PPI refund offset to Cabot

Daft

Hi,

I have been a regular lurker on this forum for a few years and have found it very helpful throughout my financial difficulties, however this is the first time I have not been able to find an answer to a specific problem (I'm sure it will have been answered before mind...)

So I have been issued a PPI refund from Capital One, however they have sent me a letter stating the refund will be passed on to Cabot to reduce the amount I owe to them, Cabot purchased the debt in 2011.

So, if I agree to this them Cabot get my PPI refund, if I don't agree Capital One are...

"we are entitled under the terms of our agreement with Cabot to buy back your debt from them and exercise our right to set off (as set out in your terms and conditions)

{Quote}

So, what options do I have? Having a little experience in Full and Final Settlements I would obviously like the refund to come back to me so i can negotiate with my creditors myself. Anyone here had a similar thing?

Thanks in advance

Daft.

[Deleted User]

Daft wrote: »

So, what options do I have?

You don't have any options. Either Cabot get the Money or Capital One buy back the debt and offset anyhow.
It was never your money in the first place, of course, since you failed to pay it.
Have a read of this:
http://www.moneysavingexpert.com/banking/setting-off

Daft

Pretty much what I though, If the PPI had done what it was supposed to perhaps my whole situation would have been different...