Llloyds have only paid me the interest ??

ALIBOBSY

Here is the FOS guide.
http://www.financial-ombudsman.org.uk/publications/ombudsman-news/40/40_setoff.htm

To be honest I reckon there is a really good arguement that as these are refunds NOT funds sat in an account that they are abusing the offset rules amongst other legal arguements that can be used. But as in this case if the third party is involved it is completely out the window.

Ali x

ALIBOBSY

littleclover wrote: »

We have only been paid the intrest too...they said they had to send it to lloyds to rejig the loan as there is a small amount owing...we had £1300 paid into my ex's account 3 weeks ago and have had nothing since............i am getting a little upset now with the whole thing....they shouldn't use our PPI payment to pay off the amount we owe as that is a totally separate thing and I will take legal action if they do.... If they was the amount owed then they should put that too us in writing, an insurance account is seperate and thats what the PPI is!!!!!!! They still owe us £5500!!!!
Any ideas how long this will take???

See my link to the FOS guidence at the worst they can only hold the money against any arrears NOT the total balance they are trying it on.

Ali x

karonnie

Hey does anyone know how to find out if a debt has been sold to a 3rd party or if it's acting on the banks behalf? I had defaulted on my loan with rbs who seem to have with held my ppi payment as I received only the interest amount. Iv been receiving letters about it from wescot credit services so wonder if rbs can legally give my ppi refund towards that debt?

ALIBOBSY

What does it say on the letters and on your credit file.If it is sold it will usually have the entry on the credit file changed over to the name of the debt collector and the letters will say you owe us money. If not sold they usually refer to "acting" or "collecting on behalf of" and "our client". If sold you usually will have had a letter from the bank saying we have asigned the whole debt to XXXXX.

You could ring the bank-not the ppi dept and don't mention the ppi, make out you are checking about the debt. Something along the lines of I have had letters from wescot and want to check if they are genuine so are they acting for the bank or have the bank sold the debt to them?
You could even ring wescot-but make sure you block and phone number before you call and be careful what you say.

Or write/email one or both of them.

Ali x