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8% Statutory Interest and Set Off

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Greetings.

Making a PPI claim on an old loan that was repaid in full.

Wondering if I succeed, will the original creditor be allowed to use this to offset an outstanding (statute bared) debt (overdrawn current a/c and assume the original creditor still owns the debt).

 

I noticed post #4 by dx100uk and specifically in bold:

"if the original creditor still owns the debt then they can offset

but not the 8% stat int part of any refund."

in this thread:

http://www.consumeractiongroup.co.uk...BC-credit-card

 

I've seen on the FOS website:

compensation for being deprived income etc..

http://www.financial-ombudsman.org.u...tment-loss.htm

and various scenarios on PPI redress:

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

 

Does anyone have any further info or legal precedent about the 8% SI part of a PPI claim not being allowed to be used by a creditor to offset an existing debt and as such should go to the claimant ?

 

Many thx

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they cant offset to another debt they hold unless they are linked

and a credit card and an OD are two sep things.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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they cant offset to another debt they hold unless they are linked

and a credit card and an OD are two sep things.

 

dx100uk. Thx for the reply.

I've no mention of a credit card.

The PPI reclaim is for an old loan that was fully paid off. I have an existing [statute bared] over drawn current a/c debt with the same original creditor.

I don't know if a paid off loan and an over drawn current a/c [some 10 years later]are considered "linked" ?

I don't know if the OC has the right to offset that debt with any PPI reclaim I might get, although the link you supplied suggests they may not.

I was interested in any further information regarding the 8% Statutory Interest part of a PPI claim, that you mentioned, not being allowed to be used to offset an existing debt and as such the 8% SI [at the very least] should go to the claimant ?

Apologies if the link/pdf you posted above does refer to this but I'd be grateful for any clarification.

Many thx

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FOS work on principles not specifics and give their examples to show how they apply them.


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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