PPI Payout - Please Read

Claudie1516

Hi,

I have been awarded a PIP payout from the RBS Group on a account that was with Natwest and defaulted in 2010. I pay money towards a payment plan arranged with a debt collection agency called Capquest.

The letter says if I have arrears with the bank it will go into my current account after taking into account the arrears. However I don't have that bank account anymore but I do pay the loan off where the PIP is from - 2003.

What do I do?? Will the PIP go to the debt collection agency, Natwest or do I request a cheque?

I am really confused. Any help would be greatly appreciated.

Thank you,

CSC

[Deleted User]

Give them a call.

[Deleted User]

It's unlikely you will see any of this money personally. However, at least it will reduce the amount you owe on your payment plan.

Claudie1516

Why will I not see any of it?

Thank you for replying.

dunstonh

Claudie1516 wrote: »

Why will I not see any of it?

Thank you for replying.

They are allowed to use the redress against debts in arrears, defaulted or previously written off/reduced as part of a settlement. You are entitled to receive the interest element though

Claudie1516

Thank you again for replying.

What is the interest element?

Claudie

Mersey_2

Interest of 8% pa is paid out to Claimants by banks etc.


It usually accrues from the date the PPI was taken out, until the date of payment.


When you say awarded - was it the Ombudsman who informed you? If so, RBS should write to you next, detailing the amount etc (if they haven't already). If they don't within 8 weeks, you can raise it again with the FOS.

Claudie1516

Thanks for the response.

RBS sent me a letter. They broke the figure down into PPI money with associated intersects and the 2nd figure was for statutory interest.

I don't think that bank account is open anymore so not too sure how to proceed.

Any further information would be greatly appreciated.

[Deleted User]

Claudie1516 wrote: »

Any further information would be greatly appreciated.

Clearly, you need to be getting in contact with RBS now as no stranger on a forum can liaise with the Bank on your behalf. You first need to clarify if you are to receive any money at all. Have you informed your collection agency that you have made a PPI complaint?

Claudie1516

I wasn't asking for anyone to ring the bank as this personal information. Just wanting to know best foot forward from here.

Thank you.

-taff

They'll probably send you a cheque of any monies left over.