Will I receive all that has been offered?

totalchaos

Hi,

I am currently in the middle of a PPI complaint and I have received a letter with an offer which i'm more than happy with......

The issue I have is that the account in question went into default and has only recently been "partially settled". I have confirmation that the said account has been closed etc. but on the letter with the offer it has a paragragh which says:

I understand that the offer will take into account any arrears on my account. The remaining balance, if any, will then be paid to my RBS current account, or by cheque if no account remains open. I am aware that it is possible for the account to remain in arrears if the offer is not sufficient to clear the full amount owing on the account.

Will I receive the full amount offered or will they put that money towards my defaulted account.

Any help would be much appreciated.

Go easy on me... this is my first thread :j

Thanks.

Kyle.

magpiecottage

What would you do if you were owed money but had given up hope of ever seeing it again then discovered that they owed you a smaller amount?

Would you pay it to them in the almost certain knowledge that they would not use it to pay what they owed you or simply use it to reduce your loss?

Would you think it reasonable to do the latter?

I think you have your answer.

maggy50

I hope this helps.

You will have the payment off set against any debt to the bank
and if there is a surplus it will be refunded to you .

That is the usual process and it does take some time to sort out from all other postings I have read.

dunstonh

Will I receive the full amount offered or will they put that money towards my defaulted account.

As magpiecottage says, it would be illogical and unfair for you to receive the full amount. So, they can use the redress payment to go against any debt in arrears, defaulted or previously written off and only if there is a surplus above this will you get it.

totalchaos

After the nightmare that it has put me through then yes, I think it's fare. But I understand where you are coming from.
I was made redundant and quickly fell behind on payments. Making a claim was an absolute farce and at the time I wondered why the hell I had taken the loan insurance out.

Does it make any difference that the loan started on 14th March 2006.