Rbs ppi

Louise0686

Good news recieved a offer letter from RBS for £1600 after one phone call and it only took them 6 weeks to reply!!! :T

Only problem is on the letter it states that any outstanding debt with the bank will be cleared first!! I was unsure what this meant so I phoned to query. I was informed that the remaing amount on my loan will be re-adjusted and then cleared and any other debts ie overdrafts will also be cleared before any remaing amount will be transfered to my account.

Is this right?? Why can I not continue with my monthly repayments as there is only £700 left on my loan to clear. Surley they can't give you a refund and then take money off it to clear the loan!??

[Deleted User]

Louise0686 wrote: »

Is this right?? Why can I not continue with my monthly repayments as there is only £700 left on my loan to clear. Surley they can't give you a refund and then take money off it to clear the loan!??

They cannot do this without your agreement unless you are in arrears with repayments.

Louise0686

Thanks for you're reply. I am not in any arrears with them and all my payments have always been made on time. Does this mean that i can just carry on making my usual monthly payments?

[Deleted User]

Louise0686 wrote: »

I am not in any arrears with them and all my payments have always been made on time. Does this mean that i can just carry on making my usual monthly payments?

You should contact them and tell them that you don't wish the redress to be applied to your loan and overdraft.

magpiecottage

If you have an overdraft then logically if they put it into your current account it will reduce or clear that overdraft until such time as you borrow it again. In the meantime, you will save on interest charges.