Should I Claim Question

jaysancort

Hi All, some guidance please.

I have debts crawling out of my ears and for my sins I am in no position to pay any of them back, this has been going on for over 10 years so please no moral crusaders telling me what a bad human I am.:A

Anyway my question: I know I had PPI on some of the loans / credit cards / finance - Should I claim. One major example is a credit card for £9500 that I have never paid, it had PPI on it but it has been well over the 6 years limit for the company to get there money back.

This is just one example, in fact the worst example: could I claim? should I claim?

Others are smaller amounts and less than the 6 year limit for them to hunt me down.

Moral crusaders can now vent their spleen :mad:

Thanks

UsernameAlreadyExists

jaysancort wrote: »

Anyway my question: I know I had PPI on some of the loans / credit cards / finance - Should I claim. One major example is a credit card for £9500 that I have never paid, it had PPI on it but it has been well over the 6 years limit for the company to get there money back.

This is just one example, in fact the worst example: could I claim? should I claim?

My morals say ...
You've said you've never paid it. So what exactly are you claiming for?


However ...
They should never have charged you for it, so your debt wouldn't be so much as it is ... so ... err ... if you can, do.

amersall

If you do make a claim this will re-activate the debts, if you do win redress they will take this off the debt and you will be chased for the rest.

Let sleeping dogs lie, you will end up with nothing and debt collectors chasing you.

RosieWhittle

UsernameAlreadyExists wrote: »

They should never have charged you for it, so your debt wouldn't be so much as it is ... so ... err ... if you can, do.

Who says they should never have charged the OP for it? Yes, it was often mis-sold, but it was also sold correctly at times and was a useful product.

OP -
If you believe that you were mis-sold (as in you weren't suitable or eligible, or that you were forced to take it for example, rather than that you just now realise you had it and are jumping on the bandwagon and trying to get some money back), then by all means complain. Be aware that the bank may just use any money owed to you to reduce the balance of your outstanding loans/credit cards. There could be further implications though such as the debt being reactivated...

dunstonh

Moral crusaders can now vent their spleen

Moral answer is that you should complain about the PPI and get the debts re-activated.
Logical answer is to let sleeping dogs lie.

[Deleted User]

jaysancort wrote: »

I know I had PPI on some of the loans / credit cards / finance - Should I claim. One major example is a credit card for £9500 that I have never paid, it had PPI on it but it has been well over the 6 years limit for the company to get there money back.

Making a complaint about PPI on loans or credit cards which are in arrears or have defaulted is not likely to bring any personal reward for you. The Bank would simply offset any monies awarded against the unpaid debt.
http://www.moneysavingexpert.com/banking/setting-off

In addition, as others have advised, any such complaint would also reactivate the debt as you would effectively be acknowledging it.

UsernameAlreadyExists wrote: »

They should never have charged you for it, so your debt wouldn't be so much as it is ... so ... err ... if you can, do.

Very poor advice to someone in such debt. If the OP owes £9500 on the credit card, very little of that will be PPI.

-taff

If the debts are statute barred then complaining about PPI won't 're-activate' them.

However, because they are debts, if your PPI complaint is successful, they can use any redress [inclusing any 8% interest] against the debts.

If you are a bankrupt, then you can't complain at all, that privilege rests with the OR.

[Deleted User]

-taff wrote: »

If the debts are statute barred then complaining about PPI won't 're-activate' them.

However, because they are debts, if your PPI complaint is successful, they can use any redress [inclusing any 8% interest] against the debts.

The point is that it'll be a waste of effort to complain at all.

-taff

Possibly, possibly not, it's up to the OP to decide.

[Deleted User]

-taff wrote: »

Possibly, possibly not, it's up to the OP to decide.

How is it "possibly not" a waste of time? Any monies should they be awarded would go to the unpaid debt which the OP appears to have no intention of paying.

-taff wrote: »

If you are a bankrupt, then you can't complain at all, that privilege rests with the OR.

OP doesn't appear to be bankrupt as he states clearly that he has "debts crawling out his ears".

-taff

They might get the interest on the PPI.

And they've posted on bankruptcy threads, hence the mention.