Probably only complete months
Then something stupid like not any months that have a Saturday in them
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Thatāll be calculated as a percentage of the unused premium (x/twelfths) at a rate of pence in the pound, Iām surprised the calculation wasnāt shown, it should be available somewhere.
I got a Ā£33.65 refund by cheque this morning.
Unfortunately, my banking app couldnāt scan it, so now I have to go visit a branch.
That is the whole letter, save for the addresses at the top and the cheque at the bottom.
But I think the administrator just gives the regulator the amount owing, and they then pay out the 90%. So you probably need to contact the administrator to get their calculation.
I paid = Ā£206.03
I had 33 days remaining when disclaimed, so 33/365ths = Ā£18.62 (rounded down)
At 90% compensation = Ā£16.75 (rounded down)
So a 3p difference.
But Ā£6.58 of what I paid was the brokerās fee and did not go to the failed company, so I never expected that to go be included. And I was guessing to expect around Ā£15 anyway.
Got mine too. Slightly more than the 15p I was expecting.
I bet that was deliberate to hope some wonāt bother for smaller amounts.
How lovely, I have now also received an email from MCE for proof of my No Claimās Bonus, I guess just to confirm the entire past year never happened.
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Happy days then
The year is 2022, weāre still using cheques as standard practice.
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I think cheques are the standard for refunds Iāve just received three - Thames Water, TV Licensing and HM Revenue and Customs.
What is the alternative though?
The broker does not keep my payment details, let alone pass them on to the insurer, to be taken by the administrator, to give to the regulator.
I wouldnāt mind, if there was a standard (read: reliable) way to process it digitally, i.e. a QR code or something.
Usually the Barclays app can scan most cheques for me. Though I did have one earlier this year which couldnāt be read but the Halifax app could.
QR codes are used a lot in Asia for taking payments.
Got my payout cheque last week and cashed today.
They refunded me about 55% although 73% of my insurance term was outstanding. Glad to have something though.
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Nothing here yet.
Iāve had mine, was a ball ache having to go to my bank & pay a cheque in
Well done.
Was it more or less of a ballache than depositing via the banking app on your phone?
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Not all banks allow you to pay cheques via an app
Mine doesnāt