Can I claim PPi from 1997-2001

colprimus

I had PPi on my Mortgage, Home loan, 2x credit cards and something called card protection on my RBS switch card, I was told at the time that PPI was not optional it was essential if I wanted the above financial products.
All was well until I lost my job and found out that PPI would only pay out if I was in fact made redundant with the correct redundancy process being followed and then I was expected to continue making payments from my redundancy payment, therefor PPI was in actual fact completely useless.
I was made redundant but it turns out it was an unfair process so I got the job back by which point I was seriously in debt due to missed payments and charges being applied.
i couldn't sell the house due to subsidence, didn't have a job again and was being hounded day and night by debt collectors so via my lawyer I handed the keys back to that bank walked away from all creditors.
Over the years I have rebuilt my credit rating, have a mortgage, car, credit cards etc.
I never again used any PPI product knowing from previous experience it was worthless.
Question I have is can I claim for the period 1997-2001 even though I walked away from the creditors, they clearly mis sold me a worthless product then they collectively dragged me so far down there could be no financial recovery.
Any personal experience would be welcome...personal opinions are not really much use.

dunstonh

All was well until I lost my job and found out that PPI would only pay out if I was in fact made redundant with the correct redundancy process being followed and then I was expected to continue making payments from my redundancy payment, therefor PPI was in actual fact completely useless.

Doing things correctly is the correct thing to do. Why did you not do things correctly?

Question I have is can I claim for the period 1997-2001 even though I walked away from the creditors, they clearly mis sold me a worthless product then they collectively dragged me so far down there could be no financial recovery.

If you complain and there was a debt that went unpaid then if your complaint is successful, they can use the refund against that debt and not pay it to you.

As it stands though, your complaint reasons dont seem very strong. MPPI has a low uphold rate with firms and the FOS. Complaint reasons with that need to be stronger than loan and credit card usually to succeed.

colprimus

dunstonh wrote: »

Doing things correctly is the correct thing to do. Why did you not do things correctly?

It was the company that failed to follow the correct redundancy procedures which is why they had to rehire me and several others, they then sacked the HR manager :-)
however the damage was done by this point, like most people in the UK i was overextended and literally only one pay cheque from trouble...that won't happen again.


If you complain and there was a debt that went unpaid then if your complaint is successful, they can use the refund against that debt and not pay it to you.

As it stands though, your complaint reasons dont seem very strong. MPPI has a low uphold rate with firms and the FOS. Complaint reasons with that need to be stronger than loan and credit card usually to succeed.

My complaint would be simply I was mis sold PPI ie they told me and everyone else at the time we MUST take it.. Question is can i claim back that far and would my old debts not have been written off after 14 yrs?

Anyone know?

antrobus

colprimus wrote: »

....Question I have is can I claim for the period 1997-2001 even though I walked away from the creditors, ......

What evidence do you have supporting your assertion that you purchased PPI in the period 1997-2001?

dunstonh

My complaint would be simply I was mis sold PPI ie they told me and everyone else at the time we MUST take it

That is pretty much the weakest complaint reason there is. They will almost certainly have nothing to support that allegation from you. So, what evidence do you have to support that allegation?

Most allegations like that fail on that particular point. They may go on to succeed on other points but if that is it, then its not a strong complaint.

Question is can i claim back that far and would my old debts not have been written off after 14 yrs?

It doesnt matter if they were written off. The lender can use redress payments against arrears, defaults and amounts written off no matter how long ago it was. The fact they no longer chase you or its statute barred is irrelevant.