confused by PPI offer

gman41

Hi everyone!
Confused here... got a letter of SatanDanDer (sorry;)) about a flexi Loan I had with Cahoot,

Its a old loan and Statue Barred now.
I still owe more than the offer.
But they want my Account details for payment???
The offer claims to PUT YOU BACK IN THE FINANCIAL POSITION YOU WOULD HAVE BEEN IN, IF PPI WAS NOT SOLD TO YOU...
so is this payment:j?
or will they take it of the balance?:cool:
Which is fine just cant see why they are asking for payment details


Thanks:beer:

dunstonh

They are allowed to take the balance and offset it against the unpaid debt. Checking for things like that is one of the last things they do in their list.

You may receive some or all of the interest element though.

gman41

Hi dunstonh!
Yes I get that, I have one from RBS and received nothing, but balance was paid off, its the "PUT YOU BACK IN THE FINANCIAL POSITION YOU WOULD HAVE BEEN IN, IF PPI WAS NOT SOLD TO YOU..." part I dont understand, it looks like they want to pay, but why ask for Account details (RBS did not!)

-taff

It does what it says on the tin.
Your loan was in two parts.The capital and the PPI and the associated interest of both. They will refund you the PPI and associated interest for the PPI.
That's what putting you back in the same financial position means. It doesn't mean the loan part has been wiped.
If they want your account details, that may be a standard response letter when redress is offered and they haven't yet realised they will be keeping it, or they may, as above, be giving yo some it back, hence wanting your account details. Could be either or.

gman41

Hi taff,
Thats what I thought! Standard letter,
but it does say the offer is for me!


erm sending it off, so will see within 14 days