RBS PPI Refund & Trust Deed

biggarnut_2

I've recently received a letter from RBS advising I'm due a significant PPI refund.


In early 2007, I took out a Trust Deed(Scotland) due to financial problems and the loan accounts from which this PPI refund is coming from were included in the Trust Deed.


As it happened, in late 2007 I inherited some money and because I had the Trust Deed, used the inherited money to pay off all my bad debts in full, meaning all companies to whom I owed money were actually paid and all debts cleared.


As a consequence of paying off everything my Trust Deed was then closed down and my credit ratings adjusted accordingly.


Would I be right in thinking then that because I paid everything off, then the refund RBS have told me I'll be getting is genuine and will be issued in its entirety?


I've read so many posts/sites where people have been told they're getting a refund from one bank or another but because of Trust Deeds/IVA's etc they've had part/all the refund actually put to the bad debt and so they're received less than expected back as a refund or not at all.


I'm thinking that because I paid off everyone rather than have my Trust Deed run it's course and so companies only got part payment for bad debt, then I will get the full refund RBS say they will send me.


Just worrying about all of this, so wouldn't mind others thoughts please.

[Deleted User]

If you fully paid off your Trust Deed without any amounts owed being written off, I would expect any subsequent PPI complaint redress to come directly to you...

biggarnut_2

Thanks for reply "Moneyineptitude" as I that ties up with my thoughts too as everything was paid off 100%.


It's a minefield this stuff.


Open to anyone else's thoughts too for peace of mind.

SCOTSMANJIM3232

biggarnut wrote: »

Thanks for reply "Moneyineptitude" as I that ties up with my thoughts too as everything was paid off 100%.


It's a minefield this stuff.


Open to anyone else's thoughts too for peace of mind.

Hi
I am 100% in same situation as you at the mment and have had a letter saying i am due £2,411 back i have signed acceptance etc however stakeyourclaim the company i allowed to do this on my behalf have already advised me that RBS will be off setting full amount against outstanding write off from trust deed that ended in 2005 ..

[Deleted User]

SCOTSMANJIM3232 wrote: »

RBS will be off setting full amount against outstanding write off from trust deed that ended in 2005 ..

Thatr's what I said earlier. If you have paid your trust deed with amounts written off then the Bank will off set.

The OP will suffer the same fate if he has simply paid his trust deed and doesn't realise that amounts were likely to be written off as part of the Trust Deed.

SCOTSMANJIM3232

Moneyineptitude wrote: »

Thatr's what I said earlier. If you have paid your trust deed with amounts written off then the Bank will off set.

The OP will suffer the same fate if he has simply paid his trust deed and doesn't realise that amounts were likely to be written off as part of the Trust Deed.

To be fair should banks be going through the investigation sending out letters saying yes you will receive this only to turn round say na sorry off setting..surely that makes sense huh?

Irondina

Hi, im recieving everyday fone calls saying i can get full refund for this and that,are they to be trusted??

[Deleted User]

SCOTSMANJIM3232 wrote: »

To be fair should banks be going through the investigation sending out letters saying yes you will receive this only to turn round say na sorry off setting..

The people who investigate your complaint are not privy to your financial status with regard Bankruptcy or Trust Deed.
To be honest, do you really think it "fair" that you should receive a refund of money you never paid in the first place?

[Deleted User]

Irondina wrote: »

Hi, im recieving everyday fone calls saying i can get full refund for this and that,are they to be trusted??

Ignore such unsolicited 'phone calls-especially if you are bankrupt or have a Trust Deed.

SCOTSMANJIM3232

Moneyineptitude wrote: »

The people who investigate your complaint are not privy to your financial status with regard Bankruptcy or Trust Deed.
To be honest, do you really think it "fair" that you should receive a refund of money you never paid in the first place?

I honestly think your right 100% and i never expected it back i was just caught off guard with that ppi company whom i now owe 12% plus vat for something i will never receive ..all i was saying was surely any investigation should have seen yes you had ppi and no you wont receive it due to this..in this instance trust deed.

societys_child

Irondina wrote: »

Hi, im recieving everyday fone calls saying i can get full refund for this and that,are they to be trusted??

No, they're sales staff trying to sign you up to some dodgy claims co. Do you think you're due any refunds?