We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 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!
hsbc ppi redress payment take off debts?
Options
goodevans2
Posts: 1 Newbie
Hi sorry for the long post. not sure if anyone has experience of this or not or can answer my question.
I recieved a offer of 5000 today from hsbc for missold PPI's after a long complaint procedure. :j
I have an overdraft and 2 credit cards with HSBC. The minimum payments on my credit card are always paid by direct debit with no arrears. My overdraft is within and close to its limit. Can HSBC use my money owed to pay off these debts and then e.g reduce my overdraft allowed to £0. The letter they have sent me asks for a current account number to make payment into and does not mention paying back credit card etc. I would prefer this so can pay off other higher interest debt. I have looked for some info online and found conflicting info such as yes they might do this or will only do this if in arrears or with a collection agency on their behalf. just wondering whether anyone had any info on this :think: or can tell me roughly how long it will take to get money (letter says up to 4 weeks). Does it always take this long?
Thanks for any help.
I recieved a offer of 5000 today from hsbc for missold PPI's after a long complaint procedure. :j
I have an overdraft and 2 credit cards with HSBC. The minimum payments on my credit card are always paid by direct debit with no arrears. My overdraft is within and close to its limit. Can HSBC use my money owed to pay off these debts and then e.g reduce my overdraft allowed to £0. The letter they have sent me asks for a current account number to make payment into and does not mention paying back credit card etc. I would prefer this so can pay off other higher interest debt. I have looked for some info online and found conflicting info such as yes they might do this or will only do this if in arrears or with a collection agency on their behalf. just wondering whether anyone had any info on this :think: or can tell me roughly how long it will take to get money (letter says up to 4 weeks). Does it always take this long?
Thanks for any help.
0
Comments
-
They cant use them to set off other debts within the group. They can pay the redress from credit card PPI into the credit card itself though.
You say no defaults, arrears or amounts written off. So, you shouldnt have an issue.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
- 350.8K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.5K Spending & Discounts
- 243.8K Work, Benefits & Business
- 598.7K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards