reclaiming ppi on a loan that was not paid off in full and now has been closed.

lucifer666

hi to all, I had motorcycle finance with dk motorcycles in 2006 for £18000 which had ppi I kept up payments till may 2007 when I fell ill and lost my job not knowing what the ppi was I surrendered the bike to the company and it was sold and the funds put towards paying the loan off but there was still £8000 outstanding, since then I have not been able to return to work and was being chased by black horse till 2012 when they sold the account to capquest who are still chasing me but im still very ill and can't do nothing but cant afford bankruptcy. I have had my ppi claim accepted but I was wondering how they work out how much I get as it was not all paid off but the point being I fell ill and the ppi should of covered that which they did not tell me and I had to give them my motorbike back and that paid £10000 of the £18000 but if the ppi was working like it was ment to and covered me it should of been covering my monthly payments and the loan should of been paid off in full by 2011 and I should of kept the bike. please help as not sure how they are going to work it out, as the account has been sold don't think capquest is entitled to any of the compensation. any help would be much appreciated. kind regards

roonaldo

The thing is its your policy, if you want to have made a claim in 2007 then you should have contacted the insurance company. You should have known what PPI was then as this was a regulated sale so you would have been issued with Key Facts and Demand and Needs statement along with policy info.

Any redress due to you now will be applied to any outstanding debt.

lucifer666

I did not know what ppi was as I was just told I needed it to take the policy out they never explained anything hence the miss selling and I only found out this year that I was entitled to a claim, so when I got ill I did not know I was covered and they did not tell me anything about it!! as for the outstanding balance the account with black horse has been closed and I was told by that the dca was not entitled to the refund as they bought the debt from black horse in 2012 therefore the account is now with a 3rd party who have no rights to anything im owed, I would just like some help with the a question I asked not to be told something that isn't true by you and you don't obviously understand what I have asked. kind regards

Insider101

roonaldo wrote: »

The thing is its your policy, if you want to have made a claim in 2007 then you should have contacted the insurance company. You should have known what PPI was then as this was a regulated sale so you would have been issued with Key Facts and Demand and Needs statement along with policy info.

Any redress due to you now will be applied to any outstanding debt.

Not if the account has been sold on it won't. Unless there is provision in the agreement for the bank to buy the debt back.

lucifer666

don't anyone read my post properly its not from a bank and ive been told that as the debt was sold on not given to a dra they have no entitlement to my offer as the debt was sold outright if they had used the dra as a third party to collect then yeah but it wasnt