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Ppi uncertainty. Help n guidance please
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Hi all,
Hoping someone can offer some advice please.
I have recently received a text saying a decision had been made on my PPI Loan from Natwest/RBS and that I should receive a letter outlining my offer soon. I just wondered if this amount could be taken to redress a Natwest Credit Card from 2010? I think it has been sold to a collection agency?
Additionally, does anyone have any idea how long money takes to be paid once you send your acceptance letter and will the offer letter tell me if they plan to use the money to redress credit card account?
Many thanks in advance ☺️0 -
The redress can indeed be offset against unpaid debt.0
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Do you know if it will state their intention in my offer letter?
Thank you for previous information ☺️0 -
They won't send an "offer" if they intend to offset. They'll tell you that your redress (which is defined) has been offset.0
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Thank you very much for your help.0
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I have checked my credit report and there is no mention of my old credit card debt?
Is this right? What does this mean? Has it been written off and can it still therefore be paid with PPI refund?
Any advice please ☺️0 -
Only the Bank concerned can give you this information...0
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Is this right? What does this mean? Has it been written off and can it still therefore be paid with PPI refund?
A debt written off will fall off your credit record. However, the lender can offset the redress against the debt. Time does not matter.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 -
Thank you for the information.
I am still awaiting my offer letter, despite receiving the text saying it had been sent 8 days ago.
I guess it will state in that whether they are going to offset the refund as suggested by Moneyineptitude previously.
Thank you both for your help ☺️0 -
Just because they can, does not mean they will. Sometimes they do not have the records to show it was not paid. Other times they will. So, you will only know when you get the money in your account or the letter tells you otherwise.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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