Ppi claim upheld egg

Aidanb_2

Hi,

I have received a letter from egg saying that my claim has been upheld and that a cheque will be made payable to me for £xxxx and will be sent to me within 15days.

My question is this was entered in to an iva in 2006 all completed and paid off but they sold my loan on and marked as settled on my credit file I maid this aware on my complaint form so will I get the cheque or can they say this will be offset against the debt even though the letter states they will send me a cheque made payable to me?

Cheers in advance.

Aidan

dunstonh

so will I get the cheque or can they say this will be offset against the debt even though the letter states they will send me a cheque made payable to me?

If they are aware of it (and often their filing systems mean they are not) they may well try and offset the redress against any amount that was written off as part of the settlement. This is usually allowed.

So, you are going to have to wait and see

Aidanb_2

Hi dunstohn,

Thanks for the reply I thought this might be the case so not getting my hopes up until I get the cheque in my account and cleared.

But have they a legal right to it if they have sold my loan on as I have read somewhere that they aren't and they also stated I received a early repayment amount which I haven't.

Where do I stand with them sending me a letter saying that they are sending a cheque to me not anyone else? Like I said I made them aware in my questionnaire about the iva and that it was entered in to it?

Regards and thanks in advance.

Aidan

-taff

They sold your loan on, but they sold it on at a loss, so they're entitled to recoup their losses first. Your early repayment amount would have gone towards the loss too.
You can send them a letter if you like, but the chances of them answering it [if they're as bad with that as everything else] is virtually nil.

dunstonh

But have they a legal right to it if they have sold my loan on as I have read somewhere that they aren't and they also stated I received a early repayment amount which I haven't.

They have a right to recover a loss. If they sold your debt or employed the services of a collection agency or agreed to accept a reduced amount that means they can no longer chase you for the debt. However, you are asking them to refund money in a transaction connected to that debt. That is where it is different. Effectively, you never paid the PPI as you defaulted. So, why should you get the refund.

The rules allow for the redress to go against amounts written off, defaulted or in arrears. Some people have succeeded in getting refunds after an IVA and others have not. As there are no laws supporting either side, there is little you can do if the bank refuses.

[Deleted User]

Aidanb wrote: »

But have they a legal right to it if they have sold my loan on as I have read somewhere that they aren't

Here is a link explaining all about the "Setting Off" rules;
http://www.moneysavingexpert.com/banking/setting-off
It will leave you in no doubt that the Bank are perfectly within their legal rights to use your redress against unpaid loan amounts written off as part of a settlement.
However, you may be lucky as others have been.

Aidanb_2

Cheers for the response I will just have to wait and see was all ways going to be a risk but only took a bit of time and letters.

Thanks again.

Aidan

amz2013

Aidanb wrote: »

Cheers for the response I will just have to wait and see was all ways going to be a risk but only took a bit of time and letters.

Thanks again.

Aidan

Did u disclose ure iva to them?

Aidanb_2

Hi,

This was stated on the questionnaire I filled out and set back to them, so have been honest with them about it.

Been told the cheque has been ordered and and that it will be going through quality checking and security this week and if ok sent next week but I expect it to fail at the quality checking and security checks.

Regards

Aidan

[Deleted User]

Aidanb wrote: »

This was stated on the questionnaire I filled out and set back to them, so have been honest with them about it.

It matters little if you choose to disclose your IVA, of course, if you have arrears and/or defaults the Bank can choose to offset regardless.

Aidanb_2

Hi,

I do understand was just reply to a question asked. Like I said I am not counting on getting it just giving it a try.

Aidan