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I put in a claim for mis-sold PPI to Royal Bank of Scotland. The FOS got involved and they have said RBS will refund my PPI. I had a letter today from RBS with a cheque for over £2,000. I'm happy with this amount as I've done my own calculations. However, I'm a bit confused as I still owe £1,000 and I'm on a lower payment scheme. Surely, they would have wiped the debt out and then sent me the rest? In the bumph they sent they said I should pay off the debt so can't understand why they haven't taken it off in the first place.

 

It's laughably really because in their letter it said they know the FOS has written to me to tell me to accept their offer. The FOS did write to me but they didn't tell me to accept it! RBS also said they incorrectly made this offer on behalf of Progressive Credit but shouldn't have done but as a gesture of goodwill they will still pay me!!

 

I'm definitely going to pay all the debt off but cannot understand why they have sent me all my money back ... any ideas?

 

Thank you in advance.

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Did progressive credit take over the account from Royal Bank of Scotland? If so then no right of set-off exists. That may explain it.

 

Alternatively, although banks do have a right of set off, they don't always exercise it.

 

Maybe the PPI department didn't check that you had a debt and have missed it.

 

In any event, it sounds like you got the whole lot and can now decide for yourself what you do with it.

 

Congratulations. :-)

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Thanks ims21 for quick response. I can remember receiving a letter from someone in the first instance when I couldn't keep up with my payments but cannot remember if it was Progressive Credit or not. Anyway, whoever it was I soon batted them away lol.

 

I can now pay off 2 credit card companies - nearly free of debt. Donation coming soon.

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