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PPI on debt sold to another company
meer53
Posts: 10,217 Forumite
Hi,
Posting for a relative. SIL had a loan with PPI. She successfully claimed back the PPI but has now been informed that the majority of the PPI will be paid to the company who bought the debt from the original lender when she was unable to keep up the repayments.
Is this normal practice ? Is there any way she can be paid the full amount ? Shes been told she will get about £900 and that the other company will get about £1300.
Posting for a relative. SIL had a loan with PPI. She successfully claimed back the PPI but has now been informed that the majority of the PPI will be paid to the company who bought the debt from the original lender when she was unable to keep up the repayments.
Is this normal practice ? Is there any way she can be paid the full amount ? Shes been told she will get about £900 and that the other company will get about £1300.
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Comments
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Seems fair to me. IMHO the refund should go towards the original debt that caused the issue
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She successfully claimed back the PPI but has now been informed that the majority of the PPI will be paid to the company who bought the debt from the original lender when she was unable to keep up the repayments.
Is this normal practice ?
Quite normal. And quite logical and fair.Is there any way she can be paid the full amount ?
Thankfully not. Remember that she didnt pay her debt. So, in effect she didnt pay the PPI (or all of it). SO, getting a refund of the full amount would not be logical.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 -
Thanks everyone, thought so but wondered if anyone had any other thoughts. 0
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