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Claim cash or deducted from outstanding balance?
ben18120
Posts: 3 Newbie
Hi, I’m very new to this forum malarkey, so please be patient with me!
I have successfully made a claim against a missold PPI and have been awarded over £4000. However they have advised me that as I’m still paying back the loan I will not receive this back as cash, but they will deduct it from the outstanding balance. I’m appalled!! I have paid this PPI in cold hard cash and think I deserve it back in cold hard cash. Is there anything I can do about it???
I have successfully made a claim against a missold PPI and have been awarded over £4000. However they have advised me that as I’m still paying back the loan I will not receive this back as cash, but they will deduct it from the outstanding balance. I’m appalled!! I have paid this PPI in cold hard cash and think I deserve it back in cold hard cash. Is there anything I can do about it???
0
Comments
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Hi, I’m very new to this forum malarkey, so please be patient with me!
I have successfully made a claim against a missold PPI and have been awarded over £4000. However they have advised me that as I’m still paying back the loan I will not receive this back as cash, but they will deduct it from the outstanding balance. I’m appalled!! I have paid this PPI in cold hard cash and think I deserve it back in cold hard cash. Is there anything I can do about it???
Hi ben18120,
They should only use the redress to pay off any arrears on the loan or if you are using a debt management company.
If you are still paying the loan off as normal and have not missed any payments or have any arrears then they should pay the redress back to you. I would write back to them and ask for a cheque to be sent to you otherwise you will contact the FOS for advice
Successes
Sainsbury's/BOS £6,400 Paid
MBNA £3,600 Paid0 -
Thanks for that, I'm up to date with the repayments so
I'll go back to them and request the cash. Finger crossed!!!0
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