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    • Bonnisummer
    • By Bonnisummer 14th Feb 18, 12:28 PM
    • 6Posts
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    Bonnisummer
    PPI on a loan over 10 years ago: debt sold on
    • #1
    • 14th Feb 18, 12:28 PM
    PPI on a loan over 10 years ago: debt sold on 14th Feb 18 at 12:28 PM
    I am looking for advice regarding PPI on a loan taken out over 10 years ago. I have original paperwork and definitely have PPI which for many reasons was mis-sold to me. However, i got into difficulties with loan repayments and the original loan company took me to court and a Charge was put on my property. Since that happened the loan which has not been totally repaid yet, has been sold on three times. Does anybody know how I stand here please? If I claim for PPI refund and win a settlement, will that money be paid to the current owner of the debt? Also, what is the situation regarding the Charging Order on my property, can the 4th owner of the debt still enforce this order? Hope there's someone who can help me.
Page 1
    • dunstonh
    • By dunstonh 14th Feb 18, 12:38 PM
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    dunstonh
    • #2
    • 14th Feb 18, 12:38 PM
    • #2
    • 14th Feb 18, 12:38 PM
    You can still make a complaint but if the complaint is successful, the redress may go against the unpaid debt. This includes any amount written off to reduce the figure.

    If the debt was actually sold and not the loan company using a third party for collection and there is no clawback, then they cant use the redress to set against it. If it was sold and there is a right to clawback then they can use the redress against it.

    Also, what is the situation regarding the Charging Order on my property, can the 4th owner of the debt still enforce this order?
    If the charge remains, then it would suggest the debt wasnt sold and its a 3rd party acting on behalf of the lender.
    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.
    • Bonnisummer
    • By Bonnisummer 14th Feb 18, 12:45 PM
    • 6 Posts
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    Bonnisummer
    • #3
    • 14th Feb 18, 12:45 PM
    • #3
    • 14th Feb 18, 12:45 PM
    Thank you for your wisdom. The debt was definitely sold. Would you know how I can go about finding out if the Charging Order is still current and who it is that now hold it please?
    • Bonnisummer
    • By Bonnisummer 14th Feb 18, 1:42 PM
    • 6 Posts
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    Bonnisummer
    • #4
    • 14th Feb 18, 1:42 PM
    • #4
    • 14th Feb 18, 1:42 PM
    Also, please explain about a "clawback clause". How do I go about finding out if there is one in my case.
    • dunstonh
    • By dunstonh 14th Feb 18, 2:46 PM
    • 91,051 Posts
    • 58,066 Thanks
    dunstonh
    • #5
    • 14th Feb 18, 2:46 PM
    • #5
    • 14th Feb 18, 2:46 PM
    Would you know how I can go about finding out if the Charging Order is still current and who it is that now hold it please?
    Land registry shows who has a charge on your property.

    Also, please explain about a "clawback clause". How do I go about finding out if there is one in my case.
    You cant find this out as it's between the lender and the third party they used.
    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.
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