Should I NOT claim on mis-sold PPI?

jaysunuk

I'm not sure if my situation is unusual or even if I could claim for mis-sold PPI, hoping someone can advise and maybe save me some grief.

I had a loan from TSB (I think before it joined with Lloyds - not sure), I was told as a full time employee working on a commision structure I would need to take PPI to protect my payments (it wasn't optional - just added on).

Unfortunately I got bad with money, was living beyond my means (just paying rent and bills) and fell behind with payments, along with another loan (which I don't believe I was mis-sold PPI)

12 years ago I decided I was in a mess and signed up with a debt management company, now many years later I'm not with them - but paying the 2 collection companies a monthly payment directly.

(I never declared bankruptcy or got to the point of ccj's)

My credit rating has recovered over the years and is now rated as excellent, almost highest score.

My questions are:

1) Should I make a claim for the mis-sold PPI? (even though they sold the debt on)
2) Now the debt has been removed from my credit history - should I still be paying collection agencies for this old debt?
3) Would any kind of action be detrimental to my now healthy Credit Score?

Any advice is appreciated - thank you.

DigForVictory

1 - yes whyever not give it a go?
2 - if they're paid off, they've no grounds for coming for it.
3 - a healthy credit score does not depend on past or present PPI claims.
Go for it & Best of luck!

amersall

If the debt you are paying back was from the bank you are considering making a claim for mis sell to, they may take, if you win, the redress from the debts.

I believe if the debt was sold on and not with the banks in house collections, they cannot take the redress.

If you do not pay the debts each month as you are doing, because they have fallen off your credit file, the company you are paying will take action to recover the debt, it will also show on your credit file.

Make the claim, if you win and they take the redress (some may come back to you depending on the balances owing) you will reduce or clear the debts, your credit file will not be trashed and you may be free of these debts, or, nearer to clearing them sooner.

If you win, make sure that any redress that goes to these, if any, that does not clear the balances, the company reduces the balances.

Also, you could get the full redress to you.

-taff

DigForVictory wrote: »

2 - if they're paid off, they've no grounds for coming for it.

They are not paid off, it is not statute barred.


To the oP

You don't know if the debt has been sold on, the companies that are collecting may have been outsourced by the bank.
As amersall says, any successful redress may be taken, in all probability will be, but you may receive the interest. Either way, your debt will go down.

jaysunuk

Thank you everyone for your comments, answered my questions... appreciate it!