Reclaiming PPI on a DMP

ramsgirl

Hello

I wonder if anyone can help me? I am currently on a DMP with CCCS and it's the best thing I ever did. Anyway, I have just sent off a letter to Egg (loan) and Barclaycard (Credit Card) to reclaim PPI. I have a couple of other credit cards which I could also probably claim on as well, but my query is; some years ago my husband stopped work due to ill health and to ease the financial pressure on him we lived off c/cards and Egg (moved money from card to loan) (totally wrong thing to do but I am now paying it off gradually). I was in such a bad place back then that I took whatever the company offered me (as in PPI) as I believed it would better my chances of additional credit. As I am still paying off the loan and cards via a DMP with CCCS (and will be for another couple of years), is it still possible to get a claim awarded and the amount would reduce the balance of the outstanding debts? I am in full time employment and have been for 20+ years and have never claimed on any policy.

Thanks

dunstonh

As I am still paying off the loan and cards via a DMP with CCCS (and will be for another couple of years), is it still possible to get a claim awarded and the amount would reduce the balance of the outstanding debts?

If the DMP has involved the reduction or write off with some of the debts and your complaints are upheld and result in a redress payment, then the payment will be made to the debts written off. Not to you.or the outstanding debt (unless the redress exceeds the amount written off).

di3004

ramsgirl wrote: »

Hello

I wonder if anyone can help me? I am currently on a DMP with CCCS and it's the best thing I ever did. Anyway, I have just sent off a letter to Egg (loan) and Barclaycard (Credit Card) to reclaim PPI. I have a couple of other credit cards which I could also probably claim on as well, but my query is; some years ago my husband stopped work due to ill health and to ease the financial pressure on him we lived off c/cards and Egg (moved money from card to loan) (totally wrong thing to do but I am now paying it off gradually). I was in such a bad place back then that I took whatever the company offered me (as in PPI) as I believed it would better my chances of additional credit. As I am still paying off the loan and cards via a DMP with CCCS (and will be for another couple of years), is it still possible to get a claim awarded and the amount would reduce the balance of the outstanding debts? I am in full time employment and have been for 20+ years and have never claimed on any policy.

Thanks

Hi and welcome.

Sorry to hear of all your issues here and hope things get better for you soon.

If you have a payment plan with the CCCS and the ppi is still added to the finance, then its worthless to you, as your unable to make a claim anyway, so its worth cancelling this and with your reasons give it a go on the reclaiming.
What they will possibly do though is refund the amount towards the debt, but it will help reduce the balance, and anything remaining and interest should be refunded directly to you.

So it makes no difference if you are with the CCCS give it a go.

Follow the link below to the guidelines of reclaiming, further down the page you will come across a FOS questionnaire, you complete that (do not confuse this to a FOS complaints form), remember to save a copy for yourself as well in case you need to refer to it at some point, and send to whoever set up and sold the finance from the start.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

They have 8 weeks to give a response, they may ask for more time, that is fine - as long as you know where you are.

You can write a letter in your own words if you want to, by giving your reasons of reclaiming, also mention its worthless to you as well in your position.

Hope this helps, good luck.;)

ramsgirl

Thanks very much for your response. I guess I never really thought I would get a physical refund but if this brings the debt I owe down then that's fantastic.

So I probably should apply to the other couple of cards then, the only thing I'm not sure about is my reason for re-claiming to put on the form - as I said before I was so desperate back then!

Thanks

di3004

Hi there, good luck with this.

They may come back with a response - that you were aware of the ppi etc, but if you assumed you had to take it out to better your chances of being accepted this should not have been the case really.
Did they tell you that? (if you can remember)

I believe that many used to assume it was all part of the finance - if the policy was not explained in detail then your not to know.

Have you also checked the checklist of Martin's?
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#checklist

In case any of them also apply to you?