ppi claim

MONKEY1

I had a credit card with hsbc, got into a rut, as i had a overdraft, and loan aswell. They put me into a managed loan, but then i couldn't keep up with the monthly payments. It then went to mcs, where i pay £50 a mnth that i agreed with them.
If i agree the claim and sign for it. Do i get the money or will hsbc knock it off the managed loan. Its just i dont want to end up with a bill of the claims company aswell.:beer:

Thanks

di3004

MONKEY1 wrote: »

I had a credit card with hsbc, got into a rut, as i had a overdraft, and loan aswell. They put me into a managed loan, but then i couldn't keep up with the monthly payments. It then went to mcs, where i pay £50 a mnth that i agreed with them.
If i agree the claim and sign for it. Do i get the money or will hsbc knock it off the managed loan. Its just i dont want to end up with a bill of the claims company aswell.:beer:

Thanks

Hi and welcome.

Normally if there is debt outstanding, any refunds is awarded towards the account, anything remaining plus interest should be awarded directly to you.
It may however vary from one company to another.

If your still paying for the ppi and its included in the debt balance, as an arrangement plan, the ppi is obviously worthless to you, as your not going to be able to use it, so you could ask if they could cancel the ppi, and reclaim on what you have paid (PPI) if you believe it was mis sold to you for any reason.

More here about reclaiming, check it through and if you have a reclaim, give it a go, by completing the reclaiming questionnaire, you send to whoever set up and sold you the policy (head office), remember to keep copies of all you send and receive in case you need to refer to this at some point.
Good luck.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

marshallka

Have you entered into an agreement with a Claims Company already? If you have and your redress goes towards your debts with the firm then you WILL most certainly end up with paying the CMC out of your own money.

MONKEY1

HI.

The credit card account was closed down, when i moved to the manged loan, so does that mean they will still deduct the monies owed of the managed loan.

Thanks:eek::eek::eek:

di3004

Hi there, normally its procedure with much of the banks to do this if there is any owing debt, even if a payment plan have been set up, maybe someone will just confirm on this, good luck, but remember if anything is remaining from the refund, it should be awarded to you and any interest.;)