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HSBC Loan PPI, a question
teddy54
Posts: 62 Forumite
Hi all, I wonder if anybody can offer an opinion.
Like many I received a letter fro HSBC stating I may have been mis-sold on 2 loans, so I duly filled in the forms and returned.
I have checked my Experian report.
Loan a) This is showing as "settled"
Loan b) This account is still active, and has a balance. It is being managed by a dca now, Moorcroft, and I have been paying this off for over 3 years (still some way to go, but agreed payments up to date)
My questions. Loan b) is showing on my report as reducing by the monthly payment. (Without temting fate) am I to assume that Moorcroft have not bought the debt (still showing as HSBC), and purely acting on their behalf? If this is the case I am presuming that if my claim is succesful they will simply use the payment to reduce my balance?
My other question is concerning the loan which has been settled and has a zero balance. (Loan a) Am I in danger of HSBC saying that this in some way linked to the outstanding loan, and use any payment from this to reduce the balance on it?
Obviously I hope that if succesful they would give me any payment direct, to do with as I wish, but I cannot see that happening, especially in the case of the loan that is still outstanding.
Can anybody offer any opinions as to what the outcome might be?
Many thanks.
Like many I received a letter fro HSBC stating I may have been mis-sold on 2 loans, so I duly filled in the forms and returned.
I have checked my Experian report.
Loan a) This is showing as "settled"
Loan b) This account is still active, and has a balance. It is being managed by a dca now, Moorcroft, and I have been paying this off for over 3 years (still some way to go, but agreed payments up to date)
My questions. Loan b) is showing on my report as reducing by the monthly payment. (Without temting fate) am I to assume that Moorcroft have not bought the debt (still showing as HSBC), and purely acting on their behalf? If this is the case I am presuming that if my claim is succesful they will simply use the payment to reduce my balance?
My other question is concerning the loan which has been settled and has a zero balance. (Loan a) Am I in danger of HSBC saying that this in some way linked to the outstanding loan, and use any payment from this to reduce the balance on it?
Obviously I hope that if succesful they would give me any payment direct, to do with as I wish, but I cannot see that happening, especially in the case of the loan that is still outstanding.
Can anybody offer any opinions as to what the outcome might be?
Many thanks.
0
Comments
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Here are the setting off rules;
http://www.moneysavingexpert.com/banking/setting-off0 -
Thanks for that, appreciated.
I suppose I will just have to wait and see, I would hope they would inform me that this was going to happen. I could argue that the ppi I have paid over the years has contributed to the financial issues I have now........
Thanks again.0 -
They will, but only if your complaint is actually successful, it's not certain they will offset of course.I would hope they would inform me that this was going to happen.
That won't stop them off setting against unpaid debt you've defaulted on.I could argue that the ppi I have paid over the years has contributed to the financial issues I have now........0
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