PPI Reclaiming Discussion Part 5

[Deleted User]

brenny wrote: »

I have no contact with my ex husband now.

Unfortunately, only your ex-husband can complain about any insurance on this loan and you'd have to liaise with him to make such a complaint. Any redress would go to him and you'd have to approach him for your share.

brenny_2

Moneyineptitude wrote: »

Unfortunately, only your ex-husband can complain about any insurance on this loan and you'd have to liaise with him to make such a complaint. Any redress would go to him and you'd have to approach him for your share.

Thanks, that's what I thought. Gutted seeing as I paid all of it out of my own pocket. I'm not sure he'd use his one brain cell to work out he could even claim it back. I've had no contact with him for at least 18 months. He just !!!!!!ed off leaving 3 kids. Never contributes towards the children either! Hmm......Wonder if the CSA would be able to find him?

Brenny x

CraigD

Hi, I recently complained to the Co-op Bank about misselling of PPI for a Personal Loan I took out with them. They have replied advising they will reduce the balance of my loan account by £535.49 in which case I need to pay the remaining debt of £4,491.98 by a one-off payment or by arranging a repayment plan. Alternatively they will offer the refund of £535.49 in which case "I accept that I will need to arrange a repayment plan to repay the revised balance outstanding of £5,027.47."

I understand that as a business their interest is to get the outstanding debt repaid however I am not in a position to repay anything other than £1.00 a month which the Co-op Debt Collections Department have agreed to. It doesn't make any sense to offer me a cheque for misselling of PPI and then request that I hand it straight back to them! This is a one off payment due to misselling of PPI not a regular income so how can I renegotiate a repayment plan? The first option seems a waste of money to me as I can't see myself being in a position to repay the loan back anytime soon.

[Deleted User]

CraigD wrote: »

It doesn't make any sense to offer me a cheque for misselling of PPI and then request that I hand it straight back to them

Due to your default on the loan, the Bank can indeed off set any redress against the outstanding debt;
http://www.moneysavingexpert.com/banking/setting-off

CraigD wrote: »

I am not in a position to repay anything other than £1.00 a month which the Co-op Debt Collections Department have agreed to

At that rate of repayment, you won't pay off the debt for 418 years!

CraigD

"At that rate of repayment, you won't pay off the debt for 418 years!"

True but I have negotiated on the basis of it being a non-priority debt. If and when I gain employment I shall renegotiate preferably with a Collections company if the debt is sold on however with the rising costs of living I am treating it as a non-priority debt. Am I being disingenuous in thinking that the money I paid for PPI has been handed to me with one hand and then taken away with the other hand? I ufully understand that the Co-op Bank as a business have every right to demand repayment but only on the basis of having the means to repay. The PPI repayment amount hardly makes a dent in the debt so it seems like I am being unfairly discriminated against for not having the means to repay it and the bank are clawing back what little they can by any means necessary.

-taff

the PPI repayment is 10% of the debt. And they are allowed to 'claw back' any money, otherwise they'll have £1 a month.

As you say, they are a business. If you had lent someone £5000 and they told you you owe them £500, and you would have to settle for having £1 a month, would you think that was a fair deal?

digging4fish

Hi, New to this forum, so please bear with me.

Had a student account with Lloyds TSB, might even have been TSBB in those days, between 1994 and 1997. After leaving uni, I stayed with them for several years. I changed over to a current account and took a loan out to pay off my debts.

This was secured on my property (I think). While setting up the loan, I remember having a huge debate with Lloyds over PPI charges and was told I had no choice, they were standard. I eventually moved over to my second account with Nationwide Building Society and made this my main account (still with them today). Taking a loan out with them for the outstanding balance and severing all dealings with the initial bank.

I am struggling with getting the info together to pursue a claim, can't remember the amount (approx £6,000) or the the dates (even down to the year). Help... am I too late or just chasing a void of 'no records'??

[Deleted User]

digging4fish wrote: »

I am struggling with getting the info together to pursue a claim, can't remember the amount (approx £6,000) or the the dates (even down to the year). Help... am I too late or just chasing a void of 'no records'??

You can send them a Subject Access Request (SAR) letter which will require them to release all records they still hold for you. It will cost you £10. Template letter here;
https://forums.moneysavingexpert.com/discussion/1475553

However, almost twenty years on, it's unlikely even a SAR will turn up anything -especially as you no longer Bank with them..

digging4fish

Hi,

Many thanks for that, it's worth a shot. From what I gather, Lloyds were instructed by the government to repay any valid cases and provided with a 'pot fund' for this purpose. Letter put together and I just need to locate my Account Number?? Can I just ring them for this?

I had a huge fallout with them about the way they were making changes that were non-negotiable in a bid to extract money from their customers for services they didn't require and ceased banking with them.

If I draw a blank there would an agency be able to dig up more? or is that the end of the line and I will just have to cut my losses?

-taff

Send them a SAR.
If it comes back with nothing, no-one else can find anything.