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gazza1234

ppi refund cheque v loan offset

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Hi all,

This is my first post so I apologise if I'm in the wrong thread here.

I'm looking at some old loans and credit cards and trying to sort out the ppi claims on them. One lender has come back and agreed that I was mis-sold and agreed to refunding £4000 (hooray), however they have said that it would be deducted from my outstanding balance and the loan re-adjusted. I want payment as a cheque as I could do with the money right now. Am I right in saying that I can choose how I get the money? Any help would be greatly appreciated as I don't know how to reply to them (if I have the right to have it as a a cheque, is there anything I can quote or refer them to in order to back up my response)

Many thanks

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If you owe them the money, they're entitled to take it as an offset from the settlement.

 

If your up to date with all your payments on the card, then technically the returned claim is yours to do whatever you want with, it's your money after all. If however you've defaulted on the card, or the issuer has stopped you from being able to use the card then they are entitled to take any amount owing from your refund.

 

For example ... if you have a card with a £4500 credit limit, and you've got a £2000 balance on the card, your up to date with your payments, and you can still use the card, then they'll have to give you the money as a cheque. Because you've got a £2000 balance is irrelevant as you havn't broken any the terms of your contract so they have no right to deduct that £2000 from your settlement. If you have broken the terms of the contract (by defaulting the card for example), then they are entitled to take whatever you owe them from the settlement.

Im not sure about this, but if you've missed say 2 payments on the card, then they should only take the two payments off your settlement, but that could be a tricky scenario as far as the terms of their contract is concerned.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Thanks Sleepz. The ppi is actually for a loan (although i have some cards which i'm pursuing so your advice will come in useful) Basically I owe 7k on the loan and the ppi refund is 4k. I'd rather have the 4k in my hand, although they are offering to re-adjust the loan. I have written to them telling them to send a cheque as in my opinion, if I have given them 4k too much in the past, then it stands to reason that i would want that back. Like I said the money would come in handy right now (for a new car as mine's knackered, and it doesn't do me any favours to simply have the loan re-adjusted.

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You should be fine getting a cheque then.

They should already be reducing the loan anyway, as the PPI will have to come off the payments, and / or the Total loan amount you owe if the whole PPI sum was added at the start of the loan.

 

So, if your in any arrears they'll take the arrears amount off the refund and will obliged to give you the rest.

 

You may need to be careful if they do offset, or insist on offsetting the amount against the loan, make sure the total interest added onto the loan is adjusted to reflect your lump sump payment ... and as you will have made a £4k lump payment you'll need to make sure that they don't add on any fees for that ... which wouldn't surprise me at all.

 

There doesn't appear to be any reason why they wouldn't give you a cheque though if that's what you asked for ... it's your money.

Let us know how you get on.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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Many thanks Sleepz.

I'll report back when I know.

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Hi all,

This is my first post so I apologise if I'm in the wrong thread here.

I'm looking at some old loans and credit cards and trying to sort out the ppi claims on them. One lender has come back and agreed that I was mis-sold and agreed to refunding £4000 (hooray), however they have said that it would be deducted from my outstanding balance and the loan re-adjusted. I want payment as a cheque as I could do with the money right now. Am I right in saying that I can choose how I get the money? Any help would be greatly appreciated as I don't know how to reply to them (if I have the right to have it as a a cheque, is there anything I can quote or refer them to in order to back up my response)

Many thanks

 

My understanding is if you are in arrears on your loan they can use any refund to offset any debt. I am not a banana and I would contest this as the Loan figure and the PPI figure added to the loan should IMO be separate issues and any PPI refunded as mis-sold should not be used to pay off any arrears on the loan.

 

I would tend to insist on a personal cheque in your name on any mis-sold PPI.

 

Others would argue this issue.

 

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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I would agree that I would request a cheque, however I would pay off any arrears if there are any, especially if it's a secured loan, obviously.


01/08/06- Royal Bank of Scotland - S.A.R sent

24/08/06- Royal Bank of Scotland - Statements Received

31/08/06- Royal Bank of Scotland - 1st Request sent

13/09/06- Royal Bank of Scotland - LBA sent

23/09/06- Royal Bank of Scotland - Offer received £1544 (Thanks but no thanks)

02/10/06- Royal Bank of Scotland - *WON* Full settlement

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