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Welcome Finance: Cheque or Reduce Balance


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I am about to ask Welcome Finance for a refund of my missold PPI for a loan I took out with them in 2005. This was paid off with another loan I took out with them earlier this year. I am assuming that the whole of the PPI was paid up in full with my new loan. BUT if I am succesful and get my money refunded do I have the option of getting it in cheque form or will they automatically pay it off my current loan. I could really do with the cash. (P.S. my current loan has no PPI and I wasnt even offered it. Strange eh?).

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Hi, Fluffy Viper

 

As you still have an outstanding balance with WF, they may well insist on simply off-setting any credit against it. You can try asking for a cheque - you may get lucky.

 

WF need a good long look at by the FSA - make sure you send them details of your case.

 

Good luck, T.

"Weasel (n): any person or group that operates in that vast grey area between good ethical behaviour and the sort of activities that might send you to jail".

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I am about to ask Welcome Finance for a refund of my missold PPI for a loan I took out with them in 2005. This was paid off with another loan I took out with them earlier this year. I am assuming that the whole of the PPI was paid up in full with my new loan. BUT if I am succesful and get my money refunded do I have the option of getting it in cheque form or will they automatically pay it off my current loan. I could really do with the cash. (P.S. my current loan has no PPI and I wasnt even offered it. Strange eh?).

 

Hello Fluffy,

 

Welcome Finance will not wish to refund you any money back in the way of a cheque:o They will want to keep it for themselves.

 

I have been successful with two ppi claims with different companies. I stated in my letters that I wanted the ppi to be refunded to me in a cheque, as I now wished to be in control of the refund. They did not like it, but I received the cheques, so It can be done.

 

The way I look at it is this, its your money that they tricked you out of. They have prospered at your expense and loss for how long, Qqote unjust enrichment!!!!!!Therefore you want the interest that you would have gained if the money had been sat in a account. You can ask for the contractual interest that they applied to the loan or the 8% Statuatory the courts would allow.

 

Its your call, not theirs:lol:

If any of my posts are helpful, please feel free to click my scales. All information is given as my opinion only, based on my own personal experiences. I have no legal training, but have educated myself in aspects of consumer legislation. My motto "NEVER GIVE IN, NEVER SURRENDER", THERE IS A WAR ON YOU KNOW

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