Can i reclaim PPI even though i am in debt management?

geoffwilson70

Can i reclaim PPI even if i am in debt management and have defaulted on the said loan?

maxdp

geoffwilson70 wrote: »

Can i reclaim PPI even if i am in debt management and have defaulted on the said loan?

You can claim if you feel you have been mis sold and can state the reasons but they will probably clear some of their debt. You could perhaps look at thr angle that because of the PPI this loan went to debt management. I do not know your c ircumstances but even if they reduced this debt then surely this would be a bonus. Good luck

di3004

geoffwilson70 wrote: »

Can i reclaim PPI even if i am in debt management and have defaulted on the said loan?

Hi there and welcome

That is correct with what Maxdp have said, if within DMP and there are arrears owing then its normally refunded towards this account, however if upheld in your favour, I believe some of the interest, such as Simple interest and 8% interest of what a court would award for being deprived of your money would be refunded directly to you, this can add up.

So realistically the same time its reducing the debt and you should get some in your pocket as well.;)

I would like to point out though, many argue the fact that being mis sold the PPI has added and worsened the debt, and believe the refund should be fully awarded directly to them, but not sure if anyone have been successful in arguing the case.

For more on reclaiming, check the guidelines of reclaiming here:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
You will come across template letters to help you through this, and a checklist of mis selling reasons, they have 8 weeks in full to respond, keep at them.
You write to the ones who set your loan up from the start, even though its moved on to a DMP you still write to the ones responsible for selling this to you.
I understand anyway that the PPI will now be worthless to you now being on DMP, so worth mentioning that in your letter as well.

Do not worry about writing down the amounts though, you can request for these if they do not send the detailed breakdown if successful.

Good luck and please keep us posted.;)

geoffwilson70

Hi there, Thanks for the advice :beer:

I was defo miss sold the PPI, they told me i could only have the loan if i took it out!! Like you say, even if they take it off the debt then it's a result isn't it? Thanks again for the advice!

di3004

geoffwilson70 wrote: »

Hi there, Thanks for the advice :beer:

I was defo miss sold the PPI, they told me i could only have the loan if i took it out!! Like you say, even if they take it off the debt then it's a result isn't it? Thanks again for the advice!

Hi Geoff

Good luck with this then, as I also said in my post, with you not requiring this PPI product now as well, its worthless to you now and you don't want this added to the debt, so worth giving it a shot and on the grounds of your reclaiming for being mis sold, good luck.:beer: