Indemnity Claim/ DD Guarantee

JKHighlander

Hi,

looking for some advice i have just made an indemnity claim on insurance i over paid for i have proof of this and the bank have refunded the full amount i have over paid, now the problem i have is i have also got a letter from the bank that says the company can still reclaim this money back the question i have is will they claim this money back from the bank and if so how long do they have to do this or will they just send letters?

Thanks in advance :cool:

JKHighlander

101 views and not one person can help?

[Deleted User]

If they are entitled to the payment, yes.

If not, no.

They have 6 years before the debt becomes unenforceable.

Nasqueron

Might be worth posting this in the banking sub forum rather than the PPI complaints forum, might be why it's been skipped over

dunstonh

The DD guarantee is there for payments that were taken in error or failed the dd process. If the company can show that they followed all the rules and the contract was valid then either the bank can take it back or the firm will come after you for non payment. Many regular contribution insurances fall under a credit agreement. So, they can register it as in arrears or defaulted on your credit file.

So, it is important to use the dd guarantee scheme correctly. It wont get you out of owing money that you legally owe.

Ktb299

If the insurance company doesn't do a counter claim on the indemnity claim, and they believe that you owe them money now they will chase you for payment anyway.

It may be worth contacting the company to make sure they agree that you have overpaid, just by making the indemnity claim doesn't resolve you thinking you have been overpaid if the insurers don't agree.