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  • FIRST POST
    • davec47
    • By davec47 10th Jan 18, 5:33 PM
    • 3Posts
    • 0Thanks
    davec47
    PPI and debt management plans
    • #1
    • 10th Jan 18, 5:33 PM
    PPI and debt management plans 10th Jan 18 at 5:33 PM
    This has been glossed over by this site. There is no information that definitively answers this question. There are vague attempts but it is clear you do not know the answer so can you please answer the actual question. Which is; I cleared a debt management plan a year ago. I made reduced offers on all outstanding amounts and got debt free. I am out of reach of my ex creditors, I think on time barring. If I go for PPI reclaim, which came about from those debts, is it possible that my creditors can treat this as reopening my debt and chase me for another six years. I have heard this said. Are you aware of any cases? It has also been stated that my ex creditors may keep any money I get to put against the shortfall of what I owed and what I paid. I did go to a national PPI advertiser and they dropped me when I asked them these questions. This aspect of PPI is clearly in the public interest and will benefit many people in my position. Thank you.
Page 1
    • antrobus
    • By antrobus 10th Jan 18, 5:48 PM
    • 15,684 Posts
    • 22,337 Thanks
    antrobus
    • #2
    • 10th Jan 18, 5:48 PM
    • #2
    • 10th Jan 18, 5:48 PM
    ...
    If I go for PPI reclaim, which came about from those debts, is it possible that my creditors can treat this as reopening my debt and chase me for another six years....
    Originally posted by davec47
    No, once a debt is statute barred it cannot be revived.

    ...
    It has also been stated that my ex creditors may keep any money I get to put against the shortfall of what I owed and what I paid.
    Originally posted by davec47
    Yes they can. Once a debt is statute barred it only prevents the creditor from seeking recovery through the courts. Other forms of recovery continue.
    • dunstonh
    • By dunstonh 10th Jan 18, 6:00 PM
    • 93,063 Posts
    • 60,453 Thanks
    dunstonh
    • #3
    • 10th Jan 18, 6:00 PM
    • #3
    • 10th Jan 18, 6:00 PM
    I did go to a national PPI advertiser and they dropped me when I asked them these questions.
    That is good to hear. Some of the less scrupulous ones would have carried on and you could have ended up with a bill despite not receiving the money personally. They bill against the redress. Even if the redress goes against the debt that went unpaid.

    This aspect of PPI is clearly in the public interest and will benefit many people in my position.
    Which is why the rules are well documented.
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • davec47
    • By davec47 11th Jan 18, 8:29 AM
    • 3 Posts
    • 0 Thanks
    davec47
    • #4
    • 11th Jan 18, 8:29 AM
    PPI claim
    • #4
    • 11th Jan 18, 8:29 AM
    Thank you for this advice. Now clear _ no claim. Hope this helps others.
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