PPI refund paid to debtor as debt had been sold!

karl9911uk

Hi,


Just wondered if anyone had any experience of receiving a PPI refund whilst in debt management as the original debt had been sold?


I have been in debt management for some time and all my debts have now been passed on.


I have made several claims and have now had letters saying my claim/claims have been up held and that a cheque/s will be sent.


I have done all this privately, but have touched based with my debt management who have informed me that they have known of cases where the original debt has been bought back due to the amount of the successful PPI claim.


I'd be interested to know if any one else has been in a similar position and of the out come.


Thanks in advance.

dunstonh

Just wondered if anyone had any experience of receiving a PPI refund whilst in debt management as the original debt had been sold?

Has the debt actually been sold or just transferred to a third party collection agency?

I'd be interested to know if any one else has been in a similar position and of the out come.

Yes this has happened and there is a defined process. If the debt can be returned to the original lender then they can set off the redress against that debt (including any amounts written off as part of an agreed settlement). If the debt was actually sold and cannot be brought back then they cannot.

karl9911uk

Thanks for the reply.


My debt management company seems to think that my debts have been sold, however their help is only going to be limited!


I have had a couple letters confirming a refund is due and that a cheque is on its way.


I have had settlement offers for some debts which amount to the refund in some cases, so it would nice to be able to settle the debt completely rather than having a little more paid off it, having said this it is a win win, but it would be nice to have a little more knowledge or control about what will happen and when exactly.


All the letters say that a cheque will arrive within 28 days and if it was going to be off set, I would/will have/be been informed! When will this be like to happen now I have had these letters? I assume within the 28 days allotted for me to disagree?

-taff

First they tell you that your complaint has been successful, then they check for outstanding amounts. If you have any, they will be paid first.

You have no control over this part I'm afraid.

As dunston said, if the debts have been sold completely, you will receive the redress. If not, they will use it againt any amounts outstanding or defaulted on. Sometimes they will give you the interest portion of the redress, you'll just have to wait and see.

karl9911uk

Thanks for the reply taff. If it helps anyone reading this I have received a refund from Barclay Card, so I can only assume that this debt was completely sold. I have to say that anyone reading this and thinking its too difficult etc and may not bother, to definitely get into with Barclay Card. Its all done on-line, its very fast and your kids could do it!

snowboardalleycat

Hi
I have been on a DMP for 10 years just got 2 cheques this month sent straight to me. Both for CC's and both on DMP.
I am hoping to give offers with PPI monies.