We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Natwest CC PPI Offer
Blueberry_
Posts: 2 Newbie
Hi everyone, first ever post here although I've been a lurker for a while!
My husband and I have been trying to reclaim PPI on a couple of credit cards with varying success. Capital One have declined both of our initial complaints (not surprising) so we're working on them but the main reason fit this post is that we've just had an offer from Natwest.
The offer is roughly £700 in PPI repayments and £800 in interest. Good news! However they have stipulated in their offer letter that they will be offsetting the amount against the outstanding balance on the credit card. Thus leaving us with about £100 in cash.
Now I've tried to do a bit of research online into offsetting and as far as I can see the banks are only allowed to automatically offset if the account is in arrears. Is this correct?
The credit card has an outstanding balance but has never been in arrears. Payments have always been made on time.
I am also confused about the interest. As we have to pay tax on this, surely the bank can't decide to use this "income" before tax to pay off their balance?!
We will be using the money to pay off debts but the capital one balance has higher interest and we therefore want to pay this off first.
Any advice would be greatly appreciated!
Thanks.
My husband and I have been trying to reclaim PPI on a couple of credit cards with varying success. Capital One have declined both of our initial complaints (not surprising) so we're working on them but the main reason fit this post is that we've just had an offer from Natwest.
The offer is roughly £700 in PPI repayments and £800 in interest. Good news! However they have stipulated in their offer letter that they will be offsetting the amount against the outstanding balance on the credit card. Thus leaving us with about £100 in cash.
Now I've tried to do a bit of research online into offsetting and as far as I can see the banks are only allowed to automatically offset if the account is in arrears. Is this correct?
The credit card has an outstanding balance but has never been in arrears. Payments have always been made on time.
I am also confused about the interest. As we have to pay tax on this, surely the bank can't decide to use this "income" before tax to pay off their balance?!
We will be using the money to pay off debts but the capital one balance has higher interest and we therefore want to pay this off first.
Any advice would be greatly appreciated!
Thanks.
0
Comments
-
Is the account over limit though?Blueberry_ wrote: »The credit card has an outstanding balance but has never been in arrears. Payments have always been made on time.0 -
Hi thanks for the reply. No there are available funds on the card...about £200 below the credit limit.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354.4K Banking & Borrowing
- 254.4K Reduce Debt & Boost Income
- 455.4K Spending & Discounts
- 247.3K Work, Benefits & Business
- 604K Mortgages, Homes & Bills
- 178.4K Life & Family
- 261.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards