PPI Reclaiming Discussion Part 5

Azi

Hello All,

I will try to keep this brief. I have had several loans & several credit cards starting from 2002. I was young and had a lot of responsibility and ended up piling up my debt by topping up loans or transferring credit card balances. At one stage I was paying my entire monthly salary to the lenders to keep up with my minimum payment.

I continued to keep up with the minimum payment up until 2006/7 but after that I could not afford to pay them back. Went through divorce and moved out of the rented property. Gradually the debt got sold on to the recovery companies and they started chasing me. Eventually they stopped chasing me and after 6 years or so my credit score went back to normal.
None of those loans or CC are on my credit report anymore but I have most of the loans agreement paper with PPI on them. Also I have all the credit cards from that time. After so many years I can't remember how much I owed to them but I do recall the debt recovery companies were offering me to pay a lot less then what I had owed. Which I was unable to settle.

Is it worth for me to claim PPI or should I let it be?

Thank you in advance for your response.

amersall

If you have not paid any of these for over 7 years, I would leave well alone, by making a complaint you will be acknowledging the debt and they will want paying.
You may win mis sell with these, but it may not be enough to repay these debts and you will have to pay the remaining amounts.

-taff

If the debts are statute barred you won't reactivate them by complaining. However, they will keep any successful complaint redress first towards any monies owing.

Azi

Amersall thanks for your quick reply. What is confusing me is that some of the same lenders have offered me cards again. And some of the lending companies were bought over by these companies. E.g Egg by Barclays. If the debts got sold on to recovery companies and they have stopped chasing then the file gets closed? So they can reopen them and demand the outstanding amount? Sorry if I am being stupid and repeating myself. Thanks

amersall

Hi Azi, I stand corrected by Taff, with regards to the Statute barred, they cannot reactivate it,sorry.

If you still owe money for the cards you are claiming on, it is possible they can take this off any redress you may receive, you won't know until you try.
Personally, in my opinion, if they have gone way over the Statute, they should not be able to take any old debt from this, not 100% sure though.

Try posting on here
http://forums.moneysavingexpert.com/forumdisplay.php?f=76

They can help you more with regards to closed account and statute barred.

If you do decide to put in for the mis sell of PPI, come back here if you need any help.

tmcg44

Hello all! I was looking for a recent thread to do with Co-op credit card specifically but couldn't find one! My apologies if there is one and I'm in the wrong place!
That aside I wanted to ask if anyone had received a cheque in settlement only to have it stopped!! Thats what the Co-op have done on me only recently, after agreeing to the settlement of compensation for PPI. They were supposed to have put the money directly into my account but gave me some croc about not being able to verify my signature so they had to send a cheque. After waiting for it to clear I was mortified to have it stopped without any prior warning whatsoever.
I have written to them only last week and am waiting for a reply - extremely underhanded if you ask me!! Its also put me in a very awkward situation monetarily also!

Nesty

I have recently written to Santender about my mortage PPI which was bolted to my Abbey mortgage when I took it out in 2009.

I remember the rep at the time telling me even though they gave me AIP (agreement in principle). Their AIP only meant that if I took their Protection insurance.

I took it out for 4 months then discovered I was already covered so just stopped it. Never head anything from Abbey.

So now I have written to them and they have written to me today to acknowledge investigation.

I'll let you know how I get on!

NealC

Hello All,

Long time lurker, first time poster - I hope that won't put people off giving me their advice ;-) I'll try to keep it short...

2.5 years after my original claim was entered with ppiclaimsdirect, I have finally had an offer! Unfortunately, I have written to ppiclaimstoday and Canada Square Operations (who I am claiming from for an Egg credit card) several times, becoming more irritated each time, until I informed ppiclaimstoday that I considered my contract void, and instructed CSO not to deal with them (both by writing).

I have spoken to ppiclaimstoday on the telephone, who claim to have no notes on their system regarding this. However, it is my understanding from the call that I can consider my contract with them void, as they have done approximately nothing with this claim. They have stated they will confirm this in writing.

I have an offer letter from CSO which I intend to accept, and I was wondering if anyone had any advice or guidance regarding;
+ Any specific wording I need to include in my covering letter to ensure they settle this claim with myself rather than ppiclaimtoday and
+ As I have already instructed them not to deal with ppiclaimtoday, yet they have informed them of my offer, whether there has been a data protection breach on their part - CSO's letter states that they are unable to discuss details with ppiclaimtoday, so it would appear any such breach would be limited.

I am obviously concerned that ppiclaimtoday may still end up getting a slice of my PPI, which I frankly don't feel they deserve.

Thanks for reading, and apologies if this has already been covered elsewhere.
Neal

dunstonh

However, it is my understanding from the call that I can consider my contract with them void, as they have done approximately nothing with this claim. They have stated they will confirm this in writing.

Yes you can cancel the contract but it usually comes at a cost depending on the stage you cancel. You should expect to pay something. How much will depend on your contract.

+ Any specific wording I need to include in my covering letter to ensure they settle this claim with myself rather than ppiclaimtoday and

If you previously told them not to deal with the CMC then they wont deal with the CMC. Lenders dont pay the money to the CMC. They pay it to you. You then pay the CMC.

+ As I have already instructed them not to deal with ppiclaimtoday, yet they have informed them of my offer, whether there has been a data protection breach on their part - CSO's letter states that they are unable to discuss details with ppiclaimtoday, so it would appear any such breach would be limited.

A minor breach.

NealC

Many thanks for the quick and concise reply dunstonh!