PPI Reclaiming Discussion Part 5

dunstonh

Soontobemrsjones wrote: »

Hi everyone

My father-in-law completed a PPI claim for Barclaycard - he's had an account with them for the last 30-odd years in various guises. He has had a response from them stating they don't keep records for more than 6 years and have made him an offer of £1500. While he's happy with this, he wondered if there is merit in pursuing it further? He shredded his documents over 6 years old about 2 years ago and has no proof of paying PPI before this.

I'm not sure what to tell him - take the money or try and fight it out a little longer, anyone got any advice? I wasn't sure if there was a precedent about companies paying out even if they no longer have all the older paperwork?

Many thanks in advance!

With loan PPI, the expectation is that the firm should know their calculation methods to recreate the premium that would have been paid. With credit cards its not possible as the amount borrowed changes each month. The FOS have a stance that firms should pay what can be proven from the firms records or the customer records. If nothing is proven then they dont have to pay it.

Also, if this is a goodwill offer and not an actual upheld complaint (value is in the range of goodwill) then they can withdraw that offer if it is taken further. So, he may end up with nothing.

Boovda

Hi all,

After reading all the advice on herey wife and I started digging through old loans etc to see if we had ever been sold PPI. It turns out that on a loan my wife is still paying (interest is frozen due to defaulting) she had been sold PPI online as a fixed sum upfront. I have a few questions I hope someone can help me with:

1. My wife swears that t she would not have ticked the box for PPI which leads me to believe the box was pre-ticked. Does anyone know if this is the case (took Loan mid 2006)?
2. Am I right in thinking that unless Abbey made it clear that cheaper alternatives where available and gave full information online this also constitutes mis-selling?
3.We no longer have full documentation, so does anyone know if the ppi was charged as a fixed sum upfront whether this would have been removed and refunded once she defaulted on the loan? (No point having ppi if not making payments)

Any help would be greatly appreciated.

Thanks

dunstonh

1. My wife swears that t she would not have ticked the box for PPI which leads me to believe the box was pre-ticked. Does anyone know if this is the case (took Loan mid 2006)?

Pre-ticking only applies to some online loans.

2. Am I right in thinking that unless Abbey made it clear that cheaper alternatives where available and gave full information online this also constitutes mis-selling?

No. There is and never has been any requirement to do that. Its a myth.

3.We no longer have full documentation, so does anyone know if the ppi was charged as a fixed sum upfront whether this would have been removed and refunded once she defaulted on the loan? (No point having ppi if not making payments)

A rebate should have been made to the loan. It would be relatively pro rata to the period of borrowing. before it defaulted.

Boovda

Thanks for your help. Guess we'll try and claim on the assumption it was pre ticked and see what response we get.

JAMIOUSE

Hello, I'm new on here so I apologise if this question has been asked before but I need help...

I went bankrupt around five years, this bankruptcy agreement has now ended with the last payment been made in October. In November I decided to try my luck with claiming back ppi on two accounts / loans I had. The first was with HFC, that loan was paid off before I went bankrupt, that claim is done and the money is sitting in my account. The other was with Yorkshire Bank, which was included in my bankruptcy petition. In total I had five loans with YB, all of which superseceded each other. With the last loan been in my petition and the other four not as they had been paid off by the previous loan agreements. I got a letter from YB yesterday with a Total Offer of £2533, however this is where it gets confusing. A section below says that the money from the Total Offer will be used to reduce the outstanding balance on the 'Marlins Account' and the rest to reduce the outstanding balance on the YB account. When I went bankrupt my YB accounts were closed by the bank.

I'm bankrupt, the debits have already been written off haven't they? Am I not entitled to any of the ppi money or the ppi money from the intial loan?

Any help would be greatly appriciated.

[Deleted User]

JAMIOUSE wrote: »

I'm bankrupt, the debits have already been written off haven't they? Am I not entitled to any of the ppi money or the ppi money from the intial loan?

No, this money is treated as an asset of your Bankruptcy and you are not entitled to any of it.
If you spend the money from the HFC complaint then you can expect a letter from your Official Receiver demanding it back.
If I were you, I'd very quickly accept that Bankrupts are not legally entitled to benefit from PPI complaints and offer up the redress voluntarily before you encounter further problems with debt collectors etc.


You can only gain personally from PPI which was purchased AFTER you were made bankrupt (unlikely, I know)

[Deleted User]

Boovda wrote: »

Thanks for your help. Guess we'll try and claim on the assumption it was pre ticked and see what response we get.

As you've defaulted on this loan, do be aware that any redress awarded will simply be off set against the outstanding loan amount.

JAMIOUSE

Moneyineptitude wrote: »

No, this money is treated as an asset of your Bankruptcy and you are not entitled to any of it.
If you spend the money from the HFC complaint then you can expect a letter from your Official Receiver demanding it back.
If I were you, I'd very quickly accept that Bankrupts are not legally entitled to benefit from PPI complaints and offer up the redress voluntarily before you encounter further problems with debt collectors etc.


You can only gain personally from PPI which was purchased AFTER you were made bankrupt (unlikely, I know)

Thanks for that, the HFC loan that i've already got the ppi money back from was before I went bankrupt and that wasn't included in my petition as that loan had already been paid off. So with regards to the YB loan I'm not entitled to any of the ppi money, that 'officialy' belongs to the Official Reciever now? So I should send the Acceptance Letter back and let YB do their thing with the ppi money? I don't want to get into trouble with the Official Reciever over this, I just wasn't sure if I was entitled to the money or not. It's very confusing.

[Deleted User]

JAMIOUSE wrote: »

Thanks for that, the HFC loan that i've already got the ppi money back from was before I went bankrupt and that wasn't included in my petition as that loan had already been paid off. So with regards to the YB loan I'm not entitled to any of the ppi money, that 'officialy' belongs to the Official Reciever now?

As I said, even the money from the HFC loan is a bankruptcy asset. You can't personally gain from a PPI complaint unless you purchased it AFTER you went bankrupt.
Contact your OR for further clarification, but this is the LAW, not an opinion.

staceyh1987

Can anyone advise me....
I have had a credit cards with Mint and Virgin and two store cards with River Island and Top shop. All of these were taken out about 8 years ago (virgin cc still active). I don't know if they had PPI and I have no paperwork to check. I have also moved address many times so not sure what address they were registered too. How do I check? Is it best to go through a company because of the lack of documents I have?

Thank you