ppi refund and DMP

3431Anna

I have made a ppi claim, which has been upheld,the letter said that if i still had an account which was open they (Barclaycard would pay the amount onto my card account, I have got an account although it is included in my DMP, I telephoned them because the payment has not shown on my account, and they said that they would be sending me a cheque not crediting it to my card account, My question id when I receive this cheque if I then pay it off my account would this be seen as preferential treatment to barclaycard over my other accounts, and would I be able to make a full and final settlement offer to them even though they haven't defaulted my account, sorry my post haas gone on a bit Many thanks

Sazzie23

3431Anna wrote: »

I have made a ppi claim, which has been upheld,the letter said that if i still had an account which was open they (Barclaycard would pay the amount onto my card account, I have got an account although it is included in my DMP, I telephoned them because the payment has not shown on my account, and they said that they would be sending me a cheque not crediting it to my card account, My question id when I receive this cheque if I then pay it off my account would this be seen as preferential treatment to barclaycard over my other accounts, and would I be able to make a full and final settlement offer to them even though they haven't defaulted my account, sorry my post haas gone on a bit Many thanks

Hi Anna

Well done for doing a successful PPI reclaim. My situation was similar but differed slightly. I had a ppi reclaim which was on a joint account and they insisted it was paid back into a joint account, so our joint overdraft, which was included inn my DMP was paid off. This did not create any problems with creditors - the payments to them increased because I wasn't paying the overdraft. Stepchange queried it but were fine when I explained.

I'm not sure about your F&F if no default issued but its always worth a try ??

Standingtall

Hi Anna

I can see you have a fairly long DMP, as do I. Why don't you hang on to the money for now as an emergency fund.

ST

FireWyrm

I wouldnt put your money anywhere near Barclays if I were you. They have a nasty habit of a) cancelling any DMP agreement on the basis that you have lots of money and b) appropriating it for themselves under 'offset'.

I would open a completely clean basic account with someone else and pay the cheque in there instead and leave it as an emergency fund. Make the account reasonably difficult to get into and just let your money sit until you have a very good reason to use it.

3431Anna

FireWyrm wrote: »

I wouldnt put your money anywhere near Barclays if I were you. They have a nasty habit of a) cancelling any DMP agreement on the basis that you have lots of money and b) appropriating it for themselves under 'offset'.

I would open a completely clean basic account with someone else and pay the cheque in there instead and leave it as an emergency fund. Make the account reasonably difficult to get into and just let your money sit until you have a very good reason to use it.

Thanks for your reply.
I have a different account not with barclays, its just that the amount i am 'supposed' to be having from them would clear my card account with them and still i would have some left over but I am concerned that my other creditors wouldn't be very pleased and would see it as preferential treatment to barclaycard ( I say supposed because I haven't actually got the cheque yet so don't want to count my chickens lol ):)

3431Anna

Standingtall wrote: »

Hi Anna

I can see you have a fairly long DMP, as do I. Why don't you hang on to the money for now as an emergency fund.

ST

It is a long plan, and i can see it may be better to use this as an emergency fund, but I would really like to get rid of some of my debts early if I can, because it just seems never ending

National_Debtline

Hello there,

You *could* choose to use the refund money to offer a full & final settlement. It doesn't matter that the account hasn't been defaulted although it is ultimately the creditor's decision whether or not to accept your settlement.

We have a useful fact sheet on full & final settlements, should you choose to look into making an offer this fact sheet outlines the process in detail.

Very best wishes,

David @natdebtline

Standingtall

3431Anna wrote: »

It is a long plan, and i can see it may be better to use this as an emergency fund, but I would really like to get rid of some of my debts early if I can, because it just seems never ending

Yes I know what you mean Anna as i am in a similarly long plan myself. One of the regular posters, however, suggested looking on it as a very cheap loan and not to be in such a rush to pay it off - with the exception of for credit referencing purposes. This has certainly changed my mind set towards it.

As David suggests above, you could use it for full and finals or even save it for now until you have a larger pot with which to bargain for full and finals. That is something I am certainly considering for the future. Barclays i will have to pay in full as they have never defaulted me and are holding me to ransom with AP markers, as are Moorcroft, the others however have defaulted me so full and finals is it for them:T

Regards
ST