PPI offer

vicki041073

Hi there,

I have been offered a settlement for my PPI claim from HFC Bank (part of HSBC) but they have put the following:-

"As you still have a financial commitment to HFC Bank, the amount of redress paid directly to you will be subject to the status of you accounts. Any residual balance will be sent to your bank account."

I am still paying the loan.

Can anyone tell me what they could mean.

Thanks

Vicki041073

kelly993

What they mean is that they can use the money to pay of part of the loan that you have with them. If you are in arrears then they will use the money to clear the arrears and the leftover money (if there is any) will go into your bank account. If your have not defaulted on your loan payments then the chances are that they will just pay the entire amount of redress into your account.
Hope this helps
Kelly