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Claiming PPI when in debt
I am looking for advice, I am not on an IVA or Bankruptcy, but I do have a payment plan on 2 companies due to very tragic circumstances that happened to me. I know from checking that I have PPI on both companies. For years I paid these loans without fail. If I claim the PPI miss sale to pay towards the debt, can they then come after me for the rest instead of me paying the agreed amount every month. I hope this makes sense. Any advice gratefully received.
Comments
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While it's unlikely that any payment plan would be affected, any redress you might be awarded is going to be offset against monies you still owe. If you owe more than the possible redress then you may get nothing at all personally
On a positive note, if this succeeds in reducing your overall debt to these companies, that's got to be a good thing, right?0 -
Hi, yes that is what I am looking for to reduce all my debts down and pay them all off as soon as possible. All I can do is give it a go.0
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If you get redress and they take it from the debt,the monthly payment will remain the same if there is still a balance due.
If these debts are loans and you receive redress,make sure they take the whole original PPI from the loan balance,this will reduce the debt even further.0 -
If you have PPI, why not claim on it rather than complaining it was not needed - it is there for these circumstances - would help a future complaint if they would not pay out
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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Moneyineptitude wrote: »Nowhere does the OP say he is currently unemployed?
I didn't say it did mate!
PPI isn't just about losing jobs - being off on long term sick or being unable to work for a period due to circumstances may be a reason for the PPI to cover youSam 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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He doesn't actually detail his current employment (or sickness) at all, just that "tragic circumstance" has left him in debt.PPI isn't just about losing jobs - being off on long term sick or being unable to work for a period due to circumstances may be a reason for the PPI to cover you
However, I agree he should claim on the insurance if he can.0 -
I figured either a serious illness or the death / serious illness of a relative requiring giving up a job or similar - would help to know what the details were as it could help the case if it meant they could not have claimed on the PPI at all
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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Hi All, to answer your questions, I lost my 17 year old son after a short illness and had to turn off his life support and on top of that I am fighting cancer, so I am trying to get my finances in order. I am looking for any advice not negativity. Thanks in advance.0
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Poster Nasqueron was asking about the possibility of you claiming on the PPI insurance rather than complaining about it. He wanted to know more about your personal circumstance simply to ascertain whether you could make such an insurance claimMichelle66 wrote: »Hi All, to answer your questions, I lost my 17 year old son after a short illness and had to turn off his life support and on top of that I am fighting cancer, so I am trying to get my finances in order. I am looking for any advice not negativity. Thanks in advance.
Please don't misunderstand this as "negativity".0
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