PPI and old loan

[Deleted User]

amersall wrote: »

If the claims co knew the debt was in default, they should not have taken the claim on.

Which could be a reason to complain to the Ombudsman. If the OP didn't inform the Claim Company of the outstanding debt then that's different, of course.

oshb5 wrote: »

Thing is that the amount I’d have for from the PPI might have been enough of an amount to offer the now owners to fully settle the outstanding debt

If the Bank do offset the PPI against the outstanding debt then you'll no longer owe the amount offset in any case.

NewcastlePaul

oshb5 wrote: »

Hello I had a loan many years ago well quite a few but the last loan was quite substantial and I had a heart attack and never went back to work so this loan never got repaid. But it looks as though Iv had PPI against it and they have given me a figure. And Iv seen where it says any PPI owing will go against what you still owe? Which is understandable. However last July the bank sold this debt on so they in fact washed their hands of it and are no longer anything to do with the debt. So I’m wanting to know what happens in this situation please?

Thank you Osh

Plenty of my old PPI claims actually sent me cheques for PPI rather than reducing debt. I was amazed at the time and then actually used the cash to offer F&F settlements

SonOf

NewcastlePaul wrote: »

Plenty of my old PPI claims actually sent me cheques for PPI rather than reducing debt. I was amazed at the time and then actually used the cash to offer F&F settlements

If you are in arrears, defaulted or had an amount written off or a reduced settlement then the redress can go against the debt.

If you have none of those things (i.e. clean lending) then the redress should come to you directly.