Thread: Settlement Advice vs Welcome Finance

Originally Posted by reclaimone

Hi,

Welcome Finance have just offered me full settlement on my PPI.

They said they will take amount off loan effectively bringing down term of loan.

My question is - can I get paid the settlement as a cheque instead, as I want to keep original term of the loan?

Thanks

Hi,

from what I have read regarding bank charges you can request how you want the settlement to be paid. To me it sounds like it would be more work for them to reimburse yourself and to recalculate monthly payments than to simply cut the number of monthly payments.

Come to think of it, would they have to rewrite a new loan if the monthly payments are to change?

Just a thought hopefully someone else can answer.

I am curious as to the background to this claim and how you got to this position.

Originally Posted by reclaimone

Hi,

Welcome Finance have just offered me full settlement on my PPI.

They said they will take amount off loan effectively bringing down term of loan.

My question is - can I get paid the settlement as a cheque instead, as I want to keep original term of the loan?

Thanks

Hello Reclaimone,

Well done regarding the settlement. It is your choice in how the settlement is paid, this is your money that they should never have had if the first place. Have you asked for contractual interest on top?? Personally a cheque payable to yourself would be nice.

In any refunds I have had, They worked out how much I had actually paid over the term. Cancelled the ppi and the balance left was refunded into the loan balance and reduce it. The part that I paid they gave me in a cheque. So I was a winner all round.

This is your decision now not theirs, so just tell them what you will accept to resolve your complaint.

Do not under any circumstances agree to new loan agreement.

Keep us posted.

Good news) I am so impresed.

Have they offered PPI+ interest( your APR)? Were in court stage?
Tell us more


Kind regards,


Itsme