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PPI reclaim but debt with bank
nicki3ppl
Posts: 2 Newbie
Hi there
I am currently in the process of reclaiming PPI that was missold on two loans years ago with LTSB. Since paying off the loans I took out a credit card also with Llyods TSB- sadly ill health forced my partner to lose his job so we have been on a payment plan, paying a token amount on the credit card debt we owe.
My question is, if the bank refund ppi- will they be able to take it back for the debt we now owe them?
I am currently in the process of reclaiming PPI that was missold on two loans years ago with LTSB. Since paying off the loans I took out a credit card also with Llyods TSB- sadly ill health forced my partner to lose his job so we have been on a payment plan, paying a token amount on the credit card debt we owe.
My question is, if the bank refund ppi- will they be able to take it back for the debt we now owe them?
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Comments
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My question is, if the bank refund ppi- will they be able to take it back for the debt we now owe them?
They have to pay you the interest element of the redress but they can use the refund of premium element against debts which are in arrears/defaulted or written off. Most do.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 -
Im not sure what the interest/premium elements are? I'd be really greatful if yu could break it down
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If your complaint is upheld you get a refund of premiums plus interest.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
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If the PPI is in the OP's name but the CC is in the partner's then I doubt they will be able top set off one against the other.0
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