PPI Compensation with Welcome Finance

janebrownless

Wondering if anyone can help me, long story short I took out loan with Welcome finance a number of years ago, couldn't keep up repayments, went to debt management and they have paid them on my behalf ever since, recently enquired if i had PPI on this loan and low and behold yes i did, made my complaint to Welcome they have upheld it and awarded me £2013.68, now my final outstanding debt with them was for 927.89 however they say they want £1898.58 of my compensation and have offered £115.10, upon ringing them to enquire why they are taking a further £1000 off me they say its because I have had reduced payments due to debt management. Can they do this?? surely I either owe 927.89 or i don't?? can anyone help me at all??

MJ41

Yes they can - you haven't kept to your original agreement by reducing payments, so the fact you are claiming money back from them means tey can offset what you were meant to pay them before they payout. Good news is it clears your debt with a little left over

janebrownless

Cheers for the response, a little gutting but like you say there is a little left over :j, so annoying though when you have paid for 8 years to clear the debt and paid wayyy over the odds when having had to get debt management involved.