Argos Card Upheld But Want to pay to DCA they sold the debt to, help plz :)

[beccas mum]

Hi sorry 1st post Hope im doing this right

 

I have received confirmation that Argos card have upheld my claim however, they have stated; ' as soon as we receive your signed acceptance we will arrange for the debt you have with Lowell Group to be reduced by £567.02 in the first instance and any excess will be paid to you'.

 

' The Financial Ombudsman Service does not have jurisdiction over insurance taken out prior to 14 January 2005.' So I cant ask them to step in unfortunately.

 

They have confirmed by email today: ' Further to your recent email regarding your Coversafe refund, I can confirm that since your Argos Card account was Debt sold to the Lowell Group, in line with our current process we pay off any remaining debt with Lowells from your refund and any excess remaining would be paid to yourself directly.

 

However, Lowell's have since confirmed that your current outstanding balance with them is £3080.81, therefore the amount of £567.02 would be paid off towards the outstanding.

 

I hope this clears up any confusion. If you can return your signed settlement, I will be able to process the refund as soon as I receive the settlement.'

 

Can anyone please help me put together a reply I feel it should be up to me who gets paid and I do have more pressing debts I am not sure what to say because of the FOS not having any jurisdiction.

 

Many thanks in advance for any assistance

[citizenB]

If they have sold the debt to Lowells, then Argos should pay you the money.

 

I will ask others on the site team if they can advise further.

[beccas mum]

Aww thank you

[dx100uk]

dear argos

 

You no longer own the alleged debt and have no right to withhold monies in respect of it. If [Enter DCAicon Name] wish to pursue me for any amount they allege I owe them, that is their prerogative.

The authority for my views is the case of Edlington Properties v. Fenner & Co. Ltd [2005] EWHC 2158 (QB) which affirms this position that the assignor has no right of set-off to a third party (assignee) for a damages claim brought against it post-assignment, as any equitable set-off in this regard is personal in nature and the debt sold is not transferred subject to it.

Further information on the right of setoff can be found on the Financial Ombudsmanicon’s site which clarifies in layman’s terms the rights of banks to take the action you indicated in your settlement: banking: firms' right of 'set off'.

Accordingly, unless you reconsider and agree to repay the full amount to me direct, you leave me no option but to start a court claim against[Enter Bank Name] for the full amount of my PPIicon refun

[beccas mum]

many thanks

[beccas mum]

Hi

 

Back again

 

I have finally received a response back from argos.........

 

I can confirm that we are currently in the process of arranging for the debt with Lowells to be transferred back to Card Services.

 

Once this has been actioned, we can then arrange for the redress to be set off against the money you owe on your Argos Card balance.'

 

Can they buy this back? Any help will be much appreciated.

 

Thanks

[renegadeimp]

They can and theyre being very greedy by doing so.

 

Theyre likely to buy it back take the money off and sell it back on. All this costs them nothing.

[dx100uk]

they can only off set the main part NOT the 8% redress figure

[beccas mum]

Not good news Many thanks thou for ur replies Guess I wont be sending my signed acceptance back

[dx100uk]

have you A complete breakdown of the redress?

 

 

dx

[beccas mum]

yeah

 

all premiums - £426.76

interest that you would not have paid.... - £122.20

simple interest at a rate of 8%..... - £22.57

tax - -£4.51

 

total redress payable £567.02

[dx100uk]

so they should not be offsetting the £22.57