recieved letter from bank for PPI refund do i have to give it all to towards debt

[grandadpalmer]

Hi All,
i am in need of advise ASAP..... i am with a debt solution company called Gregson and Brooke now known as Expert Money Solution LTD, i gave them permisson for the company to claim PPI refund on my behalf, i recieved a letter on friday from Santander letting me know i am owed PPI refund from when the bank was called Abbey National, they had sent me the letter as they hadnt heard back from my debt solution company, i called my debt solutions company to let them know i had recieved this letter and had filled out the claim form with my bank details and sent the form off today, the lady from my debt solutions company was rude and made it clear that the money should go into their bank to go into a fund to clear my debt, i have already had a chance to clear one of my debts but was told by my debt solution company that because they were investigating owed PPI that they couldnt clear my debt which was at a lower amount which they already had in the fund to pay it off, the debt has now gone back to the original amount.... i already pay £300 a month with that they pay a token payment each month and the rest goes in to the fund to clear my debts...... so what i need to know is if my debt solutions company is right in saying the lump sum goes to them or can i use the money to pay off famliy and friends who lent us money to go with the debt solutions company to start with??

[leclerc]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

How much is the PPi and would the payout clear the whole debt in its entirety?

[grandadpalmer]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Thank you for your reply.
No it wouldn't clear all my debts, they won't even tell me how much they have in my fund at the moment.... It's a 5 year plan and it seem like they are dragging it out

[leclerc]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Thank you for your reply.
No it wouldn't clear all my debts, they won't even tell me how much they have in my fund at the moment.... It's a 5 year plan and it seem like they are dragging it out

Di30 is more of an expert on PPI than I am and this one is a complicated one as well....

[grandadpalmer]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Di30? I'm sorry not sure what that means... I am new on here :tinysmile_hmm_t2: ha ha

[leclerc]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Di30? I'm sorry not sure what that means... I am new on here :tinysmile_hmm_t2: ha ha

She's a user on the forum who knows her stuff on PPI and your case is slightly different so I have sent her a message on here to take a look at the thread and give you some advice because if the sum being paid out was more than was owed then my advice would have been simple, ie pay off the debt and you save £300 a month but because it does not then I think Di30 would be better to advise on this than myself

[grandadpalmer]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Oh thank you so much

[di30]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

Hi All,
i am in need of advise ASAP..... i am with a debt solution company called Gregson and Brooke now known as Expert Money Solution LTD, i gave them permisson for the company to claim PPI refund on my behalf, i recieved a letter on friday from Santander letting me know i am owed PPI refund from when the bank was called Abbey National, they had sent me the letter as they hadnt heard back from my debt solution company, i called my debt solutions company to let them know i had recieved this letter and had filled out the claim form with my bank details and sent the form off today, the lady from my debt solutions company was rude and made it clear that the money should go into their bank to go into a fund to clear my debt, i have already had a chance to clear one of my debts but was told by my debt solution company that because they were investigating owed PPI that they couldnt clear my debt which was at a lower amount which they already had in the fund to pay it off, the debt has now gone back to the original amount.... i already pay £300 a month with that they pay a token payment each month and the rest goes in to the fund to clear my debts...... so what i need to know is if my debt solutions company is right in saying the lump sum goes to them or can i use the money to pay off famliy and friends who lent us money to go with the debt solutions company to start with??

Hi and welcome GrandadPalmer
Cheers Leclerc for your pm I shall do my best x

Right GrandadPalmer
I take if that the Company Gregson & Brooke now known as Expert Money Solution Ltd bought the debt.
May I ask what company they used to claim for a PPI refund please (Sorry if I misunderstood).

So Santander sent you a letter confirming you are owed a PPI refund from Abbey National (As Santander have taken over these and their full liabilities), and you received the letter because of them hearing nothing from the company who had supposed to have made the reclaim or the debt company who bought the debt?

Usually what happens, if there is outstanding debt/balance from that actual account owing, they do usually have a right (if they still have a relationship with the bank) but otherwise it may not apply, it can vary from one business to another, and another thing as well, if you have family now in debt and you owe them back money, it is a priority that you can state you want to use the refund to pay off other debts such as family and friends who helped you who are now in debt, for example mortgage/rent/water rates, Gas/Elec/council tax, and/or if any of these reasons apply to you, you can confirm that you have priority debt to pay for these reasons, and you wish to continue the original contract you set up with them to repay the balance owed at this time.

It may work, or it may not, but mortgage/rent & utilities are usually taken into account.

However, Leclerc has also made a fair comment as well

[Amethyst]

Re: recieved letter from bank for PPI refund do i have to give it all to towards debt

http://www.fca.org.uk/news/consumers...nagement-firms