Will a PPI reclaim affect my DMP?

norwich-fa

Hi everyone - I have an 8 year old DMP for various credit cards and loans. Some of the debts are still with the original lender, and some have been sold off or are being 'administered' by third parties. All but one debt has now disappeared from my credit file.

I have been prompted to investigate the possibility of a PPI reclaim on several occasions, but have always resisted the temptation, as I was worried about upsetting my DMP creditors by claiming compensation from them.

My question is - should I go ahead with a claim enquiry, even if it's only for those companies that have sold their debt on to a third party, or do I risk tit-for-tat action by creditors who might choose to revoke my DMP agreement?

[Deleted User]

Any such "claims" will not benefit you personally .

amersall

Any redress will go to the creditors,this is good as it will reduce the amount you owe.

magpiecottage

In answer to your actual question - no they cannot penalise you for making a complaint. That would, itself give grounds for another complaint which would almost certainly be upheld by FOS - even if the original one was not.

norwich-fa

Thank you for your replies.

moneyinept & amersall - could you please elaborate?

My DMP is voluntary, so why would any claim reward go to the creditors (of course I could choose to do that)?

Why would it not benefit me personally? I know of two people personally who have received a benefit directly.

magpiecottage

If I have this correctly, you borrowed money from various institutions which you failed to repay.

They therefore volunturaily agreed to allow you special terms to cope with it.

Now you find that they actually owe you money and you think that they should pay you that whilst you get away with not honouring the payments you originally agreed to make.

As a general rule, if a bank owes you money but you also owe it money, it will seek to use the money it owes you to clear the outstanding/written off debt in the first instance.