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  • FIRST POST
    Former MSE Rose
    PPI Reclaiming Discussion Part 5
    • #1
    • 28th Feb 12, 4:40 PM
    PPI Reclaiming Discussion Part 5 28th Feb 12 at 4:40 PM



    Hi all, this thread is for discussing the
    PPI Reclaiming
    article.

    This is Part 5 of the discussion, as the last one was so long (read parts one, two, three and four). To discuss or ask a question about this article, click 'post reply'.

    To read about non FOS claims read this thread.
    Report and read success stories in this thread
    .

    Please remember:

    We're often quite laid back about discussion threads as this is a community after all.

    I'm afraid in the case of the PPI Reclaiming thread we're really going to have to ask you to keep the discussion on topic though, so that people can find the relevant information quickly and easily.

    If you do start making like-minded friends on here and would like to carry on chatting about what you did at the weekend/what you ate for dinner etc, that's fine, but the best way to do that is to go to our local pub the MoneySavers Arms where anything and everything is chatted about, start a thread there, then pop a link in here and suggest you all head over to there to chat.

    Thanks,

    MSE Rose
Page 482
    • bergebabe
    • By bergebabe 10th Jul 17, 4:25 PM
    • 16 Posts
    • 9 Thanks
    bergebabe
    PPI on unregulated company
    Hi there,

    I am trying to reclaim PPI and overpaid interest but getting nowhere fast. I am tempted to use a company as I really don't know where to go next.

    I bought a sofa from land of leather in October 2004.

    The lending was via open and direct - now creation finance.

    They werent regulated until January 2005 so no help from FSO.

    Land of leather are gone - went into administration.

    I have started correspondence with creation finance but they havent come back to me or furthered my complaint.

    I am owed PPI, but also, I paid the full amount off in full 21 months early. Having read the contract back, I believe I am owed 21 months worth of interest, as I paid the full amount including the FULL invoice for the full term.

    I have no idea how to calculate what they owe me over and aboe the PPI and no idea if I have a chance of reclaiming this.

    PLEASE HELP!!!! Sorry haha
    • zx81
    • By zx81 10th Jul 17, 4:28 PM
    • 13,172 Posts
    • 13,485 Thanks
    zx81
    If the seller is no longer in existence, you have no one to complain to.

    A claims company won't be able to resurrect them from the dead.
    • bergebabe
    • By bergebabe 10th Jul 17, 4:37 PM
    • 16 Posts
    • 9 Thanks
    bergebabe
    the claim company is creation finance. they are still in existence but werent regulated at the time I took out the loan.
    • bergebabe
    • By bergebabe 10th Jul 17, 4:39 PM
    • 16 Posts
    • 9 Thanks
    bergebabe
    oh and also people are able to claim from land of leather through some third party, but for some reason I am not eligible - again I think due to age of case.
    • -taff
    • By -taff 10th Jul 17, 7:33 PM
    • 7,339 Posts
    • 4,752 Thanks
    -taff
    Your complaint is over.
    Land of leather sold you the PPI, not creation finance.
    Both were unregulated in any case.
    • kish
    • By kish 10th Jul 17, 9:17 PM
    • 5 Posts
    • 0 Thanks
    kish
    Express Gifts response
    I paid PPI to Studio Cards (Express Gifts) and used Resolver to make a claim. Having only received a response after the 8 week limit, they said they wouldn't uphold the claim because the account was opened prior to 2003 so the rules were different then. Is that right? Can I take this any further?
    • zx81
    • By zx81 10th Jul 17, 9:26 PM
    • 13,172 Posts
    • 13,485 Thanks
    zx81
    the claim company is creation finance.
    Originally posted by bergebabe
    They're not a claims company. They're a lender.
    • -taff
    • By -taff 10th Jul 17, 11:07 PM
    • 7,339 Posts
    • 4,752 Thanks
    -taff
    they said they wouldn't uphold the claim because the account was opened prior to 2003 so the rules were different then. Is that right?
    Originally posted by kish
    Yes

    Can I take this any further?
    Originally posted by kish
    No
    .....
    • S1ugg3r
    • By S1ugg3r 15th Jul 17, 8:50 PM
    • 3 Posts
    • 0 Thanks
    S1ugg3r
    Ppi
    Roughly in 2001 me and my partner at the time took a joint loan out with TSB and took PPI.
    In 2002/3 she was diagnosed with MS. So on that diagnosis we tried to claim on the PPI but was told my partner wasnt covered as my name was the first on the loan application so only i am covered. (Which wasnt explained when we took loan and ppi out)
    Cut a very long story short. We split up and i was paying half as was my ex, but she could no longer pay her half due to her MS.
    So i called the bank to ask if i could half the loan cost as my ex was ill. They told me no. So as i couldnt afford to pay the total loan amount and the bank wouldnt help. I jad no option but to declare my self bankrupt (as did my ex)
    I did recieve a letter a yr or so ago saying they were refunding something about the PPI. But i wouldnt recieve anything as it will be going to creditors on the bankruptcy.
    Which i believe is harsh as i lose out both ways.

    Is there anything i can do or is it kind of tough luck?
    Help and advice is appreciated
    • antrobus
    • By antrobus 15th Jul 17, 8:57 PM
    • 15,039 Posts
    • 21,372 Thanks
    antrobus
    ....Is there anything i can do or is it kind of tough luck?...
    Originally posted by S1ugg3r
    No and Yes.
    • amersall
    • By amersall 15th Jul 17, 9:00 PM
    • 16,674 Posts
    • 18,717 Thanks
    amersall
    Sorry, no, this was a pre bankruptcy asset and belongs to the OR.

    • S1ugg3r
    • By S1ugg3r 16th Jul 17, 6:20 PM
    • 3 Posts
    • 0 Thanks
    S1ugg3r
    Thank you for a sort of explination. I still think its wrong tho. As it was mis sold and because of that ive lost money that i paid towards PPI. Surely what was paid towards PPI i should be refunded as it was mis sold?
    • societys child
    • By societys child 16th Jul 17, 6:48 PM
    • 4,536 Posts
    • 4,838 Thanks
    societys child
    But you didn't re-pay the loan. They won't repay money, you didn't pay.

    • dunstonh
    • By dunstonh 16th Jul 17, 7:03 PM
    • 89,468 Posts
    • 54,938 Thanks
    dunstonh
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • S1ugg3r
    • By S1ugg3r 17th Jul 17, 12:03 PM
    • 3 Posts
    • 0 Thanks
    S1ugg3r
    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
    • By JDyche 17th Jul 17, 12:17 PM
    • 1 Posts
    • 0 Thanks
    JDyche
    PPI Re-married
    How can I try and claim PPI if I have re-married?
    • dunstonh
    • By dunstonh 17th Jul 17, 12:20 PM
    • 89,468 Posts
    • 54,938 Thanks
    dunstonh
    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?
    Originally posted by S1ugg3r
    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). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from a Financial Adviser local to you.
    • Moneyineptitude
    • By Moneyineptitude 17th Jul 17, 12:45 PM
    • 19,276 Posts
    • 9,378 Thanks
    Moneyineptitude
    If the PPI had paid out then i wouldnt of gone bankrupt.
    Do you understand what im saying?
    Originally posted by S1ugg3r
    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.
    Last edited by Moneyineptitude; 17-07-2017 at 12:56 PM. Reason: added further detail
    • Moneyineptitude
    • By Moneyineptitude 17th Jul 17, 12:49 PM
    • 19,276 Posts
    • 9,378 Thanks
    Moneyineptitude
    How can I try and claim PPI if I have re-married?
    Originally posted by JDyche
    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
    • By BooJewels 17th Jul 17, 12:56 PM
    • 28 Posts
    • 9 Thanks
    BooJewels
    Surely what was paid towards PPI i should be refunded as it was mis sold?
    Originally posted by S1ugg3r
    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.
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