erm.. we have no knowledge at all of this 'judgement'

 

 

 

I think if there was a charging order put on the home that was later sold, then there must have been a Judgment preceding it. I think this was all explained in the first post.

Ok

 

it turns out I have been informed wrong.

 

 

You are NOT entitled to the 8% any more,

and this has been the case since April of this year.

 

RBS went for legal advice, and

went through courts and

have had it ruled in their favour that the 8% can be offset,

under the judgement that whilst it is compensation for loss of use of my money,

.

Sorry it's this that I was wondering if it had ever been clarified?

it appears the fos has removed the 8% no set off stuff.

dx

Do we have any more details on this - "appears" is rather vague?

Hi,

About 9 years ago me and my wife got in debt due to ill health. At the time, we both had 2 Netwest Loans each.

I had PPI, which they paid for about 9 months, and then told us both that due to debt they were closing our accounts, and we'd have to pay them back, and they would use Moorcroft and Lowell at the collection teams.

For years, we used a debt management plan and paid the £1 a month on each of the 4 debts. Couple of years ago, I got a PPI refund of £780, which they automatically attached to my debt

Today, we've received 4 letters. Where they admit to us overpaying interest, and each loan has been been found to be owed a certain amount (£1178, £186, £375, £387)

These refunds have been automatically attached to our debt and will be used to lower our debt with them.

IS this fair? and is it right? They've admitted we paid them more money than we should have, and that they took OUR money, but in giving it back to us, have decided that it is THEIR money to pay off that debt?

WE recently got a letter from Halifax (our mortgage supplier, that we lost with a shortfall) and despite owing them money, they admitted to us paying over £1500 in over interest charges, and they refunded it directly to us.

Should Natwest not be doing the same?

I'm afraid that they do have a right to set these repayments off against existing debts. However, what concerns me is the possibility that if you hadn't had these mis-sold PPI premiums – which were presumably added to the debt, attracting interest, that you might not have fallen into debt in the first place – or not so deeply into debt.

Have you any idea of how the PPI refunds which you received were calculated?

By the way, if these were straight personal loans from the NatWest, have you requested CCAs?

We requested CCAs when we first went into the debt and it was assigned to a collector.

Not sure how the PPI was was calculated. But I know they'd paid my loan fees for 7-8 months, thanks to the PPI, before closing my account. When the PPI was given back to me, they never said any of those payments had been taken into account, just that I'd paid PPI payments of £780, and that they believe I am owed it back.

My wife has currently raised a dispute with them, because whilst we did think they were allowed to automatically offset it, we were annoyed because when this debt first happened, our charges and everything were always due to be taken on the first of the month. But for some reason they'd started taking everything on the 26th, we'd gone in and explained in branch (with sick notes, and sick pay payslips) that due to ill health that would be long term, we would need our payments to go back to the 1st of the month, as that is when we get paid, and didn't have any extra cash to cover early charges. Which they said they'd do.

They never did. So we'd frequently get charged on the 26th, for not having money in to cover the loan charges, then on the first of the month when we get paid, they'd be eaten up by the charges, which would leave us short on the overdraft, and cause a further charge. Which would leave us with nothing to pay the debt on the following 26th, so the sequence would repeat, with us getting charges, but and only paying minimum amounts when we could. But to us, the charges were unfair, as we'd shown we would pay, and could pay, but they just needed to put the date back to what it was, which they said they would but never did.

We had this argument with them before, it lead to a letter of apology... and nothing more. But my wife is, perhaps blindly, hoping that going through this again (they have record of the previous complaint) may lead to them refunded some of the over charges directly to us, as although debt was inevitable, they helped us in no way, and if anything actually made it much much worse.

We'd kind have forgotten all about it, and were happy to continue with the £1 a month payments, but getting a series of letters saying "We have £2000 you over paid us to give back to you" followed by 4 second pages that say "Oh actually, we're keeping the money and putting it towards the debts we helped you build up" has riled my wife up. haha.

I've merged this thread with the other numerous merges alreay done on the same debts with the same offset issue.