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PPI compensation - help needed
hannah01
Posts: 26 Forumite
Hi,
I was hoping someone can help me who has been in the same situation. I have received a letter with regards to my PPI compensation from welcome finance, they have advised me that they will deduct the amount from my outstanding balance. Can they do this as I want it via cheque so its in my hand and my choice as to what to do with it.
I was hoping someone can help me who has been in the same situation. I have received a letter with regards to my PPI compensation from welcome finance, they have advised me that they will deduct the amount from my outstanding balance. Can they do this as I want it via cheque so its in my hand and my choice as to what to do with it.
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Comments
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Hi,
I was hoping someone can help me who has been in the same situation. I have received a letter with regards to my PPI compensation from welcome finance, they have advised me that they will deduct the amount from my outstanding balance. Can they do this as I want it via cheque so its in my hand and my choice as to what to do with it.
Yes, given the way that welcome finance redress payments are handled, they go against the debt. They are in an unusual position compared to other lenders.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
they can do it? so there's no way I can get it?0
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If its paid as part of the FSCS scheme then yes they can. (other times would be if you are in arrears, have defaults or had amounts written off as part of a settlement)I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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That's rubbish, what if you're in financial hardship?
Thanks for the reply0
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