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  • FIRST POST
    • notsureaboutthis
    • By notsureaboutthis 28th Nov 17, 2:48 PM
    • 2Posts
    • 2Thanks
    notsureaboutthis
    Applying for PPI with statued barred debts from same company
    • #1
    • 28th Nov 17, 2:48 PM
    Applying for PPI with statued barred debts from same company 28th Nov 17 at 2:48 PM
    Ok , some one here may know the answer for sure to this, i have been reading conflicitng reports to my situation,
    I had a mortgage 15 years ago with HSBC,, with PPI, around 10 years ago with the same bank i sunk into debt via credit card/overdraught etc,, i sold my house and paid the mortgage off but the debits were never paid,, (finacial crash)
    I was never taken to county court judement against me, and the debt was sold on years later i beleive as i used to see letters from different debt collecters

    I also had a egg loan,, i paid off in full that also had PPI,,, i took out a second loan after paying the first off and when i was in debt crisis i also defaulted on that loan, ,

    so fast forward to now, I have a clean slate so to speak ,, statue barred debts ,, but they were never paid off, owned by debt companys i would guess now as it was back in 2006 i defaulted these cards/loans

    Can i apply for PPI for the things that i paid off ?, my main concern is that the debts would become active again?? if the case is i can apply but the worst that can happen is the bank can keep the money then fine,, but i have read that as the bank sold the debts on then they are no longer entitled to any of the money ,,

    but i do not want to have debt collectors at my door 11 years after i have managed to get my life back to some kind of normality...

    I understand it is rather cheecky , but the banks have been cheeky for years ,, and considering there is billions of £'s in a fund to pay us for being tricked i feel its just and fair to ask them for it,,
    please answer if you have had similar experiance yourself or know somone,,
    i tryed reading through the threads already but so many and none seem to be on same question,,

    thanks
Page 1
    • dunstonh
    • By dunstonh 28th Nov 17, 3:16 PM
    • 89,930 Posts
    • 56,605 Thanks
    dunstonh
    • #2
    • 28th Nov 17, 3:16 PM
    • #2
    • 28th Nov 17, 3:16 PM
    Can i apply for PPI for the things that i paid off ?
    You mean, can you complain about the sale of PPI? - yes you can.

    my main concern is that the debts would become active again?
    No. The only area where it is an issue is if the PPI was linked to a debt that you failed to repay in full. If you complain on one of those, the lender can set off the PPI redress against the unpaid debt (i.e. you dont get the money). The redress cannot be applied to any other debt.

    but i have read that as the bank sold the debts on then they are no longer entitled to any of the money ,,
    yes and no to that.

    If the bank actually sold the debt and has no right of clawback then they cannot offset against the debt. However, if the bank just employed third party collectors but still owned the debt then they can offset. Also, if the debt can be clawed back from the collection agency, they can be offset.

    Clawing back of debt was not common in the early days of PPI but a number of FOS decisions saw lenders change their commercial agreement with collection agencies to allow them to claw back. So, its more common nowadays.

    and considering there is billions of £'s in a fund to pay us for being tricked i feel its just and fair to ask them for it,,
    There is no such fund.
    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 an Independent Financial Adviser local to you.
    • notsureaboutthis
    • By notsureaboutthis 28th Nov 17, 3:22 PM
    • 2 Posts
    • 2 Thanks
    notsureaboutthis
    • #3
    • 28th Nov 17, 3:22 PM
    • #3
    • 28th Nov 17, 3:22 PM
    You mean, can you complain about the sale of PPI? - yes you can.



    No. The only area where it is an issue is if the PPI was linked to a debt that you failed to repay in full. If you complain on one of those, the lender can set off the PPI redress against the unpaid debt (i.e. you dont get the money). The redress cannot be applied to any other debt.


    yes and no to that.

    If the bank actually sold the debt and has no right of clawback then they cannot offset against the debt. However, if the bank just employed third party collectors but still owned the debt then they can offset. Also, if the debt can be clawed back from the collection agency, they can be offset.

    Clawing back of debt was not common in the early days of PPI but a number of FOS decisions saw lenders change their commercial agreement with collection agencies to allow them to claw back. So, its more common nowadays.



    There is no such fund.
    Originally posted by dunstonh
    Thank you very much for such a detailed resonse,

    So really the fact of the matter is ,, I dont have anything to lose to make a claim for the PPI that i was misold,, am i correct that the worse case scenarieo would be that the bank/lender keeps the money,,

    i dont have any of the mortgage/loan details ,, i guess they will have the good stuff that was paid off as well as the bad stuff?

    and thank you again very much ,, it has given me some hope
    • Moneyineptitude
    • By Moneyineptitude 28th Nov 17, 11:28 PM
    • 18,906 Posts
    • 10,122 Thanks
    Moneyineptitude
    • #4
    • 28th Nov 17, 11:28 PM
    • #4
    • 28th Nov 17, 11:28 PM
    am i correct that the worse case scenarieo would be that the bank/lender keeps the money
    Originally posted by notsureaboutthis
    Yes, exactly.

    Expect nothing and you will not be disappointed
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