Right of Set Off changes to BCOBS :) :)

[Amethyst]

Re: Right of Set Off changes to BCOBS

Oh yes and quite a big negative (ish) which Gian's post on the PPI thread just reminded me of

right of set-off (in BCOBS) any right of a firm, whether under a contract for a retail banking service or the general law, to set off or combine:
(a) any debt due from a consumer; or
(b) any debit balance on an account held by a consumer;
against or with:
(c)
any sum payable by the firm to the consumer; or
(d) any credit balance on an account held by the consumer; that has the effect of reducing, discharging or extinguishing the firm’s liability to the consumer or the credit balance on the account held by the consumer.

which basically means refunds of ppi etc can be used to set off debt - I don't think it means when not in arrears though just arrears - unless the money is needed for priority debt (housing/council tax etc).

I need to read a bit more though in the lending code when it comes out to get that definitive and so the banks can't twist it to mean they pay off things they have already sold on to DCAs and sums not yet owing....

[leclerc]

Re: Right of Set Off changes to BCOBS

Oh yes and quite a big negative (ish) which Gian's post on the PPI thread just reminded me of



which basically means refunds of ppi etc can be used to set off debt - I don't think it means when not in arrears though just arrears - unless the money is needed for priority debt (housing/council tax etc).

I need to read a bit more though in the lending code when it comes out to get that definitive and so the banks can't twist it to mean they pay off things they have already sold on to DCAs and sums not yet owing....
[/COLOR][/LEFT]

If they have sold the debt then the question is how much of the debt is from the original creditor? And if the amount is more than the sum that was sold, should any interest or charges by the buyer be enforced since redress is about putting someone into a position that they should be in if the PPI was not missold?

[winner12]

Re: Right of Set Off changes to BCOBS

Got a question then leclerc
Barclays used my PPI missold against my debt I did ask them to
But they still added interest and charges upto defaulting should they not have added the charges then

[leclerc]

Re: Right of Set Off changes to BCOBS

Got a question then leclerc
Barclays used my PPI missold against my debt I did ask them to
But they still added interest and charges upto defaulting should they not have added the charges then

If the PPI was missold then surely charges and interest should have been refunded in so much as the amount given against amount owing.......

Amethyst??

[winner12]

Re: Right of Set Off changes to BCOBS

Now you have got me thinking
They may still have stiched me up unless i can come up with a good F&F that will minus it all out

[leclerc]

Re: Right of Set Off changes to BCOBS

Now you have got me thinking
They may still have stiched me up unless i can come up with a good F&F that will minus it all out

It might be worth asking them to reconsider what they believe is fair taking into account the missold PPI into the equation unless you have already accepted their offer because by definition, you have accepted the result.

[winner12]

Re: Right of Set Off changes to BCOBS

Oh bugger
It was last year and accepted by me when I was as green as grass to all this WOW have I learnt alot since
They did make me feel they were helping me at the time
Little did I know back then

[skv123]

Re: Right of Set Off changes to BCOBS

Oh yes and quite a big negative (ish) which Gian's post on the PPI thread just reminded me of



which basically means refunds of ppi etc can be used to set off debt - I don't think it means when not in arrears though just arrears - unless the money is needed for priority debt (housing/council tax etc).

I need to read a bit more though in the lending code when it comes out to get that definitive and so the banks can't twist it to mean they pay off things they have already sold on to DCAs and sums not yet owing....
[/color][/left]

Looking at the PPI side of things surely they can't use this on any mis-sold PPI as the consumer won't have been told of the right to set off in good time before being bound by the contract for the retail banking service. (Annex B 4.1.4A G (2))

So even if they were looking to apply it where there are no arrears they wouldn't be able to. (My reading of it is that a debit balance will exist even where there are no arrears and so initially was quite panicked that all PPI settlements will be used to offset)

Thoughts?