Ppi after settlement figure

Andybax

Hi

I am looking to start a Ppi claim against a credit card company , I owed 15000 on a card , they gave me a settlement figure of 10000 which I paid in full, If I were to start a claim against them could they then come back to me for the outstanding 5000.
-any help greatly appreciated as I've had differing opinions , thanks

safestored4

No they won't come back to you demanding any further repayment, but once you reopen the case they are within their rights to offset any PPI against the debt written off. This seems a perfectly reasonable approach, you can't have it both ways. Would you be happy if the credit card company wrote to you out of the blue saying that they wished to refund the PPI you had paid but in return expected you to repay the £5000 written off? I think not.

[Deleted User]

Andybax wrote: »

If I were to start a claim against them could they then come back to me for the outstanding 5000.

As above, unless your PPI redress (if awarded) exceeded the £5000 you still owe, it's very likely you'd see none of it at all.

dunstonh

Concur with above answers. Lenders are allowed to use the redress on a successful complaint to offset arrears, defaults and amounts written off. so, unless your PPI premiums would take you above £5000, the lender could keep all of it. If it exceeded £5000 then they would be required to refund the excess above £5000.