how do the refunds work???

missgstar26

I'm awaiting a decision from HSBC regarding a ppi claim. The loan in question is still running - got 4K (just over a year) left to go.

From my calculations i should be due around £2200 back for the PPI i was missold.

Will I actually get a refund - i.e. money in my account, or will they use this to offset against the outstanding loan amount?

Can I ask for a refund instead of an offset? Or is it up to the bank?

Thanks

z0mbee

If someone 'in the know' can reply, i'd love to know as well.

My Halifax Loan PPI was refunded as a cheque, but they want to refund my CC PPI to the account, even though it has been sold to a DCA. I was under the impression that they can only do this for arrears, and the rest should be a cheque.

di3004

Hi and well done on your success.:beer:
It is known if there are missed payments/arrears they do tend to refund the money towards that actual account, and any interest offered and anything remaining should be refunded back to you direct.

However, I think this may vary from one company to another, if they have upheld your reclaim, and there is no missed payments/arrears, then I personally think the refund should be given directly to you, because you have already been deprived of your money from being mis sold the policy in the first place.

And an offer of goodwill where they will take no liability of mis selling, some do try to refund the money towards the account, so again if there are no arrears etc, you can try to argue that you were out of pocket from this in the first place and would rightfully like the refund paid directly to you.

Hope this helps.

missgstar26

Thanks! I'm hoping that my claim comes through - they've got till monday!

di3004

Cool and the best of luck.:j:beer: