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PPI on loan, loan defaulted.
80w
Posts: 1 Newbie
originally i took out a loan, and being young didnt understand the ppi so was miss-sold it (not knowing it at the time).
a while later i wanted to borrow more money so went to the same bank. took out a loan to cover the original loan plus the added amount. (and again PPI, not knowing i didnt need it think it was part of it)
this loan went into default about 3 years ago and i now have a debt company writing to me.
the debt defaulted due to my pay date in work changing by one day. the company wouldnt move the date to the 29th of the month and i couldnt afford to pay 2 amounts in one month at the time to move the date to the first of the month. thus every month i started giving late payments, and recieving bank charges due to them tryin to take the money on the 28th, when i got paid on the 29th..
what things can i do?
- claim on the orginal loan?
- claim on the secondary loan?
- reduce the debt owed by taking the PPI out of it? (having to check ppi is part of that debt obviously)
- claim back the pii on both loans to settle the debt (dependent on the ppi and loan amount obviously) ?
thanks in advance for any advice, info.
a while later i wanted to borrow more money so went to the same bank. took out a loan to cover the original loan plus the added amount. (and again PPI, not knowing i didnt need it think it was part of it)
this loan went into default about 3 years ago and i now have a debt company writing to me.
the debt defaulted due to my pay date in work changing by one day. the company wouldnt move the date to the 29th of the month and i couldnt afford to pay 2 amounts in one month at the time to move the date to the first of the month. thus every month i started giving late payments, and recieving bank charges due to them tryin to take the money on the 28th, when i got paid on the 29th..
what things can i do?
- claim on the orginal loan?
- claim on the secondary loan?
- reduce the debt owed by taking the PPI out of it? (having to check ppi is part of that debt obviously)
- claim back the pii on both loans to settle the debt (dependent on the ppi and loan amount obviously) ?
thanks in advance for any advice, info.
0
Comments
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You can't "claim" on either loan, but you can complain they were mis-sold to you if you have legitimate reasons. You won't be successful in "taking the PPI out of it" unless the Bank agree the payment protection was mis-sold.what things can i do?
- claim on the orginal loan?
- claim on the secondary loan?
- reduce the debt owed by taking the PPI out of it? (having to check ppi is part of that debt obviously)
- claim back the pii on both loans to settle the debt (dependent on the ppi and loan amount obviously) ?
thanks in advance for any advice, info.
Check here for possible reasons which may apply to you
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
If any do apply, follow the simple steps0
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