How a ppi claim is paid to me

Oxfordperson

HSBC have upheld my claim which is great. I didn't have to argue the case in any way. They want to completely pay off the personal loan I have with them. That is fine as far as it goes but I have a lot of debts and I would prefer the cash to spread over other debts. Can I get a cash payment rather than having my loan with them wiped out?

di3004

Hi there

Well done on your success!:beer:

I am not sure if they will, but maybe you could write or contact them and mention that you have various debts where you are hoping to reduce the balances and wish that the money is refunded directly to you, so you can choose what debts the money goes to, tell them you've already been deprived of your money and you feel its right that it should come back to you.

However, I would see what others have to say about this first as well, good luck.

LorcUK

I got notification about my PPI refund on an existing Abbey Loan. They are paying me the amount separately by wire transfer as opposed to deducting it from the outstandting loan amount. The way I see it, its your money and therefore should be you that decides not the banks.

magpiecottage

If their terms and conditions permit, they can usually set off any repayment against outstanding debts on any account you hold with them. However, this would normally only apply to outstanding repayments and charges, not the loan itself.

However, the primary aim is to put you back into the position you would have been in if the misselling had not taken place. If the premium for the policy was added to the loan then they will normally reduce the loan amount by that figure as part of the redress.