We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
PPI claim awarde - but put towards arrears
tkm1963
Posts: 1 Newbie
Hi,
I have just been awarded a sum for PPI mis-selling. However the company, Black Horse has taken it back against arrears on the loan. That's fair enough, but takes me to my question. I was sequestrated in September 2009. Payments where made on the loan from August 2005 to June 2009. The loan was settled as part of the sequestration. So my point is that no arrears exist as the account was settled as part of the sequestration. Is this a correct logic or am I totally wrong?
Thanks,
TKM1963
I have just been awarded a sum for PPI mis-selling. However the company, Black Horse has taken it back against arrears on the loan. That's fair enough, but takes me to my question. I was sequestrated in September 2009. Payments where made on the loan from August 2005 to June 2009. The loan was settled as part of the sequestration. So my point is that no arrears exist as the account was settled as part of the sequestration. Is this a correct logic or am I totally wrong?
Thanks,
TKM1963
0
Comments
-
The debt still exists its just no longer assigned to you. So you can no longer benefit from it. They are correct.0
-
They can use redress against arrears, defaults and amounts written off as part of a settlement. In effect, you didnt pay the PPI (or a proportion of it). So, it would not be logical to get a refund.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
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.2K Banking & Borrowing
- 253.6K Reduce Debt & Boost Income
- 454.3K Spending & Discounts
- 245.3K Work, Benefits & Business
- 601K Mortgages, Homes & Bills
- 177.5K Life & Family
- 259.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards