PPI Reclaiming Discussion Part 5

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Comments

  • societys_child
    societys_child Posts: 7,110 Forumite
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    But you didn't re-pay the loan. They won't repay money, you didn't pay.
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    I still think its wrong tho. As it was mis sold and because of that ive lost money that i paid towards PPI.

    Its not wrong. You went bankrupt and left people/businesses with debts unpaid. Possibly even the debt that this PPI was linked to. In the event of a successful complaint, the money goes to the creditors that you failed to repay. That is fair.

    You lost nothing as you went bankrupt. That is the whole point of bankruptcy. It draws a line in the sand for you to restart.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • S1ugg3r
    S1ugg3r Posts: 3 Newbie
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    It was cause of the PPI i had no choice but to go bankrupt.
    If the PPI had paid out then i wouldnt of gone bankrupt.
    Do you understand what im saying?
  • JDyche
    JDyche Posts: 1 Newbie
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    How can I try and claim PPI if I have re-married?
  • dunstonh
    dunstonh Posts: 116,385 Forumite
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    S1ugg3r wrote: »
    It was cause of the PPI i had no choice but to go bankrupt.
    If the PPI had paid out then i wouldnt of gone bankrupt.
    Do you understand what im saying?

    Yes I do understand but it makes no difference.

    If the PPI didnt pay because you were not eligible then it wouldn't have changed the outcome compared to not having PPI.

    i.e. you had PPI and went bankrupt. If you didnt have PPI you would still have gone bankrupt.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    edited 17 July 2017 at 12:56PM
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    S1ugg3r wrote: »
    If the PPI had paid out then i wouldnt of gone bankrupt.
    Do you understand what im saying?
    Sorry, but it doesn't matter. Any PPI redress now belongs to the Official Receiver for re-distribution to your former creditors. There are no exceptions. This is asked so often on the Bankruptcy Board that there is a "sticky" thread permanently situated at the top of that forum.

    Here's a link to that thread which explains it all in detail:
    http://forums.moneysavingexpert.com/showthread.php?t=3766585

    I wouldn't cut yourself up too much over this. If the PPI had paid out, it wouldn't have paid off the entirety of the loan, it would only have covered your monthly loan repayments for a limited period. I'm also certain you didn't declare bankruptcy because of one loan.
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
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    JDyche wrote: »
    How can I try and claim PPI if I have re-married?
    Other than your married name perhaps being different, why would getting married again prevent you from complaining about PPI? Just provide the Bank with proof of your identity and proceed like anyone else....
  • BooJewels
    BooJewels Posts: 2,868 Forumite
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    S1ugg3r wrote: »
    Surely what was paid towards PPI i should be refunded as it was mis sold?
    As I read your original post, it has been refunded. Except that you personally didn't get the money, it was paid directly to your creditors, as you'd defaulted on the loan. You owed third parties money, so it's only fair that they get first dibs on any monies related to the loan.

    I'm certainly not an expert on PPI compared to many here and don't understand much of it, but your scenario makes perfect sense to me, as this is outlined as to how it will work:

    https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/ppi-claims-after-bankruptcy/

    On the original PPI paperwork it would have been clear which party was covered. For example, on the various ones we've had, I have never been covered as I'm self employed and have medical conditions that would preclude me. So in the tables for first named person and second named person, my husband's cover is detailed and mine is shown as N/A or similar. I'm sure that yours would be similar, showing the details of your cover and not for your partner - if it was a joint loan covered by PPI. Maybe your ex should have declared herself bankrupt and not you, as she was the one who couldn't pay.
  • -taff
    -taff Posts: 14,507 Forumite
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    S1ugg3r wrote: »
    It was cause of the PPI i had no choice but to go bankrupt.
    If the PPI had paid out then i wouldnt of gone bankrupt.
    Do you understand what im saying?

    Yes, but you are wrong.

    The PPI would have been a small amount compared to how much you were probably in debt by to have gone bankrupt.
    Being unable to service your debts led you to bankruptcy, not PPI.
    Shampoo? No thanks, I'll have real poo...
  • sjohn_2
    sjohn_2 Posts: 1 Newbie
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    Hi
    This is my first time on a forum so please be patient with me :) I have gone through the PPI Reclaiming tool and have recieved a letter back from the company stating that because the "insurance policy" (PPI) was sold prior to 14 Jan 2005 (before insurance contracts became regulated) there was no reason for them to assess my needs and suitability for the policy. Therefore my claim has been rejected.

    I have been paying PPI from 2001 - 2017. Am I still able to claim from 2005 - 2017? Do you think it is worth going to the Ombudsman?
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