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statutory interest payment against possible debt owed
Roger50046
Posts: 2 Newbie
Hi all,
I have accepted PPi compensation from RBS and after I posted the acceptance forms, I realised that there maybe a debt o/s but albeit one I think I paid off via them accepting my offer of full and final settlement.
My question is, can the statutory interest paid on the settlement be used against any debt that could be there.
Apologies the loan was originally taken out 17 yrs ago!!
I have accepted PPi compensation from RBS and after I posted the acceptance forms, I realised that there maybe a debt o/s but albeit one I think I paid off via them accepting my offer of full and final settlement.
My question is, can the statutory interest paid on the settlement be used against any debt that could be there.
Apologies the loan was originally taken out 17 yrs ago!!
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Comments
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I paid off via them accepting my offer of full and final settlement.
Was that the full debt owed or a reduced amount accepted?
Grey area. The capital element (refund of the premium) can certainly go against any unpaid debt written off as part of an agreed settlement.My question is, can the statutory interest paid on the settlement be used against any debt that could be there.
In the past the interest element came to you. However, there has been a trend recently to see the interest go against any unpaid debt as well with you only receiving any excess.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 -
Not sure about the first question as it was quite a while ago0
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