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Reclaiming PPI on an unpaid loan.
berkshirebowman
Posts: 23 Forumite
I took out a loan with Alliance and Leicester around year 2000.
I stopped paying it in 2006 when I lost my job, and after a couple of letters from A&L, never heard any more, until some years later, when I was contacted by a company who said they were working on behalf of A&L, but I suspect that they had just bought the debt.
I made an arrangement to pay approx 50 a month, which I did, and from time to time, I get various letters, from various organisations (Westcott I think is the latest) to say that they are dealing with it.
Now, having just split from my partner, who has kindly undone all my efforts of the last few years in getting straight financially (thanks for that love!) I am now trying to get straight again.
The implication is that they make take a reduced amount as I know is often the case, which re-enforces the opinion that they have bought the debt for a nominal fee, and want to maximise what they can get back. My intention is to contact A&L and make a PPI claim, and whatever they pay back, I will offer to Westcott and see if they will accept this, and get the case closed. The problem is, Alliance & Leicester claim that they are not aware of a loan for me, which I am guessing is because they have sold it on. My other concern is that I am now a Santander customer, who have since bought A&L. Any thoughts?
I stopped paying it in 2006 when I lost my job, and after a couple of letters from A&L, never heard any more, until some years later, when I was contacted by a company who said they were working on behalf of A&L, but I suspect that they had just bought the debt.
I made an arrangement to pay approx 50 a month, which I did, and from time to time, I get various letters, from various organisations (Westcott I think is the latest) to say that they are dealing with it.
Now, having just split from my partner, who has kindly undone all my efforts of the last few years in getting straight financially (thanks for that love!) I am now trying to get straight again.
The implication is that they make take a reduced amount as I know is often the case, which re-enforces the opinion that they have bought the debt for a nominal fee, and want to maximise what they can get back. My intention is to contact A&L and make a PPI claim, and whatever they pay back, I will offer to Westcott and see if they will accept this, and get the case closed. The problem is, Alliance & Leicester claim that they are not aware of a loan for me, which I am guessing is because they have sold it on. My other concern is that I am now a Santander customer, who have since bought A&L. Any thoughts?
0
Comments
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If the debt was sold on completely, you may get lucky and get the PPI, if it was not, the original lender will simply offset the money against the unpaid / written off bits.
If you had PPI, why did you not claim on the policy when you lost your job?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 debt was sold on completely, you may get lucky and get the PPI, if it was not, the original lender will simply offset the money against the unpaid / written off bits.
If you had PPI, why did you not claim on the policy when you lost your job?
Thanks for the response, I am not totally sure if I had it or not, it was a long time ago.
I just decided to throw a claim their way and see if it sticks ( as I did with Barclays)0
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