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lloyds tsb ppi refund
totnes59
Posts: 2 Newbie
Hi i made a claim for ppi refund with lloyds tsb they phoned me to ask a few more questions while i was on the phone i asked if the refund would offset the debt i have with them i pay it off monthly which i negotiated myself he told me they would not do this.i have now had a letter saying my claim has been upheld and an offer of payment and i dont need to do anything and a payment will be made within 28 days i was just wondering if anybody else has been in the same situation and had got their refund Thanks
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Comments
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i asked if the refund would offset the debt i have with them i pay it off monthly which i negotiated myself he told me they would not do this.
The banks will not use the redress against current debts unless the PPI is linked to the current debt and that debt is in arrears or defaulted.
On older borrowing, if the debt the PPI was linked to defaulted or had an amount written off as part of an agreed settlement then the bank can use the capital part of the redress against that debt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
It will be up to you to reduce your debt to them with the refund. Or you could just spend it. The choice is yours.0
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