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Claiming PPI on statute barred defaulted debts
BenDog
Posts: 4 Newbie
Hi, We have had a mortgage in the late 1980's-mid 1990's, and from 1990-2000 we had credit cards and catalogues most of which I remember being sold 'protection if you lost your job' which I was told would aid my applications. Having a bad time with health and work during that time meant that most of them went unpaid eventually and defaulted - and have become statute barred since. Not proud of that time and things are very different now. However, my question is about reclaiming PPI. Is it true that if I claim the PPI from this that we may end up 'opening up the old debt' as we would be admitting liability? Thanks.
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Comments
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A statute barred debt cannot be 'opened up'.
If your complaint is successful, any redress will be set off against your unpaid debts.
If you use a claims company, you'll need to pay them from your own funds even though you won't receive the redress, so do it yourself.0 -
Thanks - it sounds like it's more trouble than it's worth. It's unlikely that we paid more than £18k in PPI to our endowment mortgage for example and if it gets swallowed up then it would have been a lot of trouble for nothing. Thanks for the heads up about the claims company though - we were just about to sign for one to do this for us!0
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Endowment mortgages did not have PPI
The credit card and store cards you could though, might end up getting something back so worth a trySam 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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Thanks - it sounds like it's more trouble than it's worth. It's unlikely that we paid more than £18k in PPI to our endowment mortgage for example and if it gets swallowed up then it would have been a lot of trouble for nothing. Thanks for the heads up about the claims company though - we were just about to sign for one to do this for us!
By the sounds of it you have already won by not paying your £18,000+ debt - getting the PPI refund as well will probably be taking the !!!!.0 -
The £18K was a joke anyway - they sold the house for £3k less than we paid for it and the rest was their charges! The solicitor at Citizen's Advice said it was ridiculous.0
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