defaulted on loan

wendyg7246 · 11 July 2012 at 6:12PM

Hi

I am thinking about claiming PPI back

I was sold a loan for £13k and was told due to the amount I would have to have PPI so I know I have a case

My issue is that I entered into an IVA around 18 months after and then approx 5 months after the IVA started I was made redundant so the IVA collapsed another 3 months after that

Since then I have paid nothing to the creditor (lloyds)and haven't been chased for payments for over 7 years so legally I think they would have had to write the debt off

I am worried if I claim they will start chasing me for the balance of the loan

Any advice very much appreciated

McKneff · 11 July 2012 at 7:09PM

Not really sure but you are wrong in saying that they have written the debt off. The debt is still there but they cannot enforce payment.
Its my own common sense that is telling me that, yes, they will take the money to satisfy the debt. Stands to reason really if it is still outstanding. In all fairness, you cant really blame them.

Do you have proof that they told you that you HAD to have it.
Without proof, its your word against theirs

amersall · 11 July 2012 at 7:14PM

If you go to reclaim the PPI you have in effect acknowledged the debt and if you win they will take it all off the loan.

dunstonh · 11 July 2012 at 7:36PM

You have got lucky by not having to pay the debt. Why draw attention to yourself and acknowledge the debt still exists by putting in a complaint, which if successful, you wouldnt see the money from it anyway?