Voluntary Termination Cashback?!!

dmw9

Hi there

I took out a HP contract with Mitsubishi Shogan Finance and paid a set amount each month for 3 years and then I paid off the final balloon payment at the end of the contract, as I wanted to keep the car.

I paid that off over a year ago and received aetter saying that the finance was fully paid off and the car was mine.

Then this week I received a letter from them saying that "after a review of the annual statement of account that we sent you, we have identified that we did not remind you of your right to voluntarily terminate your contract before completion"

They go on to say that as a consequence of there mistake they are not entitled to retain the interest paid by me after the first incorrect statement was due to be sent to me.

They have since sent me a check for around half the whole amount of interest that I ever paid on the whole finance agreement!!!

I'm not complaining as it was totally unexpected but I was wondering if anyone could give me some advice or have heard of companies giving customers money back under these circumstances?

Because something tells me they may have sent this as a sweetener and maybe I'm owed more? I'm probably sounding ungrateful but you never know with these companies since the PPI scandal!!

How would I find out if what they've sent me is the correct amount of what I'm owed?

Wanted some advice before I phone them direct?

Thanks in advance

Dean

dmw9

Hi guys

Has anyone ever heard of this before?

Thanks

Dean

stator

Just accept the money, they've probably got it right. It's not compensation, the amount they have to pay you back is fixed, it's a technicality really. Did they tell you the dates they sent the wrong statements? You could try to work out the interest they have to refund yourself, but it wouldn't be easy.

There are quite a lot of threads about other companies doing the same thing because they sent incorrect statements

PeacefulWaters

It's a relatively new phenomena, following a change in legislation.

It seems numerous lenders didn't make appropriate changes to their statements and the FCA has made them proactively reimburse interest.

Enjoy the unexpected windfall!

dmw9

Thanks guys, I will just bank the cheque and enjoy Xmas a bit more!!

Thanks again

Dean