Redress Query

Digital_Lulu

I had a Mint loan and have just been offered redress plus interest on the PPI - almost £6k in total.

RBS sent through an acceptance form, but if I sign, it seems I assign the entire amount towards paying off the loan. I just tried asking for the interest to come to me as I am still in dire financial straits and this was turned down, they confirmed that all will go towards paying off the debt.

Except my loan was sold off in November 2011.

Do I have to just accept it all going to the new debt owner or do I have any rights to ask for some or all of the money to come to me?

Thanks
LLx

dunstonh

The provider can use the redress against any amount written off, defaulted or arrears.

Digital_Lulu

dunstonh wrote: »

The provider can use the redress against any amount written off, defaulted or arrears.

Many thanks for your reply dunstonh.

Is this still the case though when a loan has been sold off to a third party?

dunstonh

Is this still the case though when a loan has been sold off to a third party?

The word "sold" is not always correct. Some are subsidiary companies. Some are contracted to provide services. Many have a commercial agreement that if the bank comes into funds, they are required to pass them to the claims company. There times when a debt has been sold and no relationship exists anymore that the bank cannot keep the whole amount. However, without knowing the commercial contracts that exist, we cant say what it is in your case.

Digital_Lulu

dunstonh wrote: »

The word "sold" is not always correct. Some are subsidiary companies. Some are contracted to provide services. Many have a commercial agreement that if the bank comes into funds, they are required to pass them to the claims company. There times when a debt has been sold and no relationship exists anymore that the bank cannot keep the whole amount. However, without knowing the commercial contracts that exist, we cant say what it is in your case.

Thank you once again dunstonh.

The loan was sold, I received letters stating that all admin and statements will be from the new company.

I cannot find any connection between Mint and the new debt owners (Idem), but I guess that means very little really, nothing has shown up in searches or company checks.