Can I Claim PPI after settling a full and final IVA?

Simon19811

Around 2006, I settled my debts by way of a full and final IVA lump sum payment after family stepped in to help out. I believe my payment was in the region of £20k to settle credit card and loan debts of around £32k.

This was done privately between my uncle and my creditors, and not using any kind of IVA firm or middle man.

Can I make a PPI claim on my old debts?

dunstonh

Can I make a PPI claim on my old debts?

yes you can. However, if successful, they can use the redress against any amount written off as part of your agreed settlement. As the difference is around £12k, that means you would never likely see any money as they could keep it.

Simon19811

I wondered if because the debts are 11 years old they would effectively be closed now. In addition, the additional debt incurred by having unknown PPI caused me unnecessary distress, particularly at a vulnerable time.

My concern was that they would ask for the remainder of the money now, would there be any chance that could happen?

[Deleted User]

They won't chase you for the unpaid debt, but they would use the redress against what was left unpaid, as dunstonh has pointed out.

Simon19811

Sounds like is not worth it then, thank you

[Deleted User]

Simon19811 wrote: »

the additional debt incurred by having unknown PPI caused me unnecessary distress, particularly at a vulnerable time.

That's not a mis-selling complaint; you won't get any "compo" for "distress".

Stevie_Palimo

Simon19811 wrote: »

Sounds like is not worth it then, thank you

If there is PPI on it and you were due any redress the amount due would have any shortfall you paid off looked at first but this is not to say that you would not get anything back at all your end and is still worth while looking into. They will not send you any further bills but you could on the off chance receive something back. Do not use a CMC though as a fee will be charged to you.