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Compucredeit blindly paid a providian PPI refund to a DCA without telling me against FOS/FCA rules??

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I've had a letter from Restons Solicitors regarding a credit card account that has been in default for a number of years....Providian

 

They say that a PPI refund has been applied to the outstanding balance which has satisfied the balance and left a surplus of nearly £2k.

I am supposed to call them to arrange them to refund me the surplus.

 

Is this genuine? Or a [problem]?

 

£2k would be unbelievably handy at this time of year....but I am very suspicious as I have never claimed for PPI back from anyone.


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.... I have never claimed for PPI back from anyone.

:!: no claim, yet they're offering 2k.

take it :)

 

seriously though, it cld be an attempt re contact. which they shld not use if not legit.

whats the history.


IMO

:-):rant:

 

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Had a bunch of credit cards about which I have defaulted on when I got made redundant in 2009.....can't remember how long ago the accounts actually went into default but it's a good while ago.

 

Haven't made contact with any of them for at least 3 or 4 years, probably longer.

 

Got this letter through the post today stating that their client, Arrow Global Guerney, has notified them of the PPI refund being applied to the account etc. The original creditor was Providian - Monument Credit Card.

Asking me to contact "Compucredit" in order to obtain a refund.


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In would suggest that you've moved since you took the card out?

And Barclaycard who now who providian as monument purchased them and BC bought monuments ..have refunded the PPI and all correspondance has gone to an old address

 

When was the last time you paid or used the card please?

 

Aha just found compucredit bought monument portfolio from BC in 2015

https://cse.google.co.uk/cse?cx=partner-pub-0964707606882478:652l7hswbgv&ie=UTF-8&q=Compucredit&sa=Search+CAG#gsc.tab=0&gsc.q=Compucredit&gsc.page=1

 

So no they can't offset to the dca as its been sold

 

Strange but monument still exist...urm..

 

Can we see this letter as a PDF please

I bet rectums are thinking the PPI reset the SB clock?

Or has this not happened yet..

And rectums are being crafty here trying to make you ack a debt that can't be ack'd once sb'd always sb'd


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Hi PFoot,

 

Yes, post up the letter as a PDF but hide any identifiers first.

 

:-)


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Funny that they provide no contact details for Compucredit.

 

Also, if the a/c balance has been cleared in full, I'd argue that no adverse CRA data should remain for the a/c at all.

 

I'd also want full details of the PPI refund calculations and the Providian/Monument balance that's been set-off.

 

As DX says, you could argue that there was no right to set-off against the a/c if the debt had been bought by a third party.

 

:-)


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ah right so a mixture of what I hinted at

 

compucredit have against FOS rules

blindly refunded off their own back

a PPI reclaim to a third party

 

you need to go complain about that!!

and the refund was more than the outstanding balance of said debt that they shouldn't have credited with the PPI refund anyway!!

 

oh this could be fund.

 

first I've heard of compucredit mind.

 

another thing is also CC should have exercised reasonable diligence

in finding your correct address

I would gather your address is correct on say your credit file?

 

so under FCA rules

they've screwed up there too.

 

I expect the FOS will be very interested that they have pulled this stunt

and will be investigating all other monument/Providian accounts now

and sending them a stern letter too.


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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The thing is, I have never ever attempted to reclaim any PPI. Not once.

 

So how have they managed to do this?

 

And what are my next steps?


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they were told too

well all banks were told to refund PPI.

so they've just done it

and made up their own rules

 

probably because they are American and don't have a ruddy clue what they are supposed to do nor have bothered to read any of it.

 

complaint letter time slick?

 

poss wouldn't hurt the OP to give the FOS a ring and tell them what has gone on too.

 

to the OP, if you've not twigged it yet

they should not have paid that PPI to a debt that they have sold on and have no right over

not their decision to make

its YOUR MONEY


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Yes, If the debt was bought by a 3rd party, there's no right of Set-Off and a complaint to the FOS would be in order.

 

I suspect an Adjudicator would come back saying, "It's probably fair that they took what was owed."

 

But a review by an Ombudsman (to which you're entitled) would reveal that there's no legal right to Set-Off in this manner.

 

:-)


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http://www.financial-ombudsman.org.uk/publications/technical_notes/ppi/redress.html

 

where the business has “written off” or “sold on” the consumer’s debt

 

Some businesses make a commercial decision to “write off” or “sell on” a consumer’s debt when it is significantly in arrears. But different businesses use different terminology. For example, a business may say that it has “sold on” or “written off” a debt when it has actually transferred it from one part of its own business to another.

Where a business has genuinely “written off” a debt – meaning that it has agreed not to seek repayment in any circumstances – it might say that it is unfair for it to pay compensation to the consumer for the mis-sale of the PPI when the consumer did not pay the contractual payments on their debt. The business might say that the compensation should be offset against the amount of the debt it has written off. Where this happens, the consumer will usually say that because the debt does not exist any more they should receive all of the compensation.

 

 

In order to fairly compensate the consumer we will consider the position they would have been in if they had not taken out the PPI. We might conclude that the consumer would have fallen behind with the payments to their debt anyway and the debt would ultimately have been written off – but we will consider any evidence that the consumer has that this would not have been the case.

 

 

Where we decide that the debt would ultimately have been written off anyway we will usually tell the business to restructure the loan to remove the effect of PPI – that is, reduce the amount written off to what would have been written off if the consumer had taken out the loan without PPI. If there is any remaining compensation owed to the consumer because they have paid more than they would have done without PPI, we would usually say it is fair for the business to offset that compensation against any remaining amount it wrote off.

 

 

Where a business simply moved a consumer’s debt from one part of its business to another, rather than selling it on, we would usually apply the approach we take when a consumer is in arrears – set out above. We would also apply this approach if a business chose to buy back a debt it had previously sold on to a third party.

 

 

But if the debt was sold on to a third party and it cannot be bought back, or the business chooses not to buy it back, we might take a slightly different approach. That is because the consumer does not owe the business money – it owes money to the third party that bought the debt instead. When selling the debt the business made a commercial decision and accepted an agreeable price for the debt. In those circumstances, we would usually tell the business to calculate the compensation as normal at the point it sold on the debt – and to pay all parts of the compensation to the consumer. The business should also consider the possibility that the consumer might have incurred further losses since the debt was sold on as a result of PPI being included on their debt.

 

 

Based on examples of good practice we have seen, the example below shows how a business might set out how it has calculated compensation for a mis-sold PPI policy alongside a loan that has been sold on to a third party


please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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please don't hit Quote...just type we know what we said earlier..

 

if everyone stopped blindly paying DCA's tomorrow

the biggest financial industry in the UK, DCA;s would collapse overnight.

 

 

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Anyone got a number for Compucredit.....the one given by Restons is no good.


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Hi PF,

 

Keep all comm'ns in writing only. You need proof of what is said back and forth. In tel cons, they'll tell you things they would never put in writing.

 

Your complaint should be by letter and get a free Certificate of Posting at the PO counter when you send it.

 

:-)


We could do with some help from you

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                                            Have we helped you ...?  Please Donate button to the Consumer Action Group

 

Please give something if you can. We all give our time free of charge but the site has bills to pay.

 

Thanks !:-)

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