DAF / Go Debt / Hollis Briggs Solicitors repo- now chasing

[mpenn]

OK cheers just from what I read it says

 

I got behind with my loan which had PPI attached to it. As a result, the loan was sold to a debt collectionicon Agency and I have a notice of assignment to that effect. As my debt has been sold, who do I now claim from and what do I claim.

 

This is an interesting one but you should revert to the logic that it was the original creditor or their agent who mis-soldicon the policy and therefore it is they who are your target for the reclaim.

 

Surprising as it may seem, the dca has nothing to do with the policy or the sale of it. All they have is a figure that they have bought. The claim is therefore to the original lender.

 

Now there is no set rule as to what goes on here but the closest logical approach is as follows.

 

Prior to selling the debt, the original lender would have issued default and termination notices. It is likely that from the date of termination no further interesticon will be added to the account. There would clearly be a balance on the account otherwise there would be nothing to sell on to a dca.

 

If you put yourself in the bank’s shoes what can they do about a claim that they uphold?

 

Normally they would adjust the loan balance for the unpaid part of the PPI, offset the claim against any arrears on the account and refund the balance to the claimant. As they have assigned all rights etc to the dca, they can no longer interfere with the balance on the account (generally speaking).

 

So what they have to do to put things right is to refund the entire premium to the claimant plus the interest they would have charged on the payments by the claimant and then plus interest on those payments by way of compensation, typically 8% statutory interest.

 

They do this in the logical approach that if the dca has a figure that has been sold to them, that figure would still include some of the PPI but the bank can’t touch that. By refunding the entire premium plus the appropriate interest, they are assuming that the claimant will use that refund to pay off the dca and the bank are giving you back more than you have actually paid in order to fund that.

 

Now whether the claimant has a dispute with the dca is beyond the scope of this article but this is a recent scenario that has cropped up and from the calculations we have been able to perform is an accurate representation as to what happened.

 

So in this scenario you would put forward a claim for the total amount of the PPI premium plus the interest charged by the bank on the payments actually made plus the further 8% statutory interest on each payment actually made.

 

In the last paragraph it says that you put the total amount of PPI premium plus the insterest charge on the payments actually made plus the 8%. But you are saying just the payments and 8%. Bit confused here as you said to refer to the link which I have, not saying that it's not right

[dx100uk]

if you look at the calculation in post 20

 

 

that already accounts for the OC's interest on the loan

 

 

the spreadsheet does the 8%

but you MUST put in every PPI payment individually - which is 36% of any ACTUAL MONETERY PAYMENT MADE BY YOU and the date it was made

dx

[mpenn]

It came from the first link in your signature the 1. Single Premium PPI Q&A Read Here which I was told to read its the 7th block 1st one.

 

So what about the rest that they are saying that I have to pay? Which has PPI included

[dx100uk]

enter £65.87 each month for the full term then.

 

 

dx