Cant Reclaim PPI because of Bankrupsy
Comments
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[QUOTE=magpiecottage;
However, if your redress was £20-£30,000, that suggests an enormous loan.[/QUOTE]
I'm not suggesting one loan, im talking about CC, Hire purchase loans, Personal loans, Mortgages, all these over 25 years will surely add up.
I'm sure there will be people out there who have found themselves in this situation, the potential to claim back redress for PPI, only to find out that this Insurance is an asset 20 years down the line.0 -
I'm not suggesting one loan, im talking about CC, Hire purchase loans, Personal loans, Mortgages, all these over 25 years will surely add up.
That assumes you had PPI and assumes records still exist and assumes that your complaints would be upheld.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.0 -
This is what I don't get, when the banks say they only keep records for 6 years. If you produce evidence i.e an agreement number then the banks can then go ahead and investigate your claim.
Its obvious they've still got records, their putting the onus on you producing an agreement number and hoping you've not got one.0 -
Even if your conspiracy theory is correct and there are somehow records from 25 years ago, there are no guarantees that any complaint you might make would be successful (and that's leaving aside your alleged bankruptcy)
I'm beginning to suspect your motives for starting (and continuing) this thread, I'm afraid...0 -
This is what I don't get, when the banks say they only keep records for 6 years. If you produce evidence i.e an agreement number then the banks can then go ahead and investigate your claim.
Its obvious they've still got records, their putting the onus on you producing an agreement number and hoping you've not got one.
They may have records on some sort of microfiche or stored in a bunker like Iron Mountain but there is no obligation on them to store it in such a way they can find it based on your name, it will be done by account number only
The Data Protection Act states (paraphrasing) that they should only hold data on you as long as necessary, if you closed your accounts over 6 years ago then deleting or putting in long term storage is perfectly fine.0 -
You cannot recevie any moneis from any potential PPI redress from howver far back if you are bankrupt after you paid it.
If you say the PPI was worth a hypothetical total 30,000 that suggests a massive level of borrowing, which suggests spending much more money than you have income, or available, which suggests that you werent very good with money hence the bankruptcy.
All hypothetical, and 'you' used as a general you, not a specific you.
Banks only have to keep records for a suggested 6 years, this time is not categorical, they may keep them for much more. Its also a bit hypocritical to assume that a bank muxt keep records if you do not.
To see what records there are you spend £10 and send a SAR.
Again, 'you' is general not specific.Shampoo? No thanks, I'll have real poo...0 -
It also says it is only necessary to produce personal data held in a "relevant filing system". By that it means "relevant to the information provided by the person requesting it.The Data Protection Act states (paraphrasing) that they should only hold data on you as long as necessary, if you closed your accounts over 6 years ago then deleting or putting in long term storage is perfectly fine.
If, that data is filed by account number, rather than name (as was common with microfiche) then it is not relevant to the information provided.
Then there is the issue of the PPI. As it is insurance, the cost should be less than the potential payout. That in turn suggests the defaulted debt was more than the £30K cost -so it would go to the creditors who would still be out of pocket - just not so much.0 -
Yes exactly, the hypothetical 30k PPI premium would require a massive debt and so would probably involved a massive default as well0
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I am not sure that we should necessarily continue entertaining the OP's questions.Yes exactly, the hypothetical 30k PPI premium would require a massive debt and so would probably involved a massive default as well
Be nice to a newbie, yes - but not to the extent of encouraging trolling.0 -
1, Firstly, I wasn’t going to reply because quite frankly some of the reply’s
from some people have been quite rude.
2, Secondly, yes 20 - 30,000 was a hypothetical question. The figure isn’t entirely impossible,
I’m not an expert in PPI or Bankruptcy so was just putting the question out there, I knew someone
who got a pay-out of £8000 for five loans that weren’t substantial amounts add CC, hire purchase,
store cards, mortgage it all adds up.
3, Thirdly, so ppl have just to take the banks word when they say they’ve only got records for 6 years? This is the same banks that mis-sold them the PPI in the first place. So I’m not trolling, have an agenda or a conspiracy theory.
There’s plenty people out there who regret going Bankrupt and scrimped and scraped to try and repay their debts but in the end were Advised to go Bankrupt, We feel bad enough without people assuming were terrible at handling money and massively defaulting.
Thanks to all that tried to help your advise was appreciated.0
This discussion has been closed.
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