RBS ppi refunded somewhere but where?

dunstonh

RBS sold an old debt of mine to AIC in 2006

Did they sell it or did they use AIC for debt management recovery?

Some people assume the debt was sold when it wasnt just because the third party recovery company was involved. Banks stopped using their own staff for recoveries many many years ago. This is an important point as they cannot pass the redress to the recovery company if the debt was sold with no claimback agreement (where the bank can take ownership of the debt again). If the debt was sold with a claimback agreement or the company is just providing services then they can use the redress against the debt.

I have now written to them with several reasons why I don't think that is the fair way to settle things.

1. The loan was eventually paid off
2. They sold the loan in 2006 so had no interest in it anyway
3. Even if it hadn't been paid off, cases have been won through the courts & FoS whereby a creditor keeping PPI refunds have been ordered to pay if to the customer. This is because the customer may have had more important debts than the banks loan and because you can't "off set" unless it's your owned account.
Apparently!

1 - the FCA allow redress to go against defaults, arrears and debts written off. So, that reason is not valid.
2 - How do you know they sold it?
3 - Hypothetical scenarios do not apply. Also, cases have allowed the redress against the debt. These are not from the courts but by the ombudsman. It is not a common scenario and you have to show you are in current financial hardship and have more pressing debts (council tax or utilities arrears typically. Not other unsecured debts usually).

[Deleted User]

dontlikemondays wrote: »

28 days was up last week and haven't heard anything from them.

If you haven't heard from them, how do you know about them offsetting your unpaid debt from 2006?

dontlikemondays

Moneyineptitude wrote: »

If you haven't heard from them, how do you know about them offsetting your unpaid debt from 2006?

Sorry, I mean I haven't heard from the DMO who were holding the refund. The PPI dept told me they were "off setting" and was being held by DMO Debt Management Office until 28 days investigation was up. Heard nothing since