PPI offer Off-Set to sold and re-bought debt.

[llll]

Hi I'm new to the site,any help would be greatly appreciated.

 

Can anyone please tell me if a Won PPI claim that is awaiting acceptance can be used to repay an

out standing loan that has been sold and re-bought by the original lender?

ie..HSBC to Compello then Compello back to HSBC,now managed

by Ceneral Debt Recovery Unit on behalf of HSBC.

 

Also, I read here about a statutory right to waive set off,

link below (add W W W.)

is there any truth in this?

 

31.9A.80 Compensation received, set-off not applied;

 

insolvencydirect.bis.gov.uk/freedomofinformation/technical/technicalmanual/ch25-36/chapter31/part9A/Part 5/Part 5.htm

 

Thanks for any response

[fkofilee]

Im not sure on this one... PPI claims are all a bit of a weird subject.

However with my common sense hat on... I think they may try and succeed in offsetting it

[citizenB]

A lender has the right to offset PPI refund against genuine arrears , if they still own the account.

 

If it has been "sold/assigned" to a 3rd party then they cannot do this.

 

However, if the Lender has repurchased the account then they can. Barclays have done this previously.

 

I think they can only use the premiums to offset the 8% compensation part should be sent to you .. as I understand it.

 

However, I will call in the PPI guys for you.

[dx100uk]

yes

 

they cant use the 8% part as offset

neither can they offset any but ARREARS only

 

 

they should not also do any offsetting unless they have been sending NOSIN's [notice of sums in arrears ] letters better than every 6mts.

 

dx

[llll]

:|Pretty much as I expected ,but thanks for any responses..none the less.

 

The PPI that I am claiming for is made up of three separate policies with the amounts broken down,

 

meaning I have three 8% amounts,

three redress amounts

and one less claims already paid.(less claims is on the policy that is outstanding)

 

But the amount on the confirmation is all three combined with agreement to reduce outstanding debt.

 

Am I in a position to bargain with the bank?

 

I mean, if I was to refuse to sign acceptance of payment due to not agreeing (understanding)

the terms they have set, would they budge at all or would they just let the whole thing go?

(Im not really going to lose out either way as they are effectively only paying themselves)

 

Am I in a position to ask if I can pay a portion of the debt and make a payment plan for the rest?

 

If so who would I ask?

 

And how would I go about asking?

 

Or should I try to exercise my statutory right to waive Off-Set (if I have one)

 

 

If I cant have it I don't see why I should let them!

 

I am already in financial hardship and this money would mean prospect of future employment.

 

Thanks again.

Edited June 27, 2013 by llll
details

[dx100uk]

we need to investigate further please

 

have you [on the debt they wish to offset against]

 

been getting REGULAR letters that 'the account' is in arrears?

 

they CANNOT offset unless arrears have been notified.

 

dx

[citizenB]

If you have other more pressing /priority debts - for example mortgage arrears, then you could probably argue that you should be able to repay those first.