Serious advice needed from a newbie!!

JayHoughton2012

Hi there.

I have recently recieved my claim for PPI from a high street bank. It took me 18 months of struggling to get my paperwork from them but once I sent of a letter using the template from this site, I got a call 2 days later saying that I was getting the money.

It all came about as I lost my job through bullying so could not pay my monthly loan payment. I begged the bank for a couple of months grace but they refused and sold my debt to a debt collectors where the charges sky-rocketed. After 6 months of struggling, I went on a debt management scheme where I have been for the past 4 years and paid towards my debt without fail. I could not have an IVA as I owed the bank more than 50% of my total debt and they wanted every penny back and refused to allow me an IVA.

Anyway, they made the whole reclaim very difficult and confusing. It works out that when the reclaim came through, lets say it was £5,400, it was put in my account, but so was a similar amount.

I don't know whether I am due this money or not but am scared to call and say.

Part of me wants to pay my debts off with the whole amount as this would clear it and I would stop incurring charges from the debt management company also. It seems to me that the banks lack of wanting to help me and selling my unfortunate debt to a collector without even trying to help me, somehow payback. I cannot clear my debt with the £5,400 but I can if I use the similar amount too.

The bank hasn't contacted me to tell me I have been over paid and what are the consequences if I pay my debt off with this money and then have to pay the bank off the possible overpayement if or when they find out.

Sorry this is long but I am very stressed.

bottleofred

Hi Jay and welcome to the forum,

2 identical/similar amounts paid into different accounts does sound like a mistake. While I understand the temptation to clear the debts and be debtfree, I'd strongly advise against using the money to clear the debts until you are totally sure what amount you are entitled to. Yes, it would be nice to be debt free, but if it is an error, then things are only going to get bad again when the bank come looking for there cash! I'd contact the bank and check as they are bound to discover eventually if it's an error.

Good luck

Red

JayHoughton2012

Thanks...

It was similar amounts into the same bank accounts but with different debt references.

I just thought that I could probably get a £1,000 or £2,000 cut off my debt for clearing it early and that is then finished after so many years. I thought that with that out of the way, if the bank realises that it is a mistake (still not sure as different people said I'd get different amounts), I will then pay them back but at least I won't be incurring the charges I do from my debt management scheme.

If the bank realises, can I hold their money to ransom and say "Yes, I'll give you your money back once you have looked through my account and worked out the bank charges I am due back?