CITI Finance PPI Reclaim Advice

edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
2 replies 908 views
jezzrealjezzreal Forumite
2 Posts
edited 30 November -1 at 1:00AM in Reclaim PPI & Other Insurance
Evening All,

I have recently recieved a letter from RESTON Solicitors relating to a Loan that I took out from CITI Finace back in 2006.

For X number of reasons this loan fell into arrears and no payment has been made for a number of years, I have had no contact from CITI in at least the last 3 years possibly longer until I recieved this letter.

I guess I have a number of questions all of which may technically fall into this forum.

1st. I was sold PPI which wasnt needed and I was advised by the lender that it was a condition of me being accepted of the loan, or at least as far as I remember this was the case. The Loan has now been sold to another company with CITI actually reporting the Loan as Satisfied on my Credit Report. As I have not spoken with CITI in such a long time, by contacting them do I risk the possibilty of both them and the new "owner" chasing me for the same loan?

2nd. As the Loan was defaulted can I still claim the PPI, as much as they owe me this money back technically I still owe them money as well.

3rd. The 2006 Loan was a refinance of an existing Loan which I no longer have paperwork on, if I claim on they Loan that I have the paperwork on will they automatically look into the existing Loan or do I need to make 2 seperate PPI claims.

4. Should I inform the current "owner" of the debt that I am unwilling to discuss it until my PPI claim has been settled or should I treat these as two entirely seperate things.

5. In the event that my reclaim is succesful will the money go straight towards the existing balance as it is no longer owned by CITI or will it come to me? I have every intention of using what ever I get to clear what ever amount I can off the Debt but feel a little uncomftable with it going through a third party.

Thanks in advance for your advice.

Replies

  • [Deleted User][Deleted User] Forumite
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    Eighth Anniversary 10,000 Posts Name Dropper Photogenic
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    jezzreal wrote: »
    E In the event that my reclaim is succesful will the money go straight towards the existing balance as it is no longer owned by CITI or will it come to me?
    The Bank would be within their rights to off set any redress against your defaulted debt. They're also likely to contact the debt collection company.
    http://www.moneysavingexpert.com/banking/setting-off
  • perfectly happy for any refind to go towards the debt, as I want to clear it. My only concern was the fact that it was two differnt companies, as based on the fact that the Loan is showing as settled on my Credit Report from CITI and showing as a "new" debt with the debt collection company, that it might not end up in the right place!

    Any advice on the other points?
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