Redress

ben18120

Hello all,

I'm looking for a little bit of advise please.
I have successfully claimed for a mis-sold PPI through Welcome Finance. However, as I am still paying of the loan they stated that I will not received the cash, but it will by paid if the outstanding balance. I'm a little gob-smacked as I paid this in cash and was expecting to receive it back in cash. I was in arrears well over a year ago, but I'm bang up to date now with the payments. I also think this is a secure loan as when I had my credit checked this loan shows as a mortgage, so why can't I receive a cash payment?

Looking forward to you advice.

Regards
Ben18120

[Deleted User]

ben18120 wrote: »

I have successfully claimed for a mis-sold PPI through Welcome Finance. However, as I am still paying of the loan they stated that I will not received the cash, but it will by paid if the outstanding balance. I was in arrears well over a year ago, but I'm bang up to date now with the payments.

Hmmm, I'd query this.The Bank are allowed to pay off the balance of any outstanding debt in arrears, but they need your permission if the re-payments are up-to-date.

amersall

FSCS are paying all compensation back to Welcome on open loans.
Give them a ring and ask why.

You should ask about the loan being reset as if the compensation goes to the loan then you will still pay the same monthly payment as you did with the PPI.

Did you get, or can you have a "bonus payment" or Cash back" at some point during this loan term? as if one or the other is due, you can get this back to you.

Ask the FSCS what happens with the PPI policy now.

There is a thread on Welcome through FSCS on this forum,some received the PPI back when the policy was cancelled after compensation was paid.
When i find the post i will give the link.

amersall

Still looking for the link, sorry!!.