Question re Offset RBS 7 May 2020 at 11:57AM in Reclaim PPI & other insurance 7 replies 213 views

Huxter34

Hi - I've had 3 offers on PPI from RBS - two of which relate to accounts that are in arrears (and with Cabot)

The main offer is from a mortgage which is complete/satisfied with no debt arrears. The total of all would be swallowed up by arrears on the other two (if that makes sense)

Question I have is will they offset all 3 against the two arrear accounts or will I get the amount for the mortgage account but not other two ? I'm sure I read somewhere any offset has to go against the account the PPI was with ?

Appreciate any advice

dunstonh

They will only offset the redress against arrears, defaults and amounts written off on the same debt the PPI is attached to (or if its a chain of loans, against those as well).   So, a mortgage PPI refund will not go against a credit card debt for example.

Huxter34

So on the loan I had no arrears I will receive that money (rather than it being offset to the arrears on the other loans) ?
Cheers - advice all appreciated !

Gig1968

I had some Ppi  redress from RBS for a loan that totalled £5k. The debt had been passed on to Cabot financial. I was paid the full amount and Cabot had no idea I had been paid the redress. As you debt has been passed n to a third party you are entities to the redress and it is up to you to settle the debt with the debt collector. That's the way it works between RBS and Cabot anyway. Was it an old bank of Scotland loan by any chance.

brettcta

Gig1968 said:

I had some Ppi  redress from RBS for a loan that totalled £5k. The debt had been passed on to Cabot financial. I was paid the full amount and Cabot had no idea I had been paid the redress. As you debt has been passed n to a third party you are entities to the redress and it is up to you to settle the debt with the debt collector. That's the way it works between RBS and Cabot anyway. Was it an old bank of Scotland loan by any chance.

No it doesn’t, it’s done on an Individual basis, some have ROSO, some don’t.

Huxter34

I’ve had two texts saying payment has been made by cheque and will be with me within 10 days. Guessing the other is being offset? (Or should I expect another message saying not getting?) anyone had that text and not received it? 

[Deleted User]

Huxter34 said:

I’ve had two texts saying payment has been made by cheque and will be with me within 10 days. 

This will be subject to checking by another department of the Bank,  but (as Dunston pointed out out above)  PPI on unrelated lending should not be offset....

Huxter34

Received two cheques. One was a loan and they never used it to offset the other loans. The other I’m guessing they did but until the money is banked I’d rather not check