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  • #1

    Principal Credit Adjustment

    Afternoon all...
    Not sure if this is in the right forum but I have a car loan with Welcome finance and on my latest statement it says Principal credit adjustment and the sum of £820 pounds which is a credit on the account.
    Now they have refunded me £300 of missold PPI which I have disputed and said it should have been £1200 but that is currently with the FSCS...
    so I have a £300 refund of PPI credit to the account so what is the credit adjustment.
    I dont want to speak to Welcome in case they decide to take it back but with this credit on the account I can now return the car under the pay half clause which is what I have reached with these credits..
    Tags: account, arrears, breakdown, car, charges, claim, credit, credits, figures, finance, fscs, interest, loan, money, niddy, paid, pay, ppi, repay, welcome finance, wrong
  • #2
    Re: Principal Credit Adjustment

    well if you add the two up, it's almost the amount you requested so it appears they may have settled the claim.

    The thing is if you're not in arrears they need to pay you the money, not into the account.
    I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

    If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

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    • #3
      Re: Principal Credit Adjustment

      Originally posted by Never-In-Doubt View Post
      well if you add the two up, it's almost the amount you requested so it appears they may have settled the claim.

      The thing is if you're not in arrears they need to pay you the money, not into the account.

      Hi Niddy...
      Got £120 arrears mostly made up charges...it was £300 but has suddenly changed again...
      They dismissed the £1200 claim stating that it was included as a rebate when I got the loan rewrote after payment difficulties with the original loan ( I know mug ! but I realise that now ) but I have asked them to show me a breakdown.
      In true Welcome style they basically put new loan amount plus interest lumped on front.
      At the moment I dont need to use the car anymore but once i reach the amount of £4500 I can return the goods etc etc..well I was about £1500 short as of the start of this month so you can see why I am asaking the question with these new credits I am practially there...it could be of course that Welcome have backed down and paid the amount I asked for without actually telling me..

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      • #4
        Re: Principal Credit Adjustment

        It appears they have paid the whole amount, direct to the account which is wrong - so when/if they write confirming this you need to demand they repay you - moreso to be annoying.....

        However, without actually asking them it's hard to determine what exactly has happened..... I would ring and ask, it won't be an error, and even if so they'll soon notice and claim it back.
        I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

        If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

        Comment

        • #5
          Re: Principal Credit Adjustment

          Originally posted by Never-In-Doubt View Post
          It appears they have paid the whole amount, direct to the account which is wrong - so when/if they write confirming this you need to demand they repay you - moreso to be annoying.....

          However, without actually asking them it's hard to determine what exactly has happened..... I would ring and ask, it won't be an error, and even if so they'll soon notice and claim it back.
          I'm sure the fscs said it could be taken off the account balance if account is still active which it is

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          • #6
            Re: Principal Credit Adjustment

            ONLY if in arrears and upto the amount of arrears as well.
            I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

            If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

            Comment

            • #7
              Re: Principal Credit Adjustment

              Originally posted by Never-In-Doubt View Post
              ONLY if in arrears.....
              Does that mean only the arrears should be aid the rest I could ask is returned to me. Either way its a win situation for me if it further reduces balance,I should have claimed back charges earlier though sure that would have wiped out the current arrears. Welcome have been a nightmare just trying to get the right figured out of them let alone anything else

              Comment

              • #8
                Re: Principal Credit Adjustment

                Originally posted by jj69 View Post
                Does that mean only the arrears should be aid the rest I could ask is returned to me. Either way its a win situation for me if it further reduces balance,I should have claimed back charges earlier though sure that would have wiped out the current arrears. Welcome have been a nightmare just trying to get the right figured out of them let alone anything else
                Whoops that should say right figures. Dam blackberry

                Comment

                • #9
                  Re: Principal Credit Adjustment

                  If you want to get rid then leave it in there and hand the keys back
                  I'm the forum administrator and I look after the theme & features, our volunteers & users and also look after any complaints or Data Protection queries that pass through the forum or main website. I am extremely busy so if you do contact me or need a reply to a forum post then use the email or PM features offered because I do miss things and get tied up for days at a time!

                  If you spot any spammers, AE's, abusive or libellous posts or anything else that just doesn't feel right then please report them to me as soon as you spot them at: webmaster@all-about-debt.co.uk

                  Comment

                  • #10
                    Re: Principal Credit Adjustment

                    Originally posted by Never-In-Doubt View Post
                    If you want to get rid then leave it in there and hand the keys back
                    Xactly Niddy not only will I be glad to see the back of them will also save myself 120 quid per month. Amen to that

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