Claim or no claim?

mcsuk1976

Hello,

New to this site so I apologise if this has been covered before. During a difficult period some time back (I think 2004) I stupidly took out a very high interest loan with Beneficial Finance who are part of HFC bank. I can specifically remember when taking out the loan being told I could only have it if I took out PPI - which I did. I remember conversations along the lines of 'what if you die?' (which is nice). I made repayments on this loan until I lost my job about a year later. Unfortunately this was a very difficult time and I was unable to cope with sorting my life out and basically ignored the letters, phone calls and knocks on the door for quite some time. With help from family and friends I gradually got back on my feet and back into work and am almost seeing light at the end of a debt strewn tunnel. The debt with beneficial finance was 'sold' to a company called Aktiv Kapital and I have been paying them off since 2009. Given that the debt has been 'sold' by Beneficial Finance do I have any chance of claiming back the PPI from them? It seems a bit of a long shot to me but they have profited from the PPI by selling the debt to another company which I am now paying off. I was also paying for the mis-sold PPI for at least a year until I defaulted.

Sorry for the length of the story and thanks in advance for any advice.

dunstonh

Given that the debt has been 'sold' by Beneficial Finance do I have any chance of claiming back the PPI from them?

It doesnt impact on your ability to complain.

It seems a bit of a long shot to me but they have profited from the PPI by selling the debt to another company which I am now paying off.

They haven't profited from it. They will be in a loss position. That assumes that they did sell it on as well. Many lenders dont actually sell the debt but just employ the services of a collection agency and share the outcome in some way.

Your issue is that if your complaint succeeds and redress becomes available, they can use it against any amount written off as part of your payment agreement and then if any left over after that, they can use it against the amount outstanding. Then if any is due after that, it comes to you.

There are a few scenarios where you may receive the money if a debt collection agency is involved. However, it is best to work on the assumption that it goes against amounts written off/defaults/arrears unless told otherwise.

mcsuk1976

Thanks dunstonh. That makes sense. I don't really know what relationship HFC and Aktiv Kapital have to be honest. Probably as you suggest. I assume if I wanted to put a complaint in it would go to the original lending company, Beneficial Finance. If this is the case and the complaint succeeds I suppose I'm unlikely to see any reduction from the balance I have outstanding with Aktiv Kapital.