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PPI Settlement, Bank trying to deduct from it?
garyliberty
Posts: 7 Forumite
Hi All,
Please help me!!
I have recently sent away 3 PPI claims and have been informed of one from a Halifax cerdit card I had has been succesfull. They have informed me that the total I am entitled to is £974.20, however they will be deducting £500+ from this as money still owed. The thing is I settled this card a year ago after agreeing with Halifax on a partial settlement of 75% of the amount owed and they would take no further interest in this debt and it shows as 'satisfied' 'patial settlement' on my credit profile.
Can they take this money even though they agreed to satisfy the debt for a partial payment???
I thank you in advance for your assistance
Please help me!!
I have recently sent away 3 PPI claims and have been informed of one from a Halifax cerdit card I had has been succesfull. They have informed me that the total I am entitled to is £974.20, however they will be deducting £500+ from this as money still owed. The thing is I settled this card a year ago after agreeing with Halifax on a partial settlement of 75% of the amount owed and they would take no further interest in this debt and it shows as 'satisfied' 'patial settlement' on my credit profile.
Can they take this money even though they agreed to satisfy the debt for a partial payment???
I thank you in advance for your assistance
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Comments
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Sorry, but the answer is yes. Enjoy the remaining £475!garyliberty wrote: »Can they take this money even though they agreed to satisfy the debt for a partial payment???0 -
Really???.....Even though they agree this figure as a ''final settlement''?0
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You owe them money. They agree to allow you to pay less than you owe due to your personal circumstances. Your circumstances change due to their mis-selling. They re-coup the money you owed them in the first place.garyliberty wrote: »Really???.....Even though they agree this figure as a ''final settlement''?
Not exactly unfair.0 -
It just seems wrong that they say "yeah we take that 75% as a full settlement" but in fact it's not because they are taking some from this.....so if I got a mortgage or something with them in the future then would they add the money to that...0
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t just seems wrong that they say "yeah we take that 75% as a full settlement" but in fact it's not because they are taking some from this.....so if I got a mortgage or something with them in the future then would they add the money to that...
It seems totally logical to me. You didnt pay your debt to them and now you want more money out of them. They are allowed to use redress to set against debts written off, defaults and arrears.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 -
By your argument, they could have said "you agreed with us that all debts between us were settled - so we do not have to pay you anything".0
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So when I get the cheque for the 400 should I just accept it....just don't want to accept it an then to find I have spoilt my chance of getting full amount...0
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just be thankful that you'll get anything at all. Others who have failed to pay their debts have seen all of their ppi redress swallowed up.garyliberty wrote: »So when I get the cheque for the 400 should I just accept it....just don't want to accept it an then to find I have spoilt my chance of getting full amount...0 -
On what grounds was the PPI refunded anyway?0
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It's being refunded due to it being mis-sold....as it wasn't described properly0
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