Reclaiming credit card PPI after the debt has been sold

Katy43

Hi,

I wonder if anyone could help me please; I've searched the forum but can't find the answer.

A few years back I had a credit card with Abbey National and paid PPI. Unfortunately I got into financial difficulty and started a debt management plan first with Abbey. After a period of time they then sold the debt on and I now pay Apex Credit.

Is it possible to reclaim the PPI that I paid on my credit card so I can use it to try and offer a full and final settlement to this debt.

di3004

Katy43 wrote: »

Hi,

I wonder if anyone could help me please; I've searched the forum but can't find the answer.

A few years back I had a credit card with Abbey National and paid PPI. Unfortunately I got into financial difficulty and started a debt management plan first with Abbey. After a period of time they then sold the debt on and I now pay Apex Credit.

Is it possible to reclaim the PPI that I paid on my credit card so I can use it to try and offer a full and final settlement to this debt.

Hi there

Yes you can, and you should still pursue the bank for this, despite it being passed onto Apex, because since its been under DMP the ppi is worthless to you.

However if mis sold you can make a reclaim on the full ppi, plus interest, but otherwise since its been worthless to you, you can ask that they refund this from when it first went into DMP because of it being worthless. Tell them its still added within the balance and your not going to be using it anyway now.

Please be aware though, that they may refund towards the debt, and "may" refund the interest directly to you.

Just complete the reclaim questionnaire on step 3 below, send to the banks head office or complaints dept, remember to keep copies for yourself as well, good luck.

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Katy43

Thank you very much for anwering.

Is it worth then contacting Apex first, telling them I am going to claim and if they would be willing to accept whatever I get as a full and final settlement?

Also now that Abbey is owned by Santander, does this further complicate things?

Can I go back to the start of 2005?

Many thanks for you help!

dunstonh

Is it worth then contacting Apex first, telling them I am going to claim and if they would be willing to accept whatever I get as a full and final settlement?

No. It has nothing to do with Apex.

Also now that Abbey is owned by Santander, does this further complicate things?

no.

Can I go back to the start of 2005?

As long as with you or they have the details, then yes. They will go back as far as the documentation exists.

Katy43

Thank you so much for your reply.

Does that mean then that any refund would be paid directly to me?

dunstonh

Does that mean then that any refund would be paid directly to me?

not normally. The most common process is that debts written off, sold on, arrears and defaults are cleared first by any redress. Only if there is any surplus after that do you get any.

Katy43

Again, thank you for taking time to reply.

So realistically is this worth me pursuing? The debt doesn't belong to Abbey anymore and the amount of PPI would not cover the whole debt. I was going to use it to try and do a full and final settlement.

Does anyone have any thoughts or advice?

Thank you.