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Can Bank Keep My PPI Claim
ivanovitch
Posts: 3 Newbie
Hi. I have just been awarded £5000 on my mis-sold PPI attached to a loan with First Trust bank. However they say that they are going to keep and reduce outstanding debt. Surely as this PPI should never have been sold then they should not be allowed to keep it as the debt is a separate issue. Where do I legally stand. Any help greatly appreciated.
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Comments
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They can use it to set off against any debt, arrears or defaults. You can ask them for the interest portion though, they may give it to you.Non me fac calcitrare tuum culi0
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Do you have arrears, defaults or had part of the debt written off?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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My debt is now being collected by a third party debt collection agency0
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In which case, yes they can keep the money and use it to offset against the debt. They should repay the interest element to you.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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Why would you NOT want to clear £5000 of your debts?0
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