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marks and spencer ppi
boozers5
Posts: 11 Forumite
I claimed ppi refund from marks and spencer and was offered £10732 refund which they said would be offset against the debt . this debt had been sold on by marks and spencer to idem capital securities . I informed marks and spencer about the sell off , the reply was " I am aware that this debt was recently sold to Idem Capital Securities , we can confirm that debts sold recently are subject to a buy back clause in the event that the account receives a ppi refund " . is this a usual practise as i have paid Idem the monthly payments for the last 3 months
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Comments
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is this a usual practise
Yes, it is.0 -
When you are in arrears, have defaults or amounts written off, the lender can use the redress against the debts.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 have no problem with this money being offset against my debt to marks and spencer it just seems unusual having a clause saying if ppi is claimed we will buy debt back since ppi was pre 2004
i have a dmp with stepchange and every amount i get will help pay it off0 -
You have a debt with Idem which came from M&S.
It is a bit cheeky to not pay the debt yet expect to be paid out money from those you owe but have defaulted.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 -
boozers5, did you send M&S a letter or fill in the Financial Ombudsman's questionaire and send it to them? I'm just wondering what's the best way of dealing with it with them to get the ball rolling.
Regards0
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