ppi problem with trust deed

edited 30 November -1 at 1:00AM in Loans
7 replies 785 views
nevil99nevil99 Forumite
29 Posts
edited 30 November -1 at 1:00AM in Loans
i just recived a letter today saying i have won £2294.87 in compensation from halifax , they also state that they will refund my account with this funds and reduce my monthly pyments with the rest as the account was in arreaers , however can they do this ? im in a protected trust deed just now ,are they within there right just to pass these funds on to the 3rd party who has bought over this debt . if im in a trust deed they have already accepted an offer from mytrust deed to pay this off , so not sure where i stand with actually asking for the money i have won back to myself ?:confused:

Replies

  • di3004di3004 Forumite
    42.6K Posts
    nevil99 wrote: »
    i just recived a letter today saying i have won £2294.87 in compensation from halifax , they also state that they will refund my account with this funds and reduce my monthly pyments with the rest as the account was in arreaers , however can they do this ? im in a protected trust deed just now ,are they within there right just to pass these funds on to the 3rd party who has bought over this debt . if im in a trust deed they have already accepted an offer from mytrust deed to pay this off , so not sure where i stand with actually asking for the money i have won back to myself ?:confused:

    Well done.:T :beer: :j .

    Hopefully someone will come along and clarify this for you soon but I assumed if they will refund you, this will be your choice here.
    Its your money hun and tell them you would appreciate it if they could make this payment by cheque.
    Have you the amount showing in a written form of calculations?
    And is this including 8% stat interest?
    They should reduce the repayments anyway and out this right as if you did not have this PPI from the start.;)

    Let us know how you get on, cheers.

    Di
    The one and only "Dizzy Di" :D
  • thank di , yes i have the letter here , is has the 8% included , just for argument sake , or back to the question at hand was that some1 else told me that they were in there right to re credit the account rather than give me the cash sum , due to the fact the account was in arrears , this is what is anoying me at the moment that i wont recive the sum due incash , but i hope your right di saying that i can request it as a cheque , il have to call them monday see what they say ,
  • di3004di3004 Forumite
    42.6K Posts
    nevil99 wrote: »
    thank di , yes i have the letter here , is has the 8% included , just for argument sake , or back to the question at hand was that some1 else told me that they were in there right to re credit the account rather than give me the cash sum , due to the fact the account was in arrears , this is what is anoying me at the moment that i wont recive the sum due incash , but i hope your right di saying that i can request it as a cheque , il have to call them monday see what they say ,


    Good luck hope all goes your way.;)
    Let us know, fingers crossed.

    Di
    x
    The one and only "Dizzy Di" :D
  • any1 else have experance with this ? or can confirm im intilted to ask for cash ?


    :j
  • di3004di3004 Forumite
    42.6K Posts
    nevil99 wrote: »
    any1 else have experance with this ? or can confirm im intilted to ask for cash ?


    :j


    Hi hun
    I would ask them to be honest and see what they say, but its your money and if you rather have this back in your own pocket I would tell them this.

    However please also feel free to post on the actual PPI Reclaiming - Discussion III thread where others may also be able to answer your query.

    Just click on loans
    Then on top of that page you will see that mentioned thread.;)

    Di
    x
    The one and only "Dizzy Di" :D
  • marshallkamarshallka Forumite
    14.6K Posts
    nevil99 wrote: »
    thank di , yes i have the letter here , is has the 8% included , just for argument sake , or back to the question at hand was that some1 else told me that they were in there right to re credit the account rather than give me the cash sum , due to the fact the account was in arrears , this is what is anoying me at the moment that i wont recive the sum due incash , but i hope your right di saying that i can request it as a cheque , il have to call them monday see what they say ,
    If the account is in arrears then maybe its best that it is paid off the loan and then there are no further charges on the overdue amounts. I have heard of many people who have won with the FOS and they have offered money in a cheque that they have physically paid out and then the rest has been paid to reduce the loan and the FOS have agreed to this too. I know its not what you want but surely if you are struggling with the loan now (and you clearly are!!) then this would be a safe way for both of you..
  • not struggling with the loan , im on a trust deed which has already been set at a monthy repayment they have already accepted a reduced rate and things are fine , i would just rather have the cash , il be debt free in 3 years and would like to keep paying $50 a month as im doing and just recive the funds direct .no further charge can take place as the deed is protected so they cant add anyhting onto the loan , im only paying 30% of the outstanding balalance and the rest is writen off anyway , i do see what ur saying by paying more of the loan off with it , but im happy as it stands paying £50 a month and 3 years il be free as a bird , cash would be nice to invest have some free cash in my bank for a change for a rainy day etc .
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