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right of set-off

    95(in BCOBS) any right of a firm, whether under a contract for a retail banking service or the general law, to set off or combine:

      1. (a) any debt due from a consumer; or
      1. (b) any debit balance on an account held by a consumer;

    against or with:

      1. (c) any sum payable by the firm to the consumer; or
      1. (d) any credit balance on an account held by the consumer;

    that has the effect of reducing, discharging or extinguishing the firm's liability to the consumer or the credit balance on the account held by the consumer.