Hi All, any ppi experts around?

I took out several loans and a credit card with hsbc 15 years ago and unfortunately defaulted and still to this day have not paid it off

its currently with 1st credit as was sold to them by hsbc some years ago.

I have no payment plan in place have not actually heard from them in over a year.

I decided to claim for ppi and ive just had a letter from HSBC offering my 4k

and ive sent back my bank details in order for them to transfer the money to me.

My question is...

will they use the money to pay the money towards what i owe 1st credit?

Many thanks in advance.

If theyve sold it then probs not

HSBC have no commercial interest in the debt any longer as they transferred their rights to a DCA.

If they have asked for bank details then see what happens x

fos info (their website) says that generally when a debt matter has subsequently been sold on, fos would expect any ppi comp'n up to should be paid to the consumer.

the reference? here

http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

'...But if the debt was sold on to a third party and it cannot be bought back, or the business chooses not to buy it back, we might take a slightly different approach. That is because the consumer does not owe the business money – it owes money to the third party that bought the debt instead. When selling the debt the business made a commercial decision and accepted an agreeable price for the debt. In those circumstances, we would usually tell the business to calculate the compensation as normal at the point it sold on the debt – and to pay all parts of the compensation to the consumer. The business should also consider the possibility that the consumer might have incurred further losses since the debt was sold on as a result of PPI being included on their debt...'

Thanks for the reply.

its looking quite positive

Im almost certain it was sold on.

It started with metropolitan collections which I know are hsbc

then it went to DG solisitors which again are in house fpr hsbc.

Nows it's with 1st credit and has been for a number of years.

I can't find any link with them and hsbc.

Im so hoping this goes my way.

I'm a struggling working parent of 3 and this will help us greatly!

its been sold

1st credit don't chase debts they don't own.

go enjoy your windfall

Thank you

In a similar situation - following this. Let us now the out come

so just a quick update...

Still no payment made to my account. HSBC have done everything in their power to delay paying me

First issue was the signature on my acceptance form didnt match the one they had one file from over 10 years ago! had to go into the branch to change it!

Second issue, They had to verify my identity because of money laundering purposes so had to take my passport back up to the branch although they had this on file from the very start of my claim!

Then I failed the verification process because my passport had my middle name on it and the bank dont have that on their system! God give me strength

Had to go into the branch and change my name.

Calling for updates...being told to call back after 3-5 working days for a update.

I wonder whats next....

Please keep your fingers crossed for me!

Just to update..my ppi redress payment was paid to me in full!

well done

dx

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