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PPI success - how do the companies refund you?
bailey44
Posts: 4 Newbie
I have just received a letter stating that MBNA are refunding my ppi claim plus interest. I am really pleased with the amount but it also states that they will credit it to my account to pay off some of the outstanding balance. Are they allowed to do this?
Surely if you have reclaimed the money then it should be up to the individual as to how they would want to use it. Can anyone advise me please?
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Comments
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Are they allowed to do this?
If you are in arrears, over limits or had amounts written off then they can use the redress to clear those before paying you anything.Surely if you have reclaimed the money then it should be up to the individual as to how they would want to use it. Can anyone advise me please?
In some cases yes. In others no. However, in this case, the rules are quite defined as above.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Many thanks for your reply. It is very much appreciated! I would have used the money to bring the balance down anyway but it is the principle of the matter! Do you know where I could find out any more information about this? A document or website?0
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Do you know where I could find out any more information about this? A document or website?
The FSA publication on the complaint redress and the look up the rule of offset.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Many thanks for your advice. It is really appreciated!0
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