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What happens with the ppi reclaimed cash?
storey2704
Posts: 16 Forumite
I have just started to reclaim my ppi charges. Can anyone tell me what happens to the cash?
I have reclaimed from a credit card which still has a balance owing.
Do they just send me a cheque or do they take it off the balance?
I have reclaimed from a credit card which still has a balance owing.
Do they just send me a cheque or do they take it off the balance?
0
Comments
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They can offset it against debt. Although that tends to happen only when you have had amounts written off, arrears or defaults. Most cases will pay to you directly.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
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I wondered that as I have it on a loan, will they offset it against the loan or will I actually get the money??0
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If the loan is in default or you have arrears the Bank can use any redress to offset against money owed.Cuddlyrunner wrote: »I wondered that as I have it on a loan, will they offset it against the loan or will I actually get the money??
If you are simply paying off the loan on the schedule agreed with the bank, you'll receive all redress awarded.0 -
No arrears at all , thank you for replying0
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