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successful ppi claim?? welcome finance
s777lna
Posts: 15 Forumite
Anyone who has had a successful ppi claim had there money offset off the balance as I'm being paying mine back monthly??
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Comments
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Lenders are allowed to use the capital part of the redress (the refunded premium) against any debt that was previously written off, defaulted or in arrears. So, yes, they can offset the money against that.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
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Lenders are allowed to use the capital part of the redress (the refunded premium) against any debt that was previously written off, defaulted or in arrears. So, yes, they can offset the money against that.
What if the debt was sold on to another company? It has nothing to do with WF then has it? I'm in the same situation, I had a bit left owing to WF and they sold the debt on after they had there troubles and since then I haven't heard anything of anyone!!!0 -
CRAZY:HORSE wrote: »What if the debt was sold on to another company? It has nothing to do with WF then has it? I'm in the same situation, I had a bit left owing to WF and they sold the debt on after they had there troubles and since then I haven't heard anything of anyone!!!
If the debt was actually sold then they can only offset it if they are able to bring the debt back from the collection company.
Note that the use of a third party collection agency does not mean the debt was sold. The collection services may have been contracted out.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 -
Thanks for your comment! But seriously what are the chances if the debt has been sold on in them recalling it?0
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CRAZY:HORSE wrote: »Thanks for your comment! But seriously what are the chances if the debt has been sold on in them recalling it?
Pretty high. A lot will depend on when they sold it.0 -
They can recall the debt, offset the redress and pass the debt back to the collection agency. As long as their contract allows it.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
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