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ppi refund used to offset my loan

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i recently won all 3 of my ppi claims against hbos.

1 of the loans is still active and i recieved a cheque for £546 for ppi paid. then i got the redress letter from hbos saying that i have got a cheque for £546 and the remaining £1467 has been used to offset my loan, it states in the letter i got from the bank that they will use refunds if the account is in arrears as to reduce charges and interest etc,

my account is not in arrears and is in good order and up to date. do i have the right to ask for the £1467 to be returned to me??? i thought there was certain criteria the account had to meet before the refund can be used to offset?

any advice would be great

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I'm not 100% sure but I believe the FOS say they must pay you by whichever method you require.


HALIFAX: 13/01/07 Sent S.A.R - (Subject Access Request) letter (marked as rec'd 16/01)

Paid in full in March 07

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i recently won all 3 of my ppi claims against hbos.

1 of the loans is still active and i recieved a cheque for £546 for ppi paid. then i got the redress letter from hbos saying that i have got a cheque for £546 and the remaining £1467 has been used to offset my loan, it states in the letter i got from the bank that they will use refunds if the account is in arrears as to reduce charges and interest etc,

my account is not in arrears and is in good order and up to date. do i have the right to ask for the £1467 to be returned to me??? i thought there was certain criteria the account had to meet before the refund can be used to offset?

any advice would be great

 

If the PPI was mis-sold as appears to be the case with your claim then any rebate of PPI should come directly to you by personal cheque or payment into your bank account. The only time any refund can be used for any other reason is if the account is in arrears then the bank can use part of the refund to offset the amount of the arrears. They can not if you are in arrears use the whole amount of the rebate to offset the amount remaining on the loan only the arrears amount that is due.

 

aa


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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thats good news then, my account does not have any arrears, its up to date, so ill be on the phone to the nice guy that done my redress and ask for it back, many thanks,

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well i called customer services regarding the money offset to the loan and was told that i would not be getting the money back as i have not paid for it.

The refund i got of £500 odd pounds was what i had paid so far towards the ppi so the remaining amount is taken off the loan, is this what usually happens???? im a bit lost now.

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Hiya GT,

 

That does sound right let me explain to you, the PPI policy cost was front- loaded onto the loan right.

 

And you then pay for it monthly part of that monthly payment is the PPI policy cost and the rest is interest at what ever rate they charged you.

 

What they have done is refunded the policy cost back into the Loan there by reducing the amount owed and the interest payable.

 

What you got back was the monthly payments made to the policy cost plus a reduced amount to pay each month for the Loan.

 

The only time you will get the PPI POLICY COST refunded is if the loan was paid in full before the claim started.

 

Hoping this clarifies the matter for you.

 

Regards

 

PF


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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thanks for your reply,

i had two loans that were settled in full early.

is the remaining ppi taken off the final settlement figure??? or does the insurance keep it??

i never got much back on them, £1300 refunded on a £3200 plus interest ppi that ran for 9 months before being settled

And £452 refunded on A £951 policy that ran for 6 months.

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In a loan that paid up in full early there would have been a PPI rebate due to you.

 

But this method gets confusing as they always say more of the PPI ispaid of in the early years so the rebate would not be pro-rata.

 

This i find hard to believe as the amount you pay off the PPI each month is the same.

 

 

 

Regards

 

PF


If I have been of help to you please feel free to click my scales to the left Thanks.:)

I have no legal training and the advice I offer is what I have learnt here and offered as a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

 

Finally if you succeed with your claim please consider a donation to consumer action group as those donations keep this site alive.

 

CARTER V Co-Op

BANK CHARGES

REFUNDED £3567

 

POMPEYFAITH V Co-Op PPI

OFFER MADE BUT REFUSED

ONGOING AND STILL ONGOING

NOW WITH THE OMBUDSMAN

 

R.I.P BOB aka ROOSTER-UK you have always been a Gent on these boards and you will be remembered for that.

 

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Hi first time user is the method of claiming ppi refunds similar in scotland i have had claim for ppi refund on 3 loans with lloydstsb refused, any advice would be most welcome

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Hi first time user is the method of claiming ppi refunds similar in scotland i have had claim for ppi refund on 3 loans with lloydstsb refused, any advice would be most welcome

 

Firstly read this...

 

Forum Rules - Please read before posting

 

You must start your own thread

 

see this

 

http://www.consumeractiongroup.co.uk/forum/newthread.php?do=newthread&f=111

 

aa


I have no legal training and the advice I offer is a matter of support. Before you commit to any Legal action you are advised to contact a qualified legal practitioner.

------------------------------------------------

Bank charge successes:

Halifax - Full settlement incl interest.

HSBC - Settlement, goodwill no admission of liability about 75% of claim.

RBS - Settlement, goodwill no admission of liability about 70% of claim.

2 ongoing claims for bank charges with HSBC with more to come. (Supreme Court ruling could have upset these claims) They did :mad:

PPI Successes

PPI 4 settlements on 9 loans. FOS involvement on 7 added on the 8 % Statutory interest another 30% to both.

2 claims settled in full with LV without FOS involvement.

2 claims settled in full with HSBC without FOS involvement

 

PPI Claims ongoing with:

Cap one Now with the FOS

Barclays. Paid up today 24/04/10 cheque received for over £4,500 and in the bank.

LTSB still have to decide on this as their SAR production was abysmal. Papers data mixed up documents missing etc

 

1 Complaint not upheld by FOS they said it was ICO issue. Complaint upheld by ICO. See this..

Post 290 from

***RBS PPI Claim Long fight but, WON***

 

Please do not PM me for advice as it may be sometime before I can respond.

 

Keep at them. Do not give way and do not accept all they tell you, they will delay and stall for as long as they can to prevent repaying you your mis-sold PPI.

 

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