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    • Sneakyfool
    • By Sneakyfool 5th Dec 17, 11:08 AM
    • 7Posts
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    Sneakyfool
    PPI Claim help/advise
    • #1
    • 5th Dec 17, 11:08 AM
    PPI Claim help/advise 5th Dec 17 at 11:08 AM
    Hi,

    So back between 2002 - 2005 I took out 3 loans with HSBC.


    2000 with PPI of 380 with interest 522
    2500 with PPI of 439 with interest 542
    6500 with PPI of 1601 with interest 2188.48


    I used the 2nd loan to repay the first loan, then 3rd loan to repay the 2nd etc. I then defaulted on the last one this went to collections and I ended up paying this off with a collection agency. Activ Kapital I believe. Maybe like 5 years ago.

    Young me wasn't very good with money. Thankfully I got myself together and haven't missed a repayment on anything in over 8 years.

    Anyhow I recently moved and found all my old loan agreements hence how I know the exact amounts. My question is, since this got sold to a debt collection agency am I able to recoup my PPI?

    I thought I would find out; so sent off a form with one of this PPI firms who have come back and said they can't process any claim since HSBC have different details and want me to go in branch as my signature and details were different to what they have on record.

    I've since done some research and found PPI firms are pointless as I can do the claim myself, HSBC have sent me a form asking me to go in with ID so they can process my claim.

    My question is if I go in with my details and all my old forms could I end up owing them money for defaulting all that time ago? Would they process my claim without having to go through a PPI firm? And can anyone give any advice on how to proceed or where I would stand?

    Thanks in advance.
Page 1
    • zx81
    • By zx81 5th Dec 17, 11:12 AM
    • 16,792 Posts
    • 17,805 Thanks
    zx81
    • #2
    • 5th Dec 17, 11:12 AM
    • #2
    • 5th Dec 17, 11:12 AM
    If the account was settled or is statute barred, then no.

    If it wasn't, and it's not statute barred, yes.

    If it's settled but you didn't repay it all, any redress will go towards the debt.

    They don't process your claim. They investigate your complaint.
    • Sneakyfool
    • By Sneakyfool 5th Dec 17, 11:38 AM
    • 7 Posts
    • 4 Thanks
    Sneakyfool
    • #3
    • 5th Dec 17, 11:38 AM
    • #3
    • 5th Dec 17, 11:38 AM
    I'm sorry I don't understand your responce entirely.

    The loans weren't settled or statute barred as I started making repayments 2 years later in 2007.

    However at this time the loan had been sold to Aktiv Kapital.

    I repayed this loan in full so at this point their is no debt.

    The first two loans were repayed in full however so these should still full under HSBC umbrella. and hopefully be claimable. Obviously minus early repayments degating some of the interest.

    I'm just not sure if I can claim PPI on a loan that was sold to a debt agency. Since technicly when I payed that off it was included in the amount I owed as a lump sum.
    • Moneyineptitude
    • By Moneyineptitude 5th Dec 17, 11:43 AM
    • 20,133 Posts
    • 11,075 Thanks
    Moneyineptitude
    • #4
    • 5th Dec 17, 11:43 AM
    • #4
    • 5th Dec 17, 11:43 AM
    since this got sold to a debt collection agency am I able to recoup my PPI?
    Originally posted by Sneakyfool
    A PPI complaint will not re-activate the old debt. However any monies (interest etc) which were written off would be very likely off set against any PPI redress you might win.

    Your PPI complaint is a very strong one, by the way. You had PPI front-loaded onto a consolidation chain of loans. Paid back as a single premium to attract extra interest.

    So, I'd advise you to give it a go. Even if the redress is offset you may still get a payout..

    You shouldn't under any circumstance use a Claim Firm. If your redress is offset, you'd still owe the firm their full fee.
    • Sneakyfool
    • By Sneakyfool 5th Dec 17, 12:24 PM
    • 7 Posts
    • 4 Thanks
    Sneakyfool
    • #5
    • 5th Dec 17, 12:24 PM
    • #5
    • 5th Dec 17, 12:24 PM
    A PPI complaint will not re-activate the old debt. However any monies (interest etc) which were written off would be very likely off set against any PPI redress you might win.

    Your PPI complaint is a very strong one, by the way. You had PPI front-loaded onto a consolidation chain of loans. Paid back as a single premium to attract extra interest.

    So, I'd advise you to give it a go. Even if the redress is offset you may still get a payout..

    You shouldn't under any circumstance use a Claim Firm. If your redress is offset, you'd still owe the firm their full fee.
    Originally posted by Moneyineptitude

    Awesome, I'll go in this weekend and see if I can get the ball rolling. Thank you, really appriciate the time you took to answer my questions.

    Merry Christmas
    • Jeanporter
    • By Jeanporter 5th Dec 17, 2:32 PM
    • 1 Posts
    • 3 Thanks
    Jeanporter
    • #6
    • 5th Dec 17, 2:32 PM
    Jeanporter
    • #6
    • 5th Dec 17, 2:32 PM
    Reclaimed ppi for my brother. He had two loans from before 2007. He managed to pay them off recently. Decided to reclaim them now as deadline was looming. Natwest & nationwide refunded close to 3000 of which half is interest. More than we hoped. GO FOR IT. Went direct to banks. Easy process even with limited docs.
    • -taff
    • By -taff 5th Dec 17, 6:39 PM
    • 7,406 Posts
    • 5,486 Thanks
    -taff
    • #7
    • 5th Dec 17, 6:39 PM
    • #7
    • 5th Dec 17, 6:39 PM
    If you have signed anything with the claims company, then you will owe them money if you complain now, as complain yourself or not, they are still entitled to their cut.
    • Sneakyfool
    • By Sneakyfool 23rd Feb 18, 9:37 AM
    • 7 Posts
    • 4 Thanks
    Sneakyfool
    • #8
    • 23rd Feb 18, 9:37 AM
    • #8
    • 23rd Feb 18, 9:37 AM
    Hi,

    Just a quick update on this since your advice ensured I keep every single penny.

    "If you have signed anything with the claims company, then you will owe them money if you complain now, as complain yourself or not, they are still entitled to their cut"

    This wasn't the case as the original claim was rejected as my signature didn't match my old bank account.

    I went into branch with some ID and had to get HSBC to update there records turns out my signature on my account was from 1999 so almost 20 years ago so I'm not surprised it's changed from when I was a teenager.

    Anyway I digress, after updating my details I then did my own claim online without using a company and still hadn't heard anything up until last night. The cutoff was March 9th for them to respond so I was getting a bit anxious if I'm honest.

    Checked my bank last night and I've received a payment redress of just under 3200 so to say I'm delighted is an understatement.

    Just wanted to thank you all for taking the time to reply and help the many people that come here looking for advice.

    It's greatly appriciated and if I knew any of you I'd buy you a pint or two.

    Thanks again.
    • Moneyineptitude
    • By Moneyineptitude 23rd Feb 18, 12:45 PM
    • 20,133 Posts
    • 11,075 Thanks
    Moneyineptitude
    • #9
    • 23rd Feb 18, 12:45 PM
    • #9
    • 23rd Feb 18, 12:45 PM
    This wasn't the case as the original claim was rejected as my signature didn't match my old bank account.
    Originally posted by Sneakyfool
    If your original complaint was rejected solely on the basis of an ID error, then your "new" complaint is not new at all. You can expect the Claim Company to come looking for their cut of your redress (and they may take quite some time to do it).

    Once you signed the legally-binding contract with the claim company you gave them permission to represent you in ALL PPI complaints. You signed away the right to complain alone I'm afraid and the bank will inform the claim company.

    So, I wouldn't be spending all the money just yet...

    Otherwise, congratulations on your success!
    • Sneakyfool
    • By Sneakyfool 23rd Feb 18, 3:29 PM
    • 7 Posts
    • 4 Thanks
    Sneakyfool
    Well they sent me another contract to sign before I went to the bank so they could pursue after I amended my details but I'll check the paperwork tonight.

    That said, I'm not going to be spending the money anytime soon so if it turns out I do need to pay them a share then so be it, I did afterall intitate proceedings with them.

    Thanks for the feedback though I'd rather know now than have to pay out of pocket if I was so inclined to splurge that money away.

    Thankfully due to this website and personal finance reddit. My finances these days are in good order and I plan on maintaining that.

    Again thanks for all the work you do here. Top chaps.
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