quick question

MakeAChange_2

firstly, i am sorry if this has been asked a million times before...........

ok so i have lots of old debts that i am in the process of dealing with, part of the reason i got into debt is because i had a drastic fall in income and became seriously unwell. lots of debts are with debt collection agencies etc

ok, so i know that the majority of these sold me insurance to protect me if i became unwell or in any other situation that meant i couldnt pay, but the thing they failed to mention was that if im self employed the insurance wouldnt cover me!!!!!!!!

so i want to reclaim, can i do this even though my debts are with debt collection people? i am happy for the monies to come off the balances that i owe, i really dont care as i am trying to reduce debts, so whether it comes to me or off the debts doesnt matter.

I am just wondering whether it is actually possible to reclaim when it is in debt etc

wolverines

Yes you can make a complaint about being mis-sold even if the account is in arrears, although any redress would most likely be put to any outstanding balances rather than in your pocket.

Do you know that you had PPI or are you guessing that you had PPI? If you are not sure it would be a good idea to ring round the relevant financial institutions and find out for certain before anything else.

Be aware that a lot of PPI policies DO cover self employed people and the idea that this automatically means that the policy was mis-sold is not true in all cases so this may be a good complaint point or a very poor one depending on the terms of the policy booklet.

MakeAChange_2

great thankyou, i know i definately did on some and they didnt cover me when i contacted them, some others i suspect.

but i shall do some digging around and find out. i have thought about using a reclaim company, i know its better to do it yourself but its quite a lot to get through

Nasqueron

MakeAChange wrote: »

great thankyou, i know i definately did on some and they didnt cover me when i contacted them, some others i suspect.

but i shall do some digging around and find out. i have thought about using a reclaim company, i know its better to do it yourself but its quite a lot to get through

You will still need to do all that work even if you use a claims company. A claims company won't send someone around to your house to go through your paperwork and see if you were miss-sold (e.g. check if the policy would cover you enabling you to make a claim (not a complaint) or if it wouldn't (meaning the complaint was valid)) - all a CMC does is take your details over the phone using minimum wage call centre staff and send in a hodgepodge complaint listing numerous, often contradictory, complaint reasons to everyone and hope something sticks, then charge you 40% of your refund for the price of printing a sheet of paper and putting it in the post.

Speak to anyone you had PPI with and confirm if you could never have claimed on the policy, then put in a complaint. If they would have covered you, ask about a retrospective claim.

As above, any PPI refund will be used against your debts where the original debtor can recall the debt from a collection agency (e.g. if they contract out the collection rather than sell it on)

dunstonh

i have thought about using a reclaim company, i know its better to do it yourself but its quite a lot to get through

under no circumstances should you use a CMC when you have arrears, defaults, amounts written off etc. CMCs will charge you against the amount of the redress on a successful complaint. Even if you do not personally receive that redress and it is offset against the debt.

-taff

If your accounts are still open, in that they haven't been sold on, just outsourced, then phoning the company to sk if you had PPI nd then complaining over the phone is fairly simple..

MakeAChange_2

oh wow, than you for pointing that out !
:eek:


and some are open but many are defaulted and are with debt collection people, i am slowly getting through all the old paperwork to see exactly what i had and when, my credit report is an absolute mess! but i really want to fix this whole situation .............everyone on MSE is so lovely that i am thinking i will get there if i keep using these boards

-taff

be careful what you complain about though because PPI does cover the elf employed it's only when the circumstances are onerous, like winding up your business that it's not suitable.
Prior to 2009 most PPI was single premium, with egards to loans, and if you had savings etc to cover the debts, you can argue you didn't need it.

MakeAChange_2

ah ha, i shall keep the post updated when i know more, as the moment its just paperwork everywhere, a shredder that literally blew up today and a confused lil old me!

when i start making real progress i shall update the thread as it may help someone somewhere

Nasqueron

-taff wrote: »

be careful what you complain about though because PPI does cover the elf employed it's only when the circumstances are onerous, like winding up your business that it's not suitable.
Prior to 2009 most PPI was single premium, with egards to loans, and if you had savings etc to cover the debts, you can argue you didn't need it.

Would the "savings to cover the debts" argument work? Interest rates are always going to be tiny on savings vs what you get for a loan so anyone with savings that would cover the loan would be wasting money taking out a loan

WatchMan

Nasqueron wrote: »

Would the "savings to cover the debts" argument work? Interest rates are always going to be tiny on savings vs what you get for a loan so anyone with savings that would cover the loan would be wasting money taking out a loan

Not normally for a loan - unless it was over a fairly short term.