Can I reclaim PPI once I've been discharged from Bankruptcy?

amersall

davetheman wrote: »

Hi, not totally sure what you mean re "tell your OR go mis sell with fp", so are you saying if the OR gets involved then effectly my monthly fee will go down, currently have a morgage for £900 and secured loan for £600, so we are not 100% sure if a Vol Repo is not an option, but with PPI due next november we were considering using this to clear some of the secured loan.

Hi davetheman, as flyright said

" Any PPI claim that relates to a product that you had at the time of your bankruptcy is NOT yours to pursue or to keep. All such rights of action vest with the O.R. You canot pursue any such action yourself"

i was saying that if you go mis sell then you have to tell the or, (if i have read it right what flyright said) if you claim the cashback, then as others have said on here this goes to your or, but the situation with this is the full ppi amount will go to the or and this will still be on your loan for the remaining term with interest and your monthly payment does not decrease nor does the balance on your fp loan. If you go mis sell, the whole ppi comes off the balance of your loan and your monthly payment decreases by the monthly ppi amount, all that goes to or is the interest on the ppi payments made to date. I would rather have my loan reduced than give the full ppi amount to or and still be paying for ppi i have not got, and 21 years with ppi plus interest is an awful amount of interest.

davetheman

I agree there is no point in the for the PPI if it cashback will go to the OR, (BR 3/3/9, discharged 30/9/9) Anybody have a letter template to the miss sell to the OR

amersall

I think a letter to the or saying you want to go mis sell with this ppi will be a place to start.The or will tell you what happens then. here is all the info you need on making a mis sell claim.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#reclaim
Yor reasons for mis sell with fp are.
1) ppi put on at start of loan but repaid over the term with interest.
2) The ppi only covers you for 5 years but is still on loan over full term with interest.
3) ppi not fully explained to you so you could not make an informed decision.
4) it has recently come to your attention that fp made 70% comission on each of these policies, and you feel that this was an incentive to sell this product.
5) was told that after 5 years you would recieve cashback, equivalent to the ppi amount, but were not told that the loan would not reduce by that amount or that your monthly payment would not reduce.
Hope this helps.
(i have knowledge of this, as i won mis sell with fp and found out more info than i could have dreamt of on the fpc website)

davetheman

So I deal with the OR on this then rather then secured loan company

amersall

davetheman wrote: »

So I deal with the OR on this then rather then secured loan company

Ring or and see what you have to do, with what others have said on this thread regarding or, then you will have to let them know, they may say that you have to put the claim in yourself and if that is the case you could just write a few lines to fp saying you believe you were mis sold this ppi because.... If you prefer to use the template off this site then by all means do that (i put the link for this on my last post) What ever you are most comfortable with.

virtuous

Hi everyone,

Need some advise please. Having read this thread, I am not sure now whether I should claim mis-sold ppi by Halifax. This is the scenerio, I borrowed money from Halifax and secured it on my house. The mortgage was from Halifax. After being made redundant and not able to pay, the house was repossessed and Halifax sold the house and paid itself all monies. Recently out of curiosity, I requested Halifax for a copy of my Personal Loan Credit agreement, received it on Monday and guess what they had charged me £125 administration fee which I did not know about. Also they had added into my monthly loan payment a further £2.26. I was discharged from bankruptcy in March 2006. Do you think I should claim this small ppi or would I be wasting my time.