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Reclaiming miss sold PPI on refinanced loans
From 1999 to 2006 I have had 8 loans with the NatWest. Apart from the most recent loan in 2006, all 7 previous ones had PPI with them....... Which I was told I had to have by the way!!!
Around the time of taking the last loan out, the industry I work in fell to its knees, resulting in me being regularly in and out of work and unable to keep repayments up. Like a fool I buried my head in the sand and shamefully avoided payments. This left me with an outstanding loan and an overdrawn current account.
I have now decided to attempt to reclaim the PPI on the loans that were paid off as I feel it contributed to me getting so badly in debt, considering the most recent loan I was paying £90 a month to PPI.
If my claims are successful can the bank offset the amount against my statue barred debt? Which I'm pretty sure was sold on anyway.
Comments
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Certainly can..and they will. The Banks use collection agencies which they have an agreement with for exactly your circumstance.Dannyboy80 wrote: »If my claims are successful can the bank offset the amount against my statue barred debt? Which I'm pretty sure was sold on anyway.
You don't really think you can get a refund of money you didn't pay in the first place, do you? Only if your refund amount was more than the amount still owed would you get anything at all.0 -
Appreciate your reply. I'm not after a refund on money I didn't pay. I'm after a refund on the PPI I did pay. 7 years worth of PPI payments0
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If you were aware you had PPI why did you not claim on it?
You have a hearsay complaint (being told you had to have it - can you prove that?) and while the PPI may not have helped your repayment issue that amount would not have caused you to go under, your loan repayments would have been far higher and you would also have to show it was that amount per month that tipped you over and not simply borrowing more than you could pay back.
As above too, if your debt was not fully repaid and the bank still has the debt or could get it back from their collection agency they can offset the refund against money you did not repay. Statute barred just means they cannot chase you any more not that the debt ceases to exist. You might get lucky and get back a small sum after the debt is cleared but you would do better letting sleeping dogs lie and move onSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Go for it Dannyboy80, you may be in for a surprise windfall.0
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Except he won't be. Even if they agree a miss-sale which is unlikely based on the hearsay complaint mentioned here, the bank will quite rightly offset any refund against the money he did not pay back.Go for it Dannyboy80, you may be in for a surprise windfall.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Yes I agree, however 7 years at £90 is a lot of money if reclaimed. Need to know how much debt is owed to the bank really.0
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Nasqueron, with regards to your post, I couldn't claim on my PPI when I was struggling and out of work because I didn't have it with that loan at the time. As for proof it was mis sold I am just relying on the recorded loan application telephone calls.
Taken on board about sleeping dogs though.
Thanks0 -
Yes I agree, however 7 years at £90 is a lot of money if reclaimed. Need to know how much debt is owed to the bank really.
If he KNOWS it was £90 a month it sounds like it was a separate monthly payment. If it was included in the loan it would be a miss-sale but hard to see how he knows it was £90 a month in that case.
Given the cost of PPI (a huge chunk of the refund people get is the 8% simple interest, on a credit card for example, it was typically around 75-80p per £100 of debt) if he was paying £90 a month the loan repayments must have been several hundred or more a month so add up the unpaid debt, the unpaid interest if it had been paid in full over the life of the debt and you're probably looking at a sum way above any PPI refund.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Dannyboy80 wrote: »Nasqueron, with regards to your post, I couldn't claim on my PPI when I was struggling and out of work because I didn't have it with that loan at the time. As for proof it was mis sold I am just relying on the recorded loan application telephone calls.
Taken on board about sleeping dogs though.
Thanks
What financial records do you have regarding the loans and PPI?
Were they consolidation loans where the first was paid off by the second and so on up to the eighth or standalone?
Was the PPI a separate monthly payment or included in the loan?
If your most recent loan was 2006 then chances are the old phone recordings (unless you have your own) will be long gone, companies don't have the storage or inclination to keep old recordings from that long ago.Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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If the money you did pay exceeds the amount you didn't, then the difference will be paid to you if your mis-selling complaint is successful. Otherwise, you stand to gain nothing.Dannyboy80 wrote: »I'm not after a refund on money I didn't pay.
It really is that simple.
(Of course, your mis-selling complaint could also be rejected, in which case you also receive nothing and you acknowledge your statute-barred debt)0
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