We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Can Lloyds sell my debt when I am in a PPI dispute ?
headache5678
Posts: 49 Forumite
I know that under my loan agreemnet, the bank can sell my debt to a third party. But I believe I was mis-sold PPI with the loan.
I had already complained to the bank about the PPI but they still sold the debt anyway.
I understand that banks will not normally sell a loan when there is an outstanding dispute with the borrower - but I don't know if that is just because it saves hassle (lots of admin with the 3rd party purchaser - the bank would have to buy it back and there may be an argument about the price etc)
or. .... is there any regulation or guidline that stops a bank from selling the debt when there is a dispute ?
I had already complained to the bank about the PPI but they still sold the debt anyway.
I understand that banks will not normally sell a loan when there is an outstanding dispute with the borrower - but I don't know if that is just because it saves hassle (lots of admin with the 3rd party purchaser - the bank would have to buy it back and there may be an argument about the price etc)
or. .... is there any regulation or guidline that stops a bank from selling the debt when there is a dispute ?
0
Comments
-
Don't think so. Ideally, they sold the account therefore have to give all the PPI to you.
Maybe best post on PPI board?:beer:0 -
That sounds good but do you know if there is any industry guideline or regulation that the bank broke by selling my loan on to a 3rd party when there was an existing PPI dispute with me ?0
-
Google 'account sold while in dispute' template. It will list anything relevant.:beer:0
-
Thank you. Been there - nothing factual to rely on.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards