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Reclaim PPI if defaulted?
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pinkdragon
Posts: 42 Forumite
Hubby took out a loan with Lloyds around 2005. It was for £20,000 then they put on £6,200 in PPI. Forward around 6 months, and we couldn't afford to keep up the payments - not with paying mortgage etc as well. Lloyds recommended this loan and PPI to us but we defaulted and it was passed to (what is now) Cabot. My question is, can we reclaim the PPI? We are still paying off this loan at £1 pm!!!
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ABSOLUTELY!!!
Go for it!
I have been paid with defaults accounts in the past.0 -
You can certainly complain about mis-sold PPI. However, any redress awarded will be offset against the money you still owe I'm afraid. Might mean you get a few less months of paying £1 a month...pinkdragon wrote: »My question is, can we reclaim the PPI? We are still paying off this loan at £1 pm!!!0 -
Moneyineptitude wrote: »You can certainly complain about mis-sold PPI. However, any redress awarded will be offset against the money you still owe I'm afraid. Might mean you get a few less months of paying £1 a month...
Even that would be very welcome. We still owe £21,000!!
And thank you gman, will definitely go for it!0 -
I would also go tot he debt free wannabe board for advice reagrding tis loan as there may be a way to stop paying it, if you've been paying it for 13 years at a pound a week.Non me fac calcitrare tuum culi0
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I got PPI back on defaulted loans, this was after I have made full and final settlements though.ISA £1675
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No. Things like a very reduced F&F payment, possibly ten percent, requesting the CCA to check for enforceability, depends on how many companies have taken it on since it was sold, whether it was completely sold, whether the bank should have offered it in the first place considering it was a consolidation loan and the bank were privvy to their income etc.Non me fac calcitrare tuum culi0
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Novel ideal but they could always get rid of the problem by paying the debt that they know they owe, not look for reasons to get out of it, particularly given it's a £1 a month payment
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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Novel ideal but they could always get rid of the problem by paying the debt that they know they owe, not look for reasons to get out of it, particularly given it's a £1 a month payment
When you say "they could always get rid of the problem by paying the debt they know they owe" ... we know we owe the debt and after the mortgage has been paid off in a couple of years we intend to pay this debt off. My original question was whether we could reclaim the PPI - that's all.0 -
pinkdragon wrote: »When you say "they could always get rid of the problem by paying the debt they know they owe" ... we know we owe the debt and after the mortgage has been paid off in a couple of years we intend to pay this debt off. My original question was whether we could reclaim the PPI - that's all.
That was in response to Taff who suggested you could try and get out of it, my response was immediately after hersSam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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