Default on a loan that had PPI

ashmore1991

Hi

In 2006 I took out a loan for 48 months for £16,000 but unfortunately 2008 I lost my job and defaulted. Since then we haven't had any communication with Natwest until I enquired if I had PPI on my policy brilliant news for me that they have acknowledged that I did, and that i was mis sold.

Have i got any case to claim on the PPI now in order to reduce the remaining balance? Or even a legal case as it has caused me financial hardships as they have unecessarily destroyed my credit rating by issuing a CCJ against me and ultimately making the last 5 years hell for me.

Any advice would be greatly received.

Cheers

~Brock~

Err.....didn't you destroy your own credit rating when you defaulted?

Did you claim on the PPI when you lost your job?

dunstonh

Have i got any case to claim on the PPI now in order to reduce the remaining balance?

If they have told you it was mis-sold, then they can use the capital part of the redress payment against the debt. Also, they may restart attempts for you to repay the outstanding debt.

Or even a legal case as it has caused me financial hardships as they have unecessarily destroyed my credit rating by issuing a CCJ against me and ultimately making the last 5 years hell for me.

You did that yourself by not paying the loan.

[Deleted User]

ashmore1991 wrote: »

i has caused me financial hardships as they have unecessarily destroyed my credit rating by issuing a CCJ against me

In what way was it "unnecessary" for them to take you to court for unpaid debt? A County Court Judgement is the penalty for your default.

ashmore1991 wrote: »

they have acknowledged that I did, and that i was mis sold.

How have they "acknowledged" that you were mis-sold? If you have yet to make a complaint, then the Bank will not have acknowledged any such thing.

roonaldo

So lets get this straight, you had a loan, lost your job but its bank fault you didnt repay the loan?