PPI claim successful but money offset against default hasn't come through

Laraine31

Hello all

I wonder if you can help. In October 2012 I successfully reclaimed PPI from Egg. I had defaulted on a loan from them in 2007 which has been sold on numerous times, it is obviously now nearly six years. However my settlement was a figure to me and then nearly £5,000 which they said would be set against the loan and paid to the debt company. However, this money has never appeared against the loan and I am having no luck tracking it down and it's been over a year! I'm still paying an amount against the debt every month, I have tried emailing, the debt company says that they have no record of it and it's not their problem, they can't find out!!! Please help

dunstonh

What do Egg say when you tell them this?

Laraine31

Egg no longer exist but I have just this minute managed to speak to someone at Citifinancial who says that the team for Egg are not contactable by phone and he can only see my contact information and not any further details!!! He has said that he has passed on my notes and they will be in touch by writing!!!! the ombudsman have said that as the money was due to go to the debt they can't pursue it on my behalf, the debt management company have to pursue it with them.... but they won't because they say it's not their problem!!!!!!! Argh!!

magpiecottage

Complain to the debt company that Egg has paid them the money (enclose a copy of the letter from Egg confirming this) but that they have not credited it to your account.

louloubxx

Hi,


I've just put through 2 claims on Egg and one is for a loan that's been sold to a DCA. I read on here and Legal beagles that they can't offset the reward or the refund because it was sold to a 3rd party so the offset rule does not apply.

DevCoder

Once the debt is assigned or sold, the debt is outstanding to the assignee whilst the lender is the one owing compensation. So unless the lender and assignee are linked (part of the same group for example) then they shouldn't be able to set off.

dunstonh

I read on here and Legal beagles that they can't offset the reward or the refund because it was sold to a 3rd party so the offset rule does not apply.

It cannot be used against that unless there is a commercial agreement that allows the debt to be brought back or it wasnt actually sold but they are just using the services of the collection agency.

If it was sold with no right of going back to the original lender than it should go to the person.

louloubxx

I believe the debt was brought by Britannia Recoveries sarl and red arrow are acting on their behalf. I am sure that either Britannia or Arrow have no claim on the redress given.