Welcome finance questions....

willowolf

Hi, PPI was forced upon us by Welcome Finance and they have acknowledged this.

However a slight twist we did use the policy as my husband had an accident but the claim was rubbish they wouldn’t pay out unless it was a full month so we missed out at the beginning and end however...now they have offered us a readdress.

They gave us a figure then took back what they paid out, which I completely understand and is fair, the bit I’m not sure on, and was wondering if anyone could answer is they have then made me pay for a single payment policy at nearly £500? I already proved PPI was forced on us, had the figures the guy wrote down, so why would I need to pay for a policy when they have already deducted the money they paid out, so they aren’t out of pocket.

I just wondered if this was right or wrong, if it is right fair enough but I just feel but deducting what they paid out we have settled it with them?

Thanks for any advice

[Deleted User]

I'm afraid it's not clear what it is you are asking.

You made a PPI mis-selling complaint which was successful. The Bank then deducted the amount you had already claimed on the insurance from your redress. That much is clear.

So what is this £500 single payment policy you have been "made to pay"?

I'm guessing the original PPI policy was single premium and the Bank refer to this in their letter? If this is the case, then that's not a new additional payment you now have to make.

It looks as if your complaint was successful, but there is nothing to refund you because you made an actual claim on the policy. Is that correct?

In all honesty, the PPI ("forced" on you or not) did it's job. It's difficult to understand why you thought they might refund a policy which they had already paid out on.

willowolf

Thy gave me a breakdown of costs took back the fees they paid out which is fine, and as said completely understandable so they have been refunded what they paid out for the claim submitted.

In the letter with the redress it says they sold us a monthly policy but should have sold a single policy, and then have deducted the cost of a single policy from the refund too? I haven’t signed for this policy?

There is still funds to refund but just don’t understand about the single policy cost they deducted, as they have already deducted the cost of what they paid out, I was a bit confused, as said I’m ok with it if it is right I’m just a little confused and wanted to check it was right before accepting the compensation awarded. If they took back what they paid out aren’t we even so to speak why am I then being charged an additional £500, which they have deducted from refund, that’s my query is that right? as basically when they sold the loan the guy at welcome finance wrote down two figures this is what we will lend you without PPI, significantly lower than we had asked for and then the figure we asked for they would lend us only if we took PPI, we had this on letter headed paper which we used as evidence.

Yes it was used but it was still missold and I only used it as it was there. If I didn’t have it I could have paid but as it was there we used it, when my husband had a motorbike accident.

As said I just wanted to check it was right as have obviously had difficulties so I am ok with it, if it is but thought checking rather than just accepting would be best.

[Deleted User]

willowolf wrote: »

I was a bit confused

You still are.

Ring the Bank and they'll explain it to you.

Or just accept the refund they have offered you.

willowolf

I really don’t think there was any need for sarcasm!!!! A straight forward yes it is right would have been a little more helpful!

All I wanted to do was check what they were saying to me was right, having been lied to in the beginning by them, I wasn’t just going to trust what they said! I did phone them before I asked on the forum, I was just trying to check I wasn’t’t being lied to again.

If it is correct that is fine, as stated, it doesn’t hurt to check these things.

[Deleted User]

willowolf wrote: »

A straight forward yes it is right would have been a little more helpful!

That's the point, I can't tell you. I still don't know what you are asking.

No sarcasm in my earlier post (or this one).

Why would you accept a comment from some random stranger on the internet over what the Bank have said?

To repeat, if you want a definite answer, you'll have to ask the Bank to explain it to you. If you don't trust them to tell the truth, then there is nothing more to be said.

Or just accept whatever has been offered.