PPI and non acknowledged SB loan

[vinegarvera]

Hi there,

 

Bit of a weird one, My hubby had an egg loan, which became statute barred in March.

 

To cut a long story short it was capquest chasing the loan that brought me to CAG. He did not acnowledge the debt and they could not produce a CCA, and all has been quiet from them for a while..

 

Now they have written to him to say there was PPI added to the loan and sent him a claim form.

 

Stupid question, (and to be fair I think i already know the answer) but, if we try to reclaim mis sold PPI will that acnowledge the debt and kick the whole process off again?

[BRIGADIER2JCS]

NO once statute barred and your other half has stated it is so and he will not make payment, there is no more that they can do.

 

However it make me suspicious that this PPI has come to light at this stage and one must wonder if there is an ulterior motive eg offsetting any refund against the statute barred debt.

 

I suggest that yes fill in the form as required, but add the following statement and sign it.

 

Take note completion of this questionnaire is NOT authority for refund of any PPI premiums to be offset against a now statute barred debt. ALL refund of premiums if any MUST be made to me personally without deductions of any sort.

[ims21]

Assuming this has already been confirmed as 100% SB then a PPI claim will really only be worth doing if the amount of the reclaim exceeds the balance due to Egg.

 

Is this account still with Egg or has it been sold on to a third party?

 

Do you have the agreement and a record of the payments made?

[vinegarvera]

Assuming this has already been confirmed as 100% SB then a PPI claim will really only be worth doing if the amount of the reclaim exceeds the balance due to Egg. No - I dont think so..

 

Is this account still with Egg or has it been sold on to a third party? Been sold to a couple of DCA's (I think)

Do you have the agreement and a record of the payments made?

No

[ims21]

Ok of it has been sold on then you should be OK with a claim.

 

Had it still been with Egg then it is highly likely that the bank would have used their right of set-off to swallow up the PPI refund.

 

If it has been sold to a third party then that right of set-off does not exist and the refund should come to you.

 

If you have no paperwork (copy of the agreement and record of payments) then unfortunately you won't be able to calculate what the amount of the refund should be.

 

The questionnaire you have received should be the same as the one available from the fos website here. If in doubt, use the fos one.

 

http://www.financialombudsman.org.uk/publications/technical_notes/ppi.html

 

As this became SB in March, there may be a slight chance that this is still on the credit file....if you check the credit file it will give you the name of the owner of the account still features on there.

 

What you can do is submit the completed questionnaire to Egg and they will have 8 weeks to investigate and give you their final decision.

 

In the meantime you could SAR Egg to get all of the information you can on this account. From the information that comes back you may be able to go some way to working out what the refund should be, otherwise you will be relying on the bank telling the truth if and when they make an offer.

Edited June 22, 2013 by ims21
Forgot link to fos website

[vinegarvera]

NO once statute barred and your other half has stated it is so and he will not make payment, there is no more that they can do.

 

However it make me suspicious that this PPI has come to light at this stage and one must wonder if there is an ulterior motive eg offsetting any refund against the statute barred debt. I thought so too..

 

I suggest that yes fill in the form as required, but add the following statement and sign it.

 

Take note completion of this questionnaire is NOT authority for refund of any PPI premiums to be offset against a now statute barred debt. ALL refund of premiums if any MUST be made to me personally without deductions of any sort.

 

thanks for your answer, still a bit suspect..

[dazza12]

thanks for your answer, still a bit suspect..

 

I've known a couple of other people to get these letters from Egg.

 

The letters are because they've identified a particular issue amongst a group of customers where they may have been mis-sold. There's also a possibility that they may be activating the 3 year timebar by notifying you. There's unlikely to be anything sinister about this, the admin to both work this out and to specifically chase your loan wouldn't be worth their while.

 

As far as they're concerned, the debt has already been written off of their books. Whatever happens to it shouldn't affect them.