PPI Redress, Natwest Offsetting everything

[mafiaduck]

Hi,

I recently got a letter from Natwest/RBS stating that I was owed a redress for mis-sold PPI. I was well aware that I had a big debt with Natwest, and that likely, they would pay a good portion of this into the account to clear some debt.

However, I'd read somewhere about an 8% interest portion, that was not allowed to be offset. So I started looking into it more, and I was told to check the Ombudsman website, but never found the exact reason why the 8% would be mine, but was continuously told that the 8% was mine, and could not be offset as it was compensation for loss of use of money, and should not be linked to the debt.

But I cant find this info anywhere, officially, and when I called Natwest to ask about how payment was being made they said EVERYTHING, including the 8% was being offset, and there was no law or ruling that prevented them from doing it.

Have I been ill informed? or am I due the 8%? if so, what can I state to them in order to get it? I've been given the number for the head of their PPI and collections department, if I wish to discuss it further, but don't want to call if I don't know what I'm saying.


Thanks for the help

[Kati]

Re: PPI Redress, Natwest Offsetting everything

Hi mafiaduck, to LB!!

I'm sure some of the knowledgeable Beagles will be along to help you soon :tinysmile_twink_t2:

Kati x

[mafiaduck]

Re: PPI Redress, Natwest Offsetting everything

Hi mafiaduck, to LB!!

I'm sure some of the knowledgeable Beagles will be along to help you soon :tinysmile_twink_t2:

Kati x

Thanks for the Welcome. I hope someone is able to help, it's very annoying getting a letter promising me £1000+, and then finding out I get nothing. Only to be told I will get the Interest part of it (£160), get my hopes up, and then get told that that too will also be taken and off set