We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can i reclaim PPi on a loan i defaulted on and has now closed.
Yaq
Posts: 1 Newbie
Hi iwonder if anyone can help.
Long and short of my story is as follows: Wife was doing a bit of spring cleaning today and found the paperwork to a loan agreement that i took out in 2004. it was for a loan amount of about 1400 with PPI included it totalled 2982. Th paper work contained the PPI i was sold at the time along with the glossy booklet that was meant to make the loan a risk free choice back then. From memory,
i believe i lost my job and didnt keep up the loan repayments but the PP never kicked in even though i was told it would. i believe i ended up owing Lloyds the outstanding amount which i never paid back.
My question is considering i defaulted on this loan, can i claim PPI and would it be paid back to me in a case like this?
Long and short of my story is as follows: Wife was doing a bit of spring cleaning today and found the paperwork to a loan agreement that i took out in 2004. it was for a loan amount of about 1400 with PPI included it totalled 2982. Th paper work contained the PPI i was sold at the time along with the glossy booklet that was meant to make the loan a risk free choice back then. From memory,
i believe i lost my job and didnt keep up the loan repayments but the PP never kicked in even though i was told it would. i believe i ended up owing Lloyds the outstanding amount which i never paid back.
My question is considering i defaulted on this loan, can i claim PPI and would it be paid back to me in a case like this?
0
Comments
-
You can complain about the sale of the PPI if you wish. However, if your complaint is successful, they can use the redress to go against the debt you failed to repay.
The outcome is quite logical as they are not going to refund you something that you never actually paid in the end.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Sorry, didn't mean to post here.0
-
Yes you can claim PPI on a loan that you have defaulted on, I did this very thing.
I was sent a cheque for the PPI, less what I owed. Still worthwhile doing.0 -
Yes you can claim PPI on a loan that you have defaulted on, I did this very thing.
I was sent a cheque for the PPI, less what I owed. Still worthwhile doing.
assuming the redress is greater than the amount owed.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.7K Banking & Borrowing
- 253.8K Reduce Debt & Boost Income
- 454.6K Spending & Discounts
- 245.8K Work, Benefits & Business
- 601.8K Mortgages, Homes & Bills
- 177.7K Life & Family
- 259.7K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards