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Right of ofset when debt has been sold? **Yes another win for PPI and against Offset charges**


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Hi all,

I've ben claiming PPI for my elderly mum over he past 10 months from the BOS.A few days ago she received confirmation that they will award her the ppi back on both loans.Great I thought.However, in 2006 the debt was sold(assigned) to a debt management firm called caboot financial, after the great PPI wouldn't pay up after being made redundant.What the BOS are going to do is contact the debt management company and pay them them the funds.Apparently this their policy!! I'm raging. I would have thought that once the debt had been sold then BOS involvement would cease, end of.The CCA agrement was between my mum and BOS.BOS are culpable and at the very least give her a choice.They are the only accounts She has or had with BOS before the where assigned in 06.Also these loans are from 1999 and 2000 respectively - any loopholes there?

Is this legal? does it fall outwith ROS? where are mums rights and why should she be disadvantaged yet again. The most frustrating thing is that the money coming bak on the PPI would allow us to bargain the debt as we have had offers from Caboot saying give us X and that will settle the debt.The PPi figures individualy aren't enough to pay of each loan.

Any help would be appreciated as there must be something i can do.

thanks

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Morning Gez,

 

No i haven't accepted anything. They want a reply within 28 days either way.If they have the right of ofset then i'll have to think of the most beneficial way for my mum.

 

I've briefly looked at the figures and they have applied 8% on the total.I'm always very dubious of the first offer from the banks so I'm going to check the figures tonight.

Thanks

Dave

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Hi all,

I've ben claiming PPI for my elderly mum over he past 10 months from the BOS.A few days ago she received confirmation that they will award her the ppi back on both loans.Great I thought.However, in 2006 the debt was sold(assigned) to a debt management firm called caboot financial, after the great PPI wouldn't pay up after being made redundant. (another useless PPI policy) What the BOS are going to do is contact the debt management company and pay them them the funds.Apparently this their policy!! (I would seriously contest this. If the BOS has sold on the debt to Cabot a debt collection agency then they should have no further interest in the debt and therefore not be refunding any PPI refund to the DCA. IMO they should refund the mis-sold PPI to you and you decide whether or not to pay of any balance on the debt outstanding.) I'm raging. I would have thought that once the debt had been sold then BOS involvement would cease, end of.The CCA agrement was between my mum and BOS.BOS are culpable and at the very least give her a choice.They are the only accounts She has or had with BOS before the where assigned in 06.Also these loans are from 1999 and 2000 respectively - any loopholes there?

Is this legal? does it fall outwith ROS? where are mums rights and why should she be disadvantaged yet again. The most frustrating thing is that the money coming bak on the PPI would allow us to bargain the debt as we have had offers from Caboot saying give us X and that will settle the debt.The PPi figures individualy aren't enough to pay of each loan.

Any help would be appreciated as there must be something i can do.

thanks

 

My understanding is there is a right of offset if you make a claim and are refunded the money refunded can be offset against outstanding debts.

 

As the debt has been sold onto a debt collector (I assume this is Cabot and not Caboot? please correct me if I am wrong)

 

I would start a complaint to the FOS with immediate effect giving them all of the information. Also copy the covering letter on the complaint to the Office of Fair Trading and the Financial Services Authority.

 

Explain fully to them all exactly what you have posted up on your thread.

 

The BOS should repay any PPI refund to you as they have no further interest in the debt as it has been sold on. They cannot sell on the debt and still try to maintain control over it IMO.

 

I would also seek further advice in the other forums on debt and DCAs.

 

 

Debt Collection Industry

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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Thanks for the reply on thorny matter. What i've read your spot on with the offset against other balances if you have them with the the lender. You can't have it all ways after all.The thing that bothers me is : is assining the debt actually selling the debt? I've spoken to Cobot about this when trying to source the CCA and they explained that they had only bought the debt and nothin else and that i had to speak to BOS. Apart from the CCA being supplied by the BOS and subsequent PPI awarded that is as far as BOS involvement should go. Breach of data protection for one.

If that is the case BOS have ,IMO, no right to inform them of any claim or monies due and they have. Monday morning my mum called them to try and see if they would take it as a total settlement and they could tell her more detail than she could remember on letters she had received on the Saturday and quoting that it will be paid within 28 days!!! how cheeky is that.

I'm taking your advice and rejecting the claim and querying the figures anyway asking for a better breakdow. I'll get the letters away over the next couple of days and update the call in due course.

thanks again

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My mum was made redundant in 2002 and the loans where taken out in 99 and 00 repectively. Both had gold cover on them. When it became impossible for my mum to pay these loans she than applied for the cover to commence with obvious effect. When that happened BOS just rejected it saying my Mum had an illness that she had told them about and they still took the cover for the best part of 36 and 24 months respectively on top of given her the loans. The illness never stopped get from working anymore than a common cold would. We sent numerous letters, tried to get meetingset up but got a NO to it all with the bog standard letters as replies.

As you say, if they had covered the legal obligations we wouldn't be here right now. Is it that much to ask when you sign a legally binding contract, knowing the facts. If there was anyway i could get these 2 loans made unenforceable then i would.

Thanks

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Evening all,

I followed up on the advice given previously and called the BOS about rejecting the offer and quoting few of their misdemeanours. During the chat they said they would speak to the collections dept and see if they could stop the money going to cabot and go directly to my Mum, leaving us to negotiate a settlement. Twenty minutes later we got a call back saying that they had stopped the cash going the cabot and would be sending out a cheque with the next 7 days.I'm not counting my chickens just yet but fingers crossed. I'll be back when the cheque comes and settlement has been completed to finish he thread. Cheers

Cheers Dave

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Evening all,

I followed up on the advice given previously and called the BOS about rejecting the offer and quoting few of their misdemeanours. During the chat they said they would speak to the collections dept and see if they could stop the money going to cabot and go directly to my Mum, leaving us to negotiate a settlement. Twenty minutes later we got a call back saying that they had stopped the cash going the cabot and would be sending out a cheque with the next 7 days.I'm not counting my chickens just yet but fingers crossed. I'll be back when the cheque comes and settlement has been completed to finish he thread. Cheers

Cheers Dave

 

You should write and ask them to put all of the above as discussed in black and white as some banks say one thing and then do another. Unless of course you have recorded the conversations.

 

Do not always trust what you are told on the phone.

 

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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AA, that is a good point and one i'd slipped up on. I'm hoping that we'll get correspondence by midweek!! if not I'll give them a call back asking for the above. Another interesting point though about the offset of balances is even if you tell the lender that you don't want their policy to apply because of whatever reason, they still go through with forwarding the monies to the DCA. How bad is that. That would mean the person involved going to the DCA and chasing the PPi up off of them. That can't be right under legislation surely.

I'll defo be keepin a close eye on this.

Speak soon.

cheers

Dave

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AA, that is a good point and one i'd slipped up on. I'm hoping that we'll get correspondence by midweek!! if not I'll give them a call back asking for the above. Another interesting point though about the offset of balances is even if you tell the lender that you don't want their policy to apply because of whatever reason, they still go through with forwarding the monies to the DCA. How bad is that. That would mean the person involved going to the DCA and chasing the PPi up off of them. That can't be right under legislation surely.

I'll defo be keepin a close eye on this.

Speak soon.

cheers

Dave

 

If you intend to use the phone please make sure you are able to record the conversation I could be a distinct advantage in the long run.

 

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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Share on other sites

AA, your words are coming true. I was expecting a letter thru from the BOS confirming what we had discussed but over a week later no letter!!

Spoke today on the phone and BOS said they where waiting on somehing to be agreed? that was the reason BOS gave for taken so long for the letter to be sent. Also, she said she told me it would be 21 to 28 days and not 7 to 14. I'm confused here as i don't see the need for the delay as we agreed, albeit, on the phone so what is the problem? They've admitted the misselling so deal with it.

I'm going to draft a chase up letter and demand a reply within reasonable time. I'm instantly suspicious as they have given us 28 days to agree the deal in writing and the time is ticking down.I don't want to sit on my hands here but i smell a rat.

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  • 1 month later...

Afternoon all

I'm just updating the post after a month of chasing the BOS they finally gave up the funds without all of it going to the DCA. The BOS wanted to give the funds to the DCA to offset against an outstanding Balance on 2 loans. However I called the BOS up and they agreed to refund the money to my mum to negotiate a suitable settlement with the DCA. That took over 28 days to come back from the DCA. I then had to chase up the Bank and after another 2 weeks of chasing they sent a letter out to stating that the cheque was on its way. Cheque arrived the following day and is now sitting waiting to clear.

So the moral of the story is, the banks do offset if you have debt on accounts. The may say its their policy to give the ppi refunded to the DCA but you can challenge this by saying that this policy places you in an unfair postion in that it doesn't allow you to negotiate or, an option, to negotiate towards a fulll and final settlement. I'll be trying to do this soon so i'll get back to you in what % we have to pay in the coming weeks.

Many thanks

Dave:-D

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Afternoon all

I'm just updating the post after a month of chasing the BOS they finally gave up the funds without all of it going to the DCA. The BOS wanted to give the funds to the DCA to offset against an outstanding Balance on 2 loans. However I called the BOS up and they agreed to refund the money to my mum to negotiate a suitable settlement with the DCA. That took over 28 days to come back from the DCA. I then had to chase up the Bank and after another 2 weeks of chasing they sent a letter out to stating that the cheque was on its way. Cheque arrived the following day and is now sitting waiting to clear.

So the moral of the story is, the banks do offset if you have debt on accounts. The may say its their policy to give the ppi refunded to the DCA but you can challenge this by saying that this policy places you in an unfair postion in that it doesn't allow you to negotiate or, an option, to negotiate towards a fulll and final settlement. I'll be trying to do this soon so i'll get back to you in what % we have to pay in the coming weeks.

Many thanks

Dave:-D

 

Is this thread to be marked with a suitable **Won** to add to the thread title?

 

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 say so!!:)

 

Done and well done :D

 

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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