ppi claim after settlement figure

andy_leic

Hello all

I would be very grateful for some advice

I know i was paying ppi to a credit card company for many years and i know that i could claim it back

i paid off my credit card debt (nearly 20k at one point) with the sale of a house , the thing is though up until the sale of the house they froze the interest and then offered me a settlement figure to clear the debt which i paid
Can i still claim for the ppi if i paid off the settlement figure without credit card company coming back for the rest of the balance , as far as i'm concerned i paid off the amount the credit card company requested from me and the balance is confirmed as zero so would that nullify any counter claim they could have for any other money from me , this was all 15 years ago

i don't want to put in a claim then end up owing them again

Thank you for any advice as i'm getting differing opinions

[Deleted User]

You can't claim it back. You can put in a complaint that you believe it was mid sold.

However, any redress will firstly be put against any amount you didn't repay.

It won't reactivate the debt.

andy_leic

if it wont reactivate the debt then i should have no worries about putting in a complaint that it was mis sold which in turn could generate a claim for my ppi back, is that right ? sorry i'm not clued up on these things

[Deleted User]

Correct. It doesn't reactivate the debt. It just means that you probably won't get the redress paid to you, if you're successful.

IAmWales

For what reason do you feel you were missold, and can you evidence it? It's not as simple as knowing you could claim it back, you need to establish that you have a valid complaint.

[Deleted User]

Should also add that it's highly unlikely they will have any details of you after 15 years.

andy_leic

ok , i've seen all the "it was miss sold if you didnt want it or ask for it " etc etc ,
i believed that it was possible even up to 20 years later if that's not the case and you think that there is no redress to claim then im probably best to leave it alone then

[Deleted User]

andy_leic wrote: »

if it wont reactivate the debt then i should have no worries about putting in a complaint that it was mis sold which in turn could generate a claim for my ppi back, is that right ? sorry i'm not clued up on these things

Nothing "generates" a claim in the manner you suggest I'm afraid.

If you complain that it was mis-sold to you and the Bank agree then they will refund the policy with interest.

However, as you still owe them money (even though they are no longer chasing you for it), they will offset any redress against this unpaid debt. Only if the redress is more than the debt do you stand to gain any money personally.

Probably better to let sleeping dogs lie.

Deleted_User wrote: »

it's highly unlikely they will have any details of you after 15 years.

Actually, with unpaid debt there is a very strong chance there will indeed still be records.

Geoff1963

You do need a good reason to cry, "Mis-sold !"

They might have frozen the interest, and hence want that back, before they pay you anything ; but it could be offset against any charges sustained while they had more than enough of your money. FCA Handbook : DISP App 3.7.

If you do make a Claim, think of it as buying a lottery ticket ; be happy if you win, not unhappy if you lose.