Intersesting FOS PPI Set-Off Decision.

[EXC]

http://www.ombudsman-decisions.org.uk/viewPDF.aspx?FileID=5623


''Additionally, I am further convinced that the banker’s right of set off does not apply in this situation. I say this because the banker’s right of set off refers to a credit in one account being transferred to a debt in another account. I am not convinced that the compensation for the mis-sale of the PPI policies could be described as an account held by Mr and Mrs M which is in credit. Mr and Mrs M did not lend their money to HSBC to hold for them. It is money that HSBC should never have taken from them in the first place and of which they have been deprived the use. In this case, I am not convinced that the banker’s right of set off can be relied upon by HSBC to justify using Mr and Mrs M’s refunds for the mis-sale of PPI policies to reduce their other debts.''

[Nibbler]

Re: Intersesting FOS PPI Set-Off Decision.

Very interesting for reference. Thanks.

[Angry Cat]

Re: Intersesting FOS PPI Set-Off Decision.

Very interesting!

[charitynjw]

Re: Intersesting FOS PPI Set-Off Decision.

Thirded!