Belmont Thornton Logo
PPI Claims - About PPI

PPI Claim News

Banks using PPI refunds to pay off loan claims

Banks are taking payment protection insurance (PPI) money owed to victims of the misselling scandal and are using them to deal with their customer's credit card charges and other unpaid debts.

The Daily Mail reports that a Money Mail reader from Hampshire's Waterlooville received a £1,300 PPI refund.

However, he had made a loan claim of £6,300 with Nationwide Building Society and the PPI refund was used to pay off a portion of this debt, despite the individual having lost his job and agreeing to a more lenient repayment schedule with the lender.

The bank claims it has the right to "set PPI compensation payments off against debts due on the account to which the PPI applies".

It told the news source it believes this approach is "fair and reasonable".

Which? points out a number of PPI policies were missold to people who would have never been able to have made a claim on the insurance.

Samantha Clarke
Samantha is a former banking assistant and has over ten years experience in retail banking.ADNFCR-2776-ID-801385585-ADNFCR

Bookmark and Share
Tell a Friend
blog comments powered by Disqus

Enquiry Form

First Name 
Last Name 
Mobile Phone
Home Phone
Address Line 1 
Post Code 
Claim Back Mis-Sold PPI Button

Belmont Thornton Limited is regulated by the Claims Management Regulator in respect of regulated claims management activities; our registration is recorded on the website number 18273

Belmont Thornton Limited is incorporated in England and Wales, Company number 6621233, whose head office at Unit B16, Kestrel Court, Harbour Road, Portishead, Bristol, BS20 7AN and registered office at Harwood House, 43 Harwood Road, London, SW6 4QP.

Belmont Thornton Limited is registered with the Information Commissioners Office. Registration number Z1728023.

Please note that calls may be monitored for the purposes of staff training.

* Belmont Thornton operates on a "No Win No Fee" basis. This means that there are no upfront costs to pay. Our fee only becomes payable on a successful outcome of a claim. A cancellation fee is payable if you decide that having instructed Belmont Thornton to act on your behalf, and after 14 days of signing your Letter of Authority, you do not wish to continue pursuing your claim with us. The cancellation fee is the reasonable costs incurred for the work undertaken. Please see our terms of engagement.

By using our web-site, you agree that we can place the types of cookies described in our privacy policy on your device.Hide