me for something I’m no longer in receipt of.
Do I have any options available to me in order to get this £300 back......
I wrote to them again asking for the details of where the £300 had gone and today in the post I have received a letter telling me all about the "Rule of 78" which I'm assuming they are using in order to keep the money.
This was the letter I sent to them:
I note and thank Welcome Finance for the recent refund of £1216.09 from my Payment Protection Insurance. However I would like to query the amount after speaking with an Account Manager today on the telephone.
My Payment Protection Insurance for the 60 months was £2150.19 which is a charge of £35.84 per month. I have used 17 months @ £35.84 which is equal to £609.22. Taking what I have paid from the total charge there is a difference of £1540.97. Take the refund you have already issued to me of £1216.09 from that, there is a difference of £324.88 and I would like to know where this money has gone and have it returned right away.
If Welcome Finance have charged me this amount then I would like to see it in writing that I have been charged for the removal of my Payment Protection Insurance. I’ do not understand how you can levy a charge for Payment Protection Insurance when I’am no longer in receipt of it and respectfully request that it be refunded right away.
Should Welcome Finance not refund the amount of £324.88 to me, I will seek further advice and if necessary contact the Office of Fair Trading in order to clarify if you have acted legally by charging me for something I’m no longer in receipt of.
Do I have any options available to me in order to get this £300 back......
0
Comments
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Can anyone please advise if they have suffered from the above issue? I have to reply to Welcome about this Rule 78 and what they have done with my £300!! Please Help...0
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Not to worry found the answer in the forums. Please Close Thread.0
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I recently wrote to GE money regarding PPI charges. They informed me that I have to take the matter up with the company I bought the car from as they claim this company has there own insurance. Is this the case.
Also is it poosible to reclaim PPI charges on a previous finance agreement that has now been closed?
Thank you0
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