Bank agrees PPI

I had a letter today from HSBC informing me that they have upheld my complaint and they intend to refund me the PPI that I had paid with interest.
However they have also informed me that I have an outstanding debt with them dating back ten years.
This is the first that I have heard of this debt.
In the the letter they state that I have the option to use the remaining redress to reduce this.
Attached to the letter is a form to fill in. Which gives me the option to tick a box giving permission to use my refund to reduce the outstanding debt, or provision for my banking details for them to make payment to me.
My question is what should I do?


  • [Deleted User]
    [Deleted User] Forumite Posts: 26,612
    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
    Delboy10 wrote: »
    My question is what should I do?
    Do whatever you want. Many others don't have the choice granted to them.
  • Nasqueron
    Nasqueron Forumite Posts: 7,785
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    I'd be surprised if the debt wasn't offset but maybe there is some reason like the debt was sold on and no claw back available so they are offering OP the chance to repay the money they didn't pay back 10 years ago in the hope they agree.
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