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Claiming ppi when the debt has been sold on....


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HI

Ive got a quick question about claiming ppi. i had a loan with a company years ago over 10. the debt is now statute barred, they sold the debt to a dca but because it was statute barred no further action was taken, however the debt obviously still does exist and i am keen to pay it off. the original loan company still exists and my question is if i claimed ppi from the original company for miss selling me ppi will they pay me so that i can then pay the dca off or will they keep the money...

 

i was told at the time by taking out ppi would mean i would get the loan and if i didnt then the outcome would be different

 

any information would be greatly appreciated, i am aware that theres no definitive answers as to what a company can or cant or will do but if anyone has any info then i would be very grateful thank you...

 

cheers

:-)

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If the account has been sold on then there is no right of set off and the refund of PPI should come to you.

 

However, some businesses buy back the debt in order that they can set off.

 

Who was the original lender?

 

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Hmm I don't think I have heard of them buying debts back in order to set off but they could try it.

 

If they do then you won't get the refund.

 

If they don't buy it back then the refund should come to you.

 

Just as a matter of curiosity, why are you wanting to pay back an SB debt....is it just that you feel morally obliged to?

 

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yes i am looking to go bankrupt but just cannot afford the 600 pounds to do so, and if i can pay of my debts with the ppi money that i was miss sold then thats great im happy with that. if they did buy back the debt and use the ppi money to set off the debt then i take it that will be paid off then......

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yes i am looking to go bankrupt but just cannot afford the 600 pounds to do so, and if i can pay of my debts with the ppi money that i was miss sold then thats great im happy with that. if they did buy back the debt and use the ppi money to set off the debt then i take it that will be paid off then......

 

Whether the debt is completely cleared will of course depend on the value of the PPI refund.

 

You are aware that you don't need to worry about SB debts? While morally they still exist (if you are in England and Wales), they cannot be enforced at all so you could if you wish just walk away from those ones.

 

It is your call but just wanted you to be aware.

 

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yes of course the amount would depend whether it would clear the debt, im guessing that just because im claiming ppi on a debt that is statute barred doesnt mean that the debt then becomes non statute barred because im claiming ppi on it does it......and thank you for all your advice people...

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yes of course the amount would depend whether it would clear the debt, im guessing that just because im claiming ppi on a debt that is statute barred doesnt mean that the debt then becomes non statute barred because im claiming ppi on it does it......and thank you for all your advice people...

 

 

No...when it is SB then nothing can un-bar it.

 

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