Is it too late to accept an offer from 2012?

Gunter1979

Hello Guys

Hoping for a little help, I first contacted HSBC in 2012 regarding being mis sold PPI.....(I was told that I couldn't have a unsecured loan unless I accepted the PPI too).

HSBC wrote back and said that they couldn't comment on individual cases but they were willing to give me £6K refund + £2K interest.

HSBC also said they would use the money to settle my outstanding debts with them, which was great as my wife was ill and the letters and phone calls from the debt collectors was becoming really stressful.

However my wife became worse so I put the claim on a back burner and I never sent the paper work back.

I have since paid one of the debts off in full and made full and final settlements on the other two debts and the last debt has apparently been sold to another company....... when I was filling my paper work last week I realised I never got the money from the claim.

I just wanted to know am I still able to claim or accept their offer or have I lost it now?

[Deleted User]

Gunter1979 wrote: »

I have since paid one of the debts off in full and made full and final settlements on the other two debts and the last debt has apparently been sold to another company......

If the Bank do agree to a payout, it will still go towards your still unpaid debts. The Bank will offset against monies written off as part of the settlements you agreed with them. In addition, the loan which has been "sold on" will be with a collections agency with strong links to the Bank, so this will also be liable to set off.

http://www.moneysavingexpert.com/banking/setting-off

Gunter1979

Moneyineptitude wrote: »

If the Bank do agree to a payout, it will still go towards your still unpaid debts. The Bank will offset against monies written off as part of the settlements you agreed with them. In addition, the loan which has been "sold on" will be with a collections agency with strong links to the Bank, so this will also be liable to set off.

Thanks for the reply.....

For the debt they sold I had assumed they would have taken this debt from the lump sum they offered me - which is fine - that is what they originally proposing anyway

In terms of the two I made settlements with (circa. 70%) of what was owed what happens to the difference?

My main concern really is if I would be successful with my claim after all this time. I don't know if there is a time limit for these things. When I saw the paper work I was a little annoyed that I had paid the debts off when I could have used the PPI money to do so instead

[Deleted User]

Gunter1979 wrote: »

In terms of the two I made settlements with (circa. 70%) of what was owed what happens to the difference?

They'll only take what is owed, any remainder should come to you.

Gunter1979 wrote: »

My main concern really is if I would be successful with my claim after all this time.

Only the Bank can answer this for certain and it depends on the strength of your original complaint. It's also possible that the Bank originally agreed to pay out on the PPI precisely because you owed all the money which would be off set.
After so much time has elapsed, you need to re-submit your complaint to find out for sure.

Gunter1979

Moneyineptitude wrote: »

They'll only take what is owed, any remainder should come to you.


Only the Bank can answer this for certain and it depends on the strength of your original complaint. It's also possible that the Bank originally agreed to pay out on the PPI precisely because you owed all the money which would be off set.
After so much time has elapsed, you need to re-submit your complaint to find out for sure.

Uh oh lol! Anyway I guess I will try my luck and see what happens