We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
loan not paid but did have ppi how do we stand
wilf55
Posts: 3,102 Forumite
my daughters ex bf took out a £10,000 loan with ppi when he was 18 with lloyds however he is now of no fixed abode.
he lost his job within a year of the loan and made about 10 payments
he has had a couple of debt letters at my address which i have returned to sender
it was 4 years ago that he last made a payment
he has had depression etc etc he is not working and in receipt of income support
i know he should have perhaps claimed against the ppi back then but he didnt because of his depression
what should he do he is living amongst friends and family, income comprising of means tested benefits
please help any suggestions or advice without judging him would be gratefully received thanks in advance
he lost his job within a year of the loan and made about 10 payments
he has had a couple of debt letters at my address which i have returned to sender
it was 4 years ago that he last made a payment
he has had depression etc etc he is not working and in receipt of income support
i know he should have perhaps claimed against the ppi back then but he didnt because of his depression
what should he do he is living amongst friends and family, income comprising of means tested benefits
please help any suggestions or advice without judging him would be gratefully received thanks in advance
Save 12k in 2015 member 187. £62.50/6000
0
Comments
-
You can complain but if successful, the money would go against the debt. It would also reactivate the debt as it would give them a current address and allow them to start coming after his again.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
-
thats what i thought
under the circumstances i think he should let sleeping dogs lie!
thank youSave 12k in 2015 member 187. £62.50/60000 -
seriously. I dont care about being judgemental.
On what planet do you think claiming on PPI would be right after making only 10 payments on a £10k loan?0 -
-
the bank gave an 18 year old a 10,000 + loan on his 18th birthday ! because of the job he did and treated him differently to everyday customers because of the job he did 18 and impressionable he fell for the chat basically and no he didnt get sacked illness caused the downturn the illness was also the reason his life was not in enough order to claim on the ppi
as i say i didnt want him judged ...I asked for adviceSave 12k in 2015 member 187. £62.50/60000 -
He was an adult at 18 years old and evidently had a job that would support the £10k loan.
Did he try to claim on the PPI?Thinking critically since 1996....0 -
as i say i didnt want him judged ...I asked for advice
At 18, he can drive which puts others lives at risk if he is immature. He can have children which puts the child's life at risk if he is immature. Yet you want us to believe that at 18 he was not mature enough to handle money? You are possibly right but at 18, he is no longer a minor but an adult.
It is not about judgement but fact. Although trying to get a PPI refund on a debt that was never paid in the first place could lead to some questioning morals. It could lead to some questioning the common sense as it would reactivate a debt that is probably going to drop off naturally. However, the FOS and FCA already cover the PPI refund/non debt repayment scenario and allow the lenders on successful complaints to use the money against the debt and not pay it to the individual. So, again, nothing judgemental needed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
He can complain about mis-sold PPI if he has valid reasons for doing so. However, if successful, the Bank will off set any redress (should it be awarded) against the unpaid debt. He won't receive anything personally unless the redress is more than the debt.as i say i didnt want him judged ...I asked for advice
http://www.moneysavingexpert.com/banking/setting-off
In addition, such an action will re-activate a debt he hasn't paid anything towards in four years.
Wisest move might be to let sleeping dogs lie.0 -
What illness made him unable to claim - did he even try ??the bank gave an 18 year old a 10,000 + loan on his 18th birthday ! because of the job he did and treated him differently to everyday customers because of the job he did 18 and impressionable he fell for the chat basically and no he didnt get sacked illness caused the downturn the illness was also the reason his life was not in enough order to claim on the ppi
as i say i didnt want him judged ...I asked for advice0 -
he has had depression
PPI does not cover "depression".Brokerwise wrote: »What illness made him unable to claim - did he even try ??0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards