How Long is too Long?

pop-tart

I have a few questions regarding reclaiming PPI, as if I can, I need to do it to help reduce my debts.

When I was 18 (1998) I was issued with a credit card from LloydsTSB, which I was originally quite good with, but eventually ended up maxing out. 3 years later, whilst a student I was offered £5000 worth of loan from Lloyds, which I stupidly took. What followed was a rapid spiral as I struggled to make repayments and find a way out of debt, and by 2005 I was almost £20,000 in the red and couldn't cope. I considered everything, but eventually with the help of CCCS formed a repayment plan, which I have been sticking to for the past 5 years.

However I have never managed to escape the debt cycle, and other the summer massive cash flow problems are resulting in me having to move out of my rented room and back with my parents along with a few missed payments. I need to tackle my debts for once and all, I'm 30 and at the current rate will never be able to afford to by my own house or anything that most people take for granted, that needs to change.

No-one knows of my debt problem, as I have kept it hidden for the past 10 years, and now I need to keep it that way.

So, the long winded question is, have I left it too late to reclaim the PPI which was sold on the loan and credit card? These debts now all belong to secondary companies, having been sold multiple times, or so I am told by the people handing my accounts.

Sorry for rambling, I think getting this off my chest is as helpful as anything. Sorry if this is in the wrong place...

Thanks...

di3004

pop-tart wrote: »

I have a few questions regarding reclaiming PPI, as if I can, I need to do it to help reduce my debts.

When I was 18 (1998) I was issued with a credit card from LloydsTSB, which I was originally quite good with, but eventually ended up maxing out. 3 years later, whilst a student I was offered £5000 worth of loan from Lloyds, which I stupidly took. What followed was a rapid spiral as I struggled to make repayments and find a way out of debt, and by 2005 I was almost £20,000 in the red and couldn't cope. I considered everything, but eventually with the help of CCCS formed a repayment plan, which I have been sticking to for the past 5 years.

However I have never managed to escape the debt cycle, and other the summer massive cash flow problems are resulting in me having to move out of my rented room and back with my parents along with a few missed payments. I need to tackle my debts for once and all, I'm 30 and at the current rate will never be able to afford to by my own house or anything that most people take for granted, that needs to change.

No-one knows of my debt problem, as I have kept it hidden for the past 10 years, and now I need to keep it that way.

So, the long winded question is, have I left it too late to reclaim the PPI which was sold on the loan and credit card? These debts now all belong to secondary companies, having been sold multiple times, or so I am told by the people handing my accounts.

Sorry for rambling, I think getting this off my chest is as helpful as anything. Sorry if this is in the wrong place...

Thanks...

Hi there

I must give you credit for dealing with this now, so good for you.:T

Right I assume your already aware of the debtfreewannabe thread then?
Where there are lots in the same position as yourself here.
http://forums.moneysavingexpert.com/forumdisplay.php?f=76
There you will get help and advice/support and they will lead you in the right direction to help with all your debt.

In regards of the ppi, I take it you never made a claim or successful claim on this, for eg: unemployment/sickness etc?
Now with the CCCS and with a payment plan, did you also cancel the ppi?
I would do so otherwise, it should help bring down the balance of the debt owed. And of course it would also be worthless to you now as well.

Do you also believe you may have been mis sold the ppi's as well?
If so then get reclaiming, if successful, this will help reduce the debt balance owed.
They normally refund the ppi towards debt and anything remaining plus interest refunded directly to you.

Check the below for the reclaiming side of it and you pursue the ones who set up and sold the policy from the start, just as long as you have the account numbers that is fine.
So complete the reclaiming questionnaire, send to whoever responsible, keep copies of all you send and receive in case you need to refer to them at some point.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim

Hope this is some help for now.
Good luck.

pop-tart

Thank you! Yes I have seen the Debt Free Thread, and will head there tomorrow as well... Slowly starting to drag everything together.

The CCCS made no mention of the PPI at the time, I don't even know if it is still in place, I doubt it as all the debts have now been sold on to various debt agencies. At the time I couldn't claim as I hadn't been in full time employment. Nothing had changed form when I took the loans on, basically I was forced to leave university as my debts were getting out of control. And I was a student when they were taken out, so again not in employment.

I will start work on the questionnaire and process tomorrow!

di3004

pop-tart wrote: »

Thank you! Yes I have seen the Debt Free Thread, and will head there tomorrow as well... Slowly starting to drag everything together.

The CCCS made no mention of the PPI at the time, I don't even know if it is still in place, I doubt it as all the debts have now been sold on to various debt agencies. At the time I couldn't claim as I hadn't been in full time employment. Nothing had changed form when I took the loans on, basically I was forced to leave university as my debts were getting out of control. And I was a student when they were taken out, so again not in employment.

I will start work on the questionnaire and process tomorrow!

Hi and your welcome

Its possibly the amount of ppi is still added with the loan balance, if this was not cancelled, so give it a go.
Good luck.:)