Hi
I received a letter from my mortgage providers stating that I was paying too high a rate for my level of cover on my Mortgage Payment Protection Insurance (PPI) policy and they have calculated that a refund of 2,380.73 is now due.
But I was issued a cheque for 334.95 and the balance of 2,045.78 was taken to clear the arrears on my mortgage.
While I am very happy to have no arrears on my mortgage I am surprised that a refund on my Insurance Policy was not returned in full and that someone decided on my behalf to pay off my mortgage. I would have expected these to be separate account/policy and I would appreciate if anyone can advise if Mortgage providers are allowed to redirect my refund for their benefit.
Thanks in advance
I received a letter from my mortgage providers stating that I was paying too high a rate for my level of cover on my Mortgage Payment Protection Insurance (PPI) policy and they have calculated that a refund of 2,380.73 is now due.
But I was issued a cheque for 334.95 and the balance of 2,045.78 was taken to clear the arrears on my mortgage.
While I am very happy to have no arrears on my mortgage I am surprised that a refund on my Insurance Policy was not returned in full and that someone decided on my behalf to pay off my mortgage. I would have expected these to be separate account/policy and I would appreciate if anyone can advise if Mortgage providers are allowed to redirect my refund for their benefit.
Thanks in advance