Can PPI Offer Be Retracted?

[Salem]

Hi

I have moved my question from Firstplus:Redemption v Balance Figures posted on this site last week.



"Further to the above I have now received a response via my solicitor dealing with my house sale from Eversheds acting on behalf of Firstplus. My solicitor challenged Eversheds on the redemption figure quoted in their previous correspondence after FP confirmed the balance as much lower amount (£20k as opposed to their quote of £47k) following the successful outcome of my PPI complaint.

As I promised above, I am now posting the reply from Eversheds as follows:

"We can confirm we have instructions from our client to place the matter on hold pending further investigation into your clients complaint regarding payment protection insurance.

To date we have not yet received any instructions from our client to commence enforcement action (if you recall, we had a repossession ruling that could be effected from 20 September).

We will update you should our client instruct us further in this matter once the internal investigation is completed"

Maybe, I'm being a tad paranoid but do I take this to mean that FP/Eversheds are going to attempt to renege on the PPI redress offer and/or take further action on the mortgage/repossession?

Any advice on this on this would be much appreciated.

Thank you so much


Read more at: Firsplus: Redemption v Balance Figures - Legal Beagles Consumer Forum "

[Paul210]

Re: Can PPI Offer Be Retracted?

just had a look at this and your original thread,

Firstly it doesnt look like they are trying to renege on the ppi offer, this is simply Eversheds confirming they wont take any action until that has been finalised (monies either paid to you or offset against baalance and loan restructured accordingly. the reason for this is it will alter the redemption figure with the future ppi premiums being removed)

Secondly, with regard to the confusion about the settlemnt figure, I must make it clear that the outstanding balance is not what it costs to pay the loan off early, the redemption figure will oftem include penalties as laid out in the original credit agreement, this is extemely common in the case of secured loans and mortgages. Where you say the court issued a money order for £31K what exactly do you mean, did the court order that this was the only amount outstanding or did they agree the debt was owed (completely different to stating amount payable on redemption) and grant an order for sale and posession?

Is there any chance you could post up the exact wording on the court order?

I'll also post this on your original thread.