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PPI if you owe balance
Comments
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If you complain even a decade on, and your complaint is upheld, any redress awarded will first go to the unpaid debt.
Sorry.0 -
Moneyineptitude wrote: »If you complain even a decade on, and your complaint is upheld, any redress awarded will first go to the unpaid debt.
Sorry.
not true.
depends on the lender. Barclays and egg for example no longer use PPI to offset debt and the customer gets the cheque. I work for Barclays who have bought the egg portfolio so am speaking from experience.0 -
adam_thedon wrote: »not true.
depends on the lender. Barclays and egg for example no longer use PPI to offset debt and the customer gets the cheque. I work for Barclays who have bought the egg portfolio so am speaking from experience.
Nope, if debts are sold on and cannot be taken back then the lender can't offset it, which might be the situation with Egg given how long ago they operated and how long back Barclays took over the old accounts but Barclays themselves absolutely will offset old debt if they can legally, makes no commercial sense for them to payout when the money is there to offsetSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Poster "adam _thedon" has a long history of "interesting" responses backed up by his claims that he works for a Bank or a Claims Management Company.Barclays themselves absolutely will offset old debt if they can legally, makes no commercial sense for them to payout when the money is there to offset
The OP of this thread didn't even mention which Bank she still owed monies to and hasn't logged in since posting two weeks ago.0 -
So i guess it doesnt really make any sense, to put in a claim if you are still in debt to that lender!0
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Indeed.Antoinette48 wrote: »So i guess it doesnt really make any sense, to put in a claim if you are still in debt to that lender!
Nor to assume that any debt written off as part of any insolvency arrangement does not remain liable to be offset against PPI redress in the future.0 -
Antoinette48 wrote: »So i guess it doesnt really make any sense, to put in a claim if you are still in debt to that lender!
Well it does
One it reduces your debt to them - either shortens the time to pay it back or gives you the satisfaction that you actually paid back the money you owe
Two if there is an excess of money over and above what you owe you get the cash
All that doesn't make sense would be to use a claims firm as they will bill you even if you don't get any moneySam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Only if you are in arrears or have defaulted.Antoinette48 wrote: »So i guess it doesnt really make any sense, to put in a claim if you are still in debt to that lender!
With up-to-date finance protected by PPI (unlikely now, of course) the money will be paid direct to you regardless of how much you still owe.0 -
Moneyineptitude wrote: »Poster "adam _thedon" has a long history of "interesting" responses backed up by his claims that he works for a Bank or a Claims Management Company.
The OP of this thread didn't even mention which Bank she still owed monies to and hasn't logged in since posting two weeks ago.
I have worked for a CMC (5 years ago now) and currently work for Barclays. so yes I do speak from experience, I've been in PPI for 4 years now so have learnt quite a lot how the lender operates. I've got no reason to lie, so believe it or not, It doesn't phase me. I'm just sharing what I know.0 -
adam_thedon wrote: »I have worked for a CMC (5 years ago now) and currently work for Barclays. so yes I do speak from experience, I've been in PPI for 4 years now so have learnt quite a lot how the lender operates. I've got no reason to lie, so believe it or not, It doesn't phase me. I'm just sharing what I know.
Working for a CMC gives you every reason to lie, that's all they do. That said, working for a CMC explains why your knowledge of this subject is hit and miss based on what you post here.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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