PPI Settlement, Bank trying to deduct from it?

timmybear

*sits on hands to prevent typing anthing else*

[Deleted User]

timmybear wrote: »

*sits on hands to prevent typing anthing else*

I think the point has already been made in this thread.:silenced:

timmybear

Moneyineptitude wrote: »

I think the point has already been made in this thread.:silenced:

Well true, 'a' point has been raised, but that's not to say it's the same thing I have running through my head. :A

garyliberty

What do you think

dunstonh

The bottom line is that you didnt pay your debts. In effect you didnt pay the PPI in full. So, you shouldnt get a refund in full. You wouldnt do it their shoes.

Whether you like it or not, the rules allow it. The end. Now go to bed.

ALIBOBSY

I have seen someone challenge a situation like this, but the debt had been sold to a DCA and it was they who had accepted a F & F and the bank were trying to say the refund would go to the DCA. When challenged they backed down and gave the money to the customer in full, but if this was because it was with a DCA or because of the F & F is unknown.

It certainly would be seen as very unfair if someone got a bank or DCA to agree to a F & F then say won the lottery and the bank DCA tried to come back for another bite of the cherry so to speak. The courts seem to regard F & F's as binding on both parties, but the PPI situation is so unique and different to any other situation.

I would say its worth the price of a stamp to challenge it, but ony if they actually sent you a letter confirming the original amount you paid was in Full and Final settlement-without this proof they will likely just say partial settlement so you still owe us.

Ali x

garyliberty

Thanks Ali, I will certainly contest this as like you say, why not for the price of a stamp. I also have a printed credit report that clearly shows £0 in the 'current balance' column and 'satisfied' on the top.

tifo

it seems unfair but this is what they do ....

you both settled the debt at 75%, as it stood at that time. This in effect means you both agreed not to chase each other for any more money. You reclaimed PPI and re-opened the account, thus the bank want their remaining money.

if you take it to the FOS they will decide for the bank. I was in the same situation and lost. The FOS even paid money from another compensation to the bank. They said the poor bank had lost money in the part settlement and it's not fair. You can try the FOS if you like.

magpiecottage

tifo wrote: »

it seems unfair but this is what they do

It seems very unfair that somebody made a loan to the OP and only got 75% of it back.

tifo

magpiecottage wrote: »

It seems very unfair that somebody made a loan to the OP and only got 75% of it back.

But they chose to do it ....

If the PPI had been refunded to the account BEFORE they settled then 75% of the balance would have been lower than it was with the PPI, so they've still gained ....

Like my complaint, the bank said they'd "taken the default charges into account when we settled" but they didn't inform me of this, thereby getting more from me than they would have done had the charges come off first .... these were around 75% of the balance.

Just like me, the OP has paid something towards the PPI as part of the higher settlement amount than without it.