Hi Kayak.

Wow! That's quite a sum of money.

I wonder if they're splitting the payment into a cheque for the premiums you paid and a cheque for the interest?

Do you know how much the next payment is to be?

quote:

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Originally posted by Trust Deed Assistant

Hi Kayak.

Wow! That's quite a sum of money.

I wonder if they're splitting the payment into a cheque for the premiums you paid and a cheque for the interest?

Do you know how much the next payment is to be?

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Not sure, the letter said
"for 8% net interest as part of your complaint. Please note that if you are awaiting payment on any other PPI complaint that you have with us, we will write to you separately in due course. I trust that this now settles your complaint and confirm that we have closed your complaint file".
So does this mean i have recieved payment for interest only and no PPI?
When i signe the form it was for 7 different amounts with interest totalled £22k. The £8k formed the interest only part of the PPI.

Will i get further cheques for £16k?

It does sound like it Kayak.

Hi Kayak,

A lot of banks are sending a seperate cheque for interest and another one for the refund of PPI payments made - so your other cheque should be on its way. Congratulations. So far I have had no bother getting payments made to myself, also after claiming it turned out some companies still had me oweing money although account was closed, I had no bother getting these closed at a zero balance and monies being paid to myself. I have however had to send a couple of PPI claims to the FOS.

Thanks

I have recieved no more from the bank, so i phoned them. They said that they were with holding the rest of the money as i was in a TD. I pointed out to them that it had ended and my practisioner and i have been discharged. They asked me to send the original copy of discharge which i have , but took photo copies of it and the letter i sent, also posted it recorded. I await there reply as it is for £14K????

Good Luck Kayak. You will just have to keep pestering the bank and stand strong, I found that a few people I spoke to did not really understand what a TD was and a strong worded email to the cheif exec always got me someone that understood. It will be a fight but just keep repeating yourself and hopefully with a copy of your discharge they will see sense :c) If not off to the Ombudsman, I don't think you would need to fill out a claim form as your PPI complaint upheld, I think a covering letter and all correspondence should suffice.

Irecieved a letter saying i was to get £1200 for bank charges paid into an old account.I called the number on the letter and they said all i needed was the letter and photo ID and i could walk into the branch and withdraw the money. The day i went to go in i called before to make sure, and was told the money was held in an open account and as i was subject to a TD i was not entitled to it, it would be written off against the TD. I called my practsioner and he basically said the same. He was also surprised i had recieved an intrest only payment for my PPI. Will this mean the rest of the PPI will be written off against my TD that i have been discharged from?

I think many companies will try to offset ppi claims against debt write offs until someone challenges this in court. Not sure of the rights and wrongs of all this but it would take a braver man than me to attempt to take action.

That said I never took any ppi in the 1st place.

Paul

Hi Kayak, if I was you I would forward everything I had (copies of letters, original PPI complaint plus copy of letter confirming complaint upheld and anything you have in writing to say they are off setting), to the FOS. It could take up to a year to resolve but worth a go. I am off a mind that the TD is paid and the outstanding debt should have been written off and the account closed, which means there should be no debt to off set against. Like plasticdaft said, there has been no court action about this so it is untested. My first step would be the FOS, again I don't know of anyone that has gone to FOS and what their decision has been. Make sure to write down everything in the letter to them and clearly state that the complaint has been upheld but you are challenging their decision to off set. I didn't have to go as far as FOS, good luck. Let us know how you get on.

I am at a loss as to why they paid out the interest? Why did they not try to off set this as well? I have not heard from them for a while, but i am going to give them the 28 days they mentioned after that i will be back on the phone. Then if i have no joy,FOS here i come.

I have recieved a letter today, saying "In Scots law this is known as "the principal of balancing accounts in bankruptcy" but for simplicity we shall use the term "set-off". "

Bottom line i think they are trying to off set the payment i am due against the amount they were due at the onset of the TD.
Can they do this? I thought that the whole point of a TD was your debt was written off? I paid all that was agreed during the TD. Surely that debt is spent and they dont have a claim? If they have does that mean if i came into money of any sort, lottery,inheritance, they could claim against that as the TD did not write it off?? Confused.com.
I am going to go to FOS, but i need some answers before i write my letter. Any help much appreciated.

Hi Kayak.

We cannot offer you legal advice I'm afraid.

As far as we hear some parts of this situation remain contentious.

I think it's understandable that companies that have written off sums of money would be reluctant to then pay sums of money to the individual that benefited from the debt being written off.

Whether you, via FOS or otherwise, can force them to do as you wish is another matter.

Yes, this right of set-off is a bit of a live debate at the moment. I think there may be a court case ongoing down South, which may well influence what happens up here too. Will of course let you know as and when I hear any more...

Sorry, i was not looking for legal advice, just seeing if anyone was getting the same response.

The bit that is confusing me is they made the offer,they paid out £8K of interest already, then sent me another letter saying i was also owed £1200 in bank charges, asked for an original copy of my discharge from my TD, and then started back pedalling on the rest??

Hi Kayak.

It is confusing.

This seems like one of those issues that will gain greater clarity over time. There are a number of issues, some of which may have to be tested in court.