Who's entitled to the refund??

[di30]

Re: Who's entitled to the refund??

Arh its ok, he said his Adjudicator said Lloyds have already confirmed that they do not hold the account and have had no responsibilities on it since a year ago.
So with that, should he be ok? (I can't see Lloyds suddenly buying it back if they confirmed to Lloyds by now they have nothing to do with it)??
Please correct me if I'm wrong lol cheers.

[di30]

Re: Who's entitled to the refund??

He just forwarded me with his email.

Dear Mr K

Thank you for your email.

Lloyds TSB has explained that it no longer holds the account.

[Guest]

Re: Who's entitled to the refund??

Legally the way that it works is;

When a debt is assigned only the rights under the contract can be transferred not the duties, therefore, the new creditor will have any rights to enforce the agreement. ( this is why a debtor cannot sell his debt)

Any duties by either party have to be maintained by the original parties to the agreement,(unless there is a notation of contract) so any refund is between the original lender and the debtor.

Having said that many assignments may have a clause enabling the assignor to re-purchase the agreement back from the assigee, however I should imagine there is a time element involved here.

[di30]

Re: Who's entitled to the refund??

As this is in regards of mis selling of packaged accounts, going back from the 90's, I take it this will be treated the same way as PPI?

[Guest]

Re: Who's entitled to the refund??

As this is in regards of mis selling of packaged accounts, going back from the 90's, I take it this will be treated the same way as PPI?

I would say that it would apply to any "contractual" dealings you had with another party.

The duties under any agreement would remain between the original parties unless you both agreed otherwise.