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PPI claim against written off debt
shopgirl771
Posts: 38 Forumite
my partner is due to do some PPI claims. hes also currently in a DMA.
these claims will be against his debts.
he just had a call today from payplan who his DMA is with and they have told him one of the debt collection agencies that is now handeling one of his debts are writing off his debt as it was a company loan and as the company is now ceased trading they cant find anyone libel for the debt - what ever that means!!!???
he is worried that by then making a PPI claim with the bank that sold him the loan in the first place he will shoot himself in the foot with the debt collection agency somehow.
should he forget the PPI claim on this loan in this instance? is there any danger this could back fire on him? all sounds a bit to good to be true.
these claims will be against his debts.
he just had a call today from payplan who his DMA is with and they have told him one of the debt collection agencies that is now handeling one of his debts are writing off his debt as it was a company loan and as the company is now ceased trading they cant find anyone libel for the debt - what ever that means!!!???
he is worried that by then making a PPI claim with the bank that sold him the loan in the first place he will shoot himself in the foot with the debt collection agency somehow.
should he forget the PPI claim on this loan in this instance? is there any danger this could back fire on him? all sounds a bit to good to be true.
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Comments
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shopgirl771 wrote: »my partner is due to do some PPI claims. hes also currently in a DMA.
these claims will be against his debts.
he just had a call today from payplan who his DMA is with and they have told him one of the debt collection agencies that is now handeling one of his debts are writing off his debt as it was a company loan and as the company is now ceased trading they cant find anyone libel for the debt - what ever that means!!!???
he is worried that by then making a PPI claim with the bank that sold him the loan in the first place he will shoot himself in the foot with the debt collection agency somehow.
should he forget the PPI claim on this loan in this instance? is there any danger this could back fire on him? all sounds a bit to good to be true.
you could make a claim and go through all the hassle only for the bank/debt collecting agency to have the PPI refund set agaisnt the debt. this is what would normally happen.
so if they are writing off the debt i would just leave it as it is as you wont be any better offI'm proud to say that the banks no longer take money from me after becoming debt free0 -
it was a company loan and as the company is now ceased trading they cant find anyone libel for the debt - what ever that means!!!???
It is liable not libel.he is worried that by then making a PPI claim with the bank that sold him the loan in the first place he will shoot himself in the foot with the debt collection agency somehow.
as mentioned above, the bank can use the money to offset the amount written off. So, unless the PPI is higher than the amount written off, there is little point doing it.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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