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Balance after PPI refund
don_wilson
Posts: 2 Newbie
I have a query regarding balances after the Bank has repaid PPI ---if the balance was 5588 and this consisted of 3014 PPI overcharges...... why is it than when the Bank repays you the £3014 the balance remains 5588 ? -- my opinion is that if you continue to pay the 5588 balance off - then the Bank has taken back the PPI overcharge...... surely balances MUST be reduced after removal of the PPI overcharge from it ???
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Comments
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Have they paid you the £3014 i.e. given you a cheque? OR Have they told you they are deducting the PPI refund from the amount outstanding? You seem to be saying they should do both?0
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why is it than when the Bank repays you the £3014 the balance remains 5588 ?
They issue the cheque to you to spend as you wish. If you want to pay it off the account you can but you dont have to.my opinion is that if you continue to pay the 5588 balance off - then the Bank has taken back the PPI overcharge...... surely balances MUST be reduced after removal of the PPI overcharge from it ???
That would be giving it to you twice. That is not logical.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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