Do I have any rights?

MakeAChange_2

Hi all,

OK so quick explanation, years ago I had credit accounts, cards and catalogues, all was well, managed them well for years with no issue. Became unwell both mentally and physically and got into debt, behind on payments etc.

Despite have the insurances they did not cover me for illness due to being self employed, this led to debt, and I became even more unwell over it all. So I'll I didn't claim benefits for ages as didn't know how, so again more debt, more mess,

Years on iv brought all household bills up to date, still working on gas / elec but those two are my last behind bills.

My issue is that I had Insurances in place to prevent that and was unaware I wasn't covered for being self employed, I told them I was self employed when taking out credit. So now I'm still dealing with the defaults and a few ccjs, I just feel it's totally unfair.

I have a good job, good income and am better at managing things now I'm a bit older but I'm not over the fact that I feel stitched up by insurance that didn't help me when I genuinely needed it.
Do I have any rights in getting these things off my credit report?

Thank you

January2015

I don't know the answer to your question - but have you claimed misselling of your payment protection insurance (PPI) to get that money back?

sourcrates

I doubt you will be able to get any of this removed from your credit file, due to the passage of time and the complex legal argument it would require, not to mention the cost.

You are aware that defaults and CCJ`s drop off your file naturally after six years ?

Paid or not, so there will be an end to it.

A more important aspect has been mentioned above, you must be aware of the hugh mis-selling of PPI scandal thats been in the headlines over the last few years ?

Well your case sounds as good as anyones, i would get a claim in straight away, as a time limit for reclaiming has now been set, its still months away, but the sooner you get the claim in, the better.

Full details here :

http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

National_Debtline

Hi MakeAChange


I can only echo sourcrates' comments. Your scenario does sound like one of those where a claim for mis-selling of PPI is well worth pursuing.


I don't know how much can be done to belatedly rectify any damage done to your credit file over the years, but time itself may be a better healer than any number of complaints processes or legal challenges now.


Dennis
@natdebtline

MakeAChange_2

Thank you, and yes I have heard of them, read lots on here about them but when I asked someone before (I believe it was one of the debt agencies) they said that all it would do would take the cost of my insurance off of my outstanding debt. So I'd still have a debt but just minus the money I'd spent on insurance, and I didn't really know what to do from there, I rang a ppi company and they said they wouldn't do it as I owe a debt so they wouldn't get paid if they did it.

It's so frustrating as when things got bad I rang all of them and explained and asked for help and more time, but as I got worse and charges increased I just gave up. And now I'm trying to deal with it I wish I was well enough back then.

I have very limited credit now just to try and rebuild but i want to get a mortgage in a year or so but I'm not going to be able to for years with the damaged credit report and that's why it bothers me so much as I thought I was being careful with paying all the insurances

[Deleted User]

MakeAChange wrote: »

So I'd still have a debt but just minus the money I'd spent on insurance

Wouldn't that be better than having a larger debt?

MakeAChange_2

Yes of course but it all got confusing and I didn't really understand or know if they were being honest or fobbing me off. Since reading more I kind of get it, I'm going to read the mse info

sourcrates

MakeAChange wrote: »

Thank you, and yes I have heard of them, read lots on here about them but when I asked someone before (I believe it was one of the debt agencies) they said that all it would do would take the cost of my insurance off of my outstanding debt.

Thats not entirely true.

If you make a PPI complaint, and win, you then get a refund of all the premiums you ever paid, plus you get interest added at a rate of 8% per year.

Depending how many years its been, and how high your premiums were, these payouts can amount to quiet a few thousand pounds, possibly enough to pay your debts off, or at least reduce them significantly.

The average payout is around £7000 per account.

gettingtheresometime

MakeAChange wrote: »

Thank you, and yes I have heard of them, read lots on here about them but when I asked someone before (I believe it was one of the debt agencies) they said that all it would do would take the cost of my insurance off of my outstanding debt. So I'd still have a debt but just minus the money I'd spent on insurance, and I didn't really know what to do from there, I rang a ppi company and they said they wouldn't do it as I owe a debt so they wouldn't get paid if they did it.

It's so frustrating as when things got bad I rang all of them and explained and asked for help and more time, but as I got worse and charges increased I just gave up. And now I'm trying to deal with it I wish I was well enough back then.

I have very limited credit now just to try and rebuild but i want to get a mortgage in a year or so but I'm not going to be able to for years with the damaged credit report and that's why it bothers me so much as I thought I was being careful with paying all the insurances

It really is worth claiming.


I did a PPI check on a loan that was with a dca and ended up clearing the outstanding debt as well as receiving a cheque for £800+.


As has previously been said if the debt has fallen off your record it won't affect your credit rating & the money you receive you can put towards your mortgage deposit


Have you checked your credit record to see if they're still on there?

MakeAChange_2

Hi, yes iv checked and some are still there, some have now gone, i don't even care if I get nothing back, obviously it would be nice but I'd be over the moon if they just admitted they took advantage by not informing me I'd never be covered and just wiped the debt. So anything I can get will be going straight off it.

Iv had a rocky life and didn't exactly have anyone to show me the basics about money or finance when i was growing up, i was gullible and vulnerable when i took out all the insurances and now I feel I'm in a position I can manage these things because I do kind of understand, well i have some basic understanding and id now be able to guide my kids (like I never was) so that they can work hard and get a good start in life, so I'm just desperate for it to all be off my report and to start again. One things for sure i0l never get credit again without reading every small print ! Lol

January2015

MakeAChange wrote: »

I'm just desperate for it to all be off my report and to start again. One things for sure i0l never get credit again without reading every small print ! Lol

The best thing to do is to not get credit again in the future. If you can manage this then the status of your credit report doesn't matter anyway. If you don't apply for credit then no-one is going to look or check.

Seriously, the best thing you can do is start to budget and plan to save for emergencies and save for those things you know will need replacing or that you want, e.g. birthdays, christmas, new furniture, etc. etc. Once you get into a routine with your budget it really is easy to do.