My First Post - Hello , Debt, DMP & PPI claim be taken seriously

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NewcastlePaul
NewcastlePaul Posts: 148 Forumite
First Post First Anniversary Combo Breaker Debt-free and Proud!
edited 9 November 2014 at 1:39PM in Reclaim PPI & other insurance
Hello everyone. My first time so bare with me.

Got into horrendous debt 9 years ago through a mixture of a break up after taking a loan out for a partner and then a pretty shocking gambling addiction.

Hit the lowest of the low but have turned the corner.
I rang Stepchange (CCCS back then) and made the first step towards getting my life on track.

I started my DMP and to date have paid nearly 50k off. (Still 60k to go - estimated to be clear in another 11 years).
Despite having no assets and living in a council flat I have no intention of going Bankrupt. I manage ok enough on my DMP and ok I cant afford a car or to go out regularly but to be fair who can these days. My mistake so I want to put it right.

I told a relative about my financial situation and she suggested PPI claim to see if I could reduce my debt in any way.

Majority of debts were taken out between 2002 and 2005 and then I started my DMP January 2006 after finally losing the juggling battle of minimum payments.
I had my head in the sand and binned applications and paperwork and have no exact dates. All I have is account or reference numbers thanks to my Online DMP and verbal confirmations that PPI was paid by 9 of my Creditors.

I have today received the first 2 forms (1 from Lloyds and 1 from HSBC , the latter being from an old HFC loan) and dont know what to do.
I didn't even realise I had taken out PPI as i have always worked full time and even though I have rarely needed it I get full sick pay and benefits.

Reason for borrowing was debt consolodation. At various dates depending on when sold I have no idea who at that time I owed and how much. I want to be honest but I don't want to leave a blank form.

Am pretty much going to accept any offer made from any of them, I don't have any aims or aspirations or figures. Anything I get goes to reduce my debt and length of DMP.
31st December 2004 - Debt was £128,596.72
1st October 2016 - Debt Free
12 years of Stepchange + PPI +F&F
http://forums.moneysavingexpert.com/showthread.php?t=4862915
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  • amersall
    amersall Posts: 17,008 Forumite
    First Post Combo Breaker First Anniversary
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    Put the truth, if you had a good sick package from work and perhaps life insurance, put this, show you had no need of this insurance.
  • NewcastlePaul
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    Thanks for your reply. Looks like the plan of action.
    Received a letter from biggest creditor as well as a copy of the agreement from 2004. Computer generated X in the yes column dated 2004 and I signed it so that one is done :/

    But onwards and upwards
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • Insider101
    Insider101 Posts: 1,062 Forumite
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    amersall wrote: »
    Put the truth, if you had a good sick package from work and perhaps life insurance, put this, show you had no need of this insurance.

    Buyer remorse isn't grounds for a complaint of Mis-sale.
  • NewcastlePaul
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    Had my first positive letter back.
    Monument offering a final response figure.

    They say £562.45 was paid and are without admission, etc
    prepared to refund those fees plus compound interest (26.48%)

    Yet further down on statement it says..

    Charges £562.45
    Acc Rate Interest £1.29

    Total Refund £563.74


    from June 2004 - £2.77 a month
    from 2005 - £4.62 a month
    from 2006 - £5.39 a month
    from 2007 - £6.99 a month
    from 2008 - £7.27 a month
    from 2009 - £7.52 a month
    from 2010 - £7.81 a month
    from 2011 - £8.26 a month
    to June 2011

    Am i missing something with the compound interest.
    Why say they are going to pay a % and then not.
    They going to credit account (Which nearly pays it off)
    and say i have 6 months to contact FOS
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    Am i missing something with the compound interest.
    It's not compound interest.
  • NewcastlePaul
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    "Without admission of liability, we are prepared to refund you these fees plus compound interest (at today's account interest rate of 26.48%) from the date of the fee, as shown below


    Charges £562.45
    Account Rate Interest £1.29
    Total Refund £563.74 (Charges plus interest)"
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • [Deleted User]
    [Deleted User] Posts: 26,612 Forumite
    First Anniversary Name Dropper Photogenic First Post
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    "Without admission of liability"
    These words indicate that the Bank are offering a "Goodwill" payment. I'd simply accept if I were you..they can withdraw it completely if you contest it.
  • NewcastlePaul
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    they confirm that I subscribed to the Payment Break Plan Product and list payments (starting June 2004) made to the payment break plan
    and over 7 years they add up exactly to £562.45

    They say this will be taken off any balance and if that results in a credit balance then a cheque will be sent within 10 days and this is their final response.

    They finish it off with "You may be able to refer this complaint to the FOS...address and contact details which are...etc..etc
    Please note you have 6 months from the date of this letter to refer to the FOS.

    There is no accept or refuse this offer. They automatically going to pay it. Am £563.74 better off than when I started this post so I will leave sleeping dogs lie....With this creditor.

    I have received forms this morning from 3 others and having rang them are getting copies of most agreements sent out within 7-10 days. Only Barclaycard said write in (paying £10) and request a SAR
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • NewcastlePaul
    Options
    Quick update.
    Had the paperwork from Lloyds and its 3 consolidation loans.
    Each one about 12-18 months after the other.

    They were all done over the phone but the second one doesnt actually have my name, signature or date on it

    The 3 policies will have overlapped and whilst I dont have proof of having the branch manager ringing me saying I wouldnt get the loan thats why I was reluctant to sign and seems he put the loan through without me doing it !!!


    Northern Rock have also been in touch. They are going to refund £200. Standard payments + 8% interest.
    They are also going to reduce balance from 5.9k to 4.2k
    My only problem with that is it is now Marlin who have that account so even though NRAM saying it will Marlin honour that decision.

    Want to find out before signing paperwork but finding it impossible to get anyone from Nram on the phone. 8 different numbers today and the 9th I have been given that is the proper PPI number (0844 892 2645) just rings out for 3 mins and then disconnects !!
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
  • NewcastlePaul
    Options
    Had a phone call off Lloyds yesterday.
    Lady wanted to go through the form yesterday.
    Said I was in the process of filling it in and sending it back
    but she said she would still have to talk through it so would be ringing back Monday. Are they running scared or getting ready to shoot me down ?
    31st December 2004 - Debt was £128,596.72
    1st October 2016 - Debt Free
    12 years of Stepchange + PPI +F&F
    http://forums.moneysavingexpert.com/showthread.php?t=4862915
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