PPI claim on a sold defaulted account

sickasadog_2

Hi
Thanks for the many stickys, Ive read through them and am about to start reclaiming PPI on 11 accounts!

I understand from what Ive read, and rightly so, that any PPI awarded on an account with an outstanding balance will reduce that balance (Im happy with that as it means less debt!)

But I have a question I cant find an answer to after many days of reading hundreds of posts on here please if you dont mind.

A few of my accounts were defaulted on and in time sold to other companies. I know I have to address my claim to the original lender, but Im wondering on those ones will they contact who they sold the accounts to to reduce any award from the balances or will it be a matter between me and them and I receive payment direct.

I appreciate that it can be a quick or a long process, but Im prepared to try! Even if they paid me direct Id be offering settlements on the other accounts I have balances on so my main aim is to use PPI to repay as much of my debt as possible.

Any help would be greatly appreciated!

Thanks

dunstonh

but Im wondering on those ones will they contact who they sold the accounts to to reduce any award from the balances or will it be a matter between me and them and I receive payment direct.

Depends on how the debt was sold on and the contract that was in force with the debt company and how much the bank themselves lost.

Generally, redress goes against amounts written off, defaults and arrears before any amount is paid to you. However, there are times where that would not be the case.