unenforceable credit agreements question

[sparticus2010]

Hi

 

I currently have:-

 

1 Personal Loan (RBS) pre April 2007 (now passed to Triton)

1 Business Credit Card (RBS) pre April 2007

1 Business Overdraft (RBS) pre April 2007 (now passed to Moorcroft)

1 Store Card (Argos) pre April 2007

1 Credit Card (Monument) pre April 2007

 

I currently have a fixed payment arrangement with them all.

 

I have send off SARs today, could they possibly be unenforceable credit agreements

 

PS I have amanged to claim back PPI successfully from RBS on 2 loans 1 for £3450 and 1 for £1500. RBS have closed all my bank accounts and at present I have a bank account which is £2500 in credit, but they using this to deduct from monies owed to them.

 

If I were successful in my unenforceable credit agreement route, could I claim back the money in my account, which was infact my PPI insurance claim.

[IdaInFife]

Having an unenforceable agreement does not make the debts disappear. It just means they should not take any enforcement action to collect on them.

 

 

I will get confirmation if you can ask for the ppi monies direct or if they can use it to offset

[IdaInFife]

you should wrote to them requesting a refund via cheque for your PPI claim

[sparticus2010]

you should wrote to them requesting a refund via cheque for your PPI claim

 

Basically, I have an outstanding personal loan with RBS which amounts to around £5890 (which is in default). £1500 has already been deducted from this from a PPI award which related to that loan, the £3450 ppi award I received related to another loan which I had already paid off, basically they credited my closed personal account with it, and deduced what I owed them in my overdraft (I was also in default on that one as well).

 

I just assumed becuase I owed them money - they could do that.

[sparticus2010]

Anyone else any thoughts on this, can the bank offset funds from a closed account which is now in credit. To replay another debt owed to that same bank.

[IdaInFife]

you could always start a thread in the PPI forum for the PPI question

[dx100uk]

did you claim the 8% stat? if you did that part must go direct to your pocket and cannot be used to off-set.

 

the right to off-set, can ONLY be used on ARREARS or OD balances, not to clear 'outstanding balances' of loans or CC's.

 

you must be clear on two things here:

 

where you have ACTUALLY PAID monthly sums which include a portion of the PPI on loans/CC's - they can off-set - but only ARREARS.

 

on loans, there will be PPI that you have not paid yet, that gets deducted from the outstanding balance left to pay.

 

HTH

 

dx

[sparticus2010]

did you claim the 8% stat? if you did that part must go direct to your pocket and cannot be used to off-set.

 

the right to off-set, can ONLY be used on ARREARS or OD balances, not to clear 'outstanding balances' of loans or CC's.

 

you must be clear on two things here:

 

where you have ACTUALLY PAID monthly sums which include a portion of the PPI on loans/CC's - they can off-set - but only ARREARS.

 

on loans, there will be PPI that you have not paid yet, that gets deducted from the outstanding balance left to pay.

 

HTH

 

dx

 

Thanks for your comments.

 

1) Yes I claimed the 8% stat

 

2)The PPI I received (£3450) was for a loan that I had paid off.

 

3)They refunded me £3450 and paid it into the royalties account I had with them (of which I was around £700 overdrawn at the time, but they had terminated the account becuase I was over over drawn resulting in charges etc.)

 

4)I have an outstanding loan with them at the moment , which is in arrears (I claimed back PPI on that equalling £1500, of which they had deduced from that balance).

 

5)I have other debts which are in arrears with RBS - Business CC and Business OD

 

How would I investigate this further.