CC debt sold on, PPI reclaim?

[suedes]

Hello,

I had a credit card with HSBC it was sold to MKRR the balance is about 11K I have been going down the UE route as HSBC have admitted they don't have a CCA. It was defaulted in 09. I am nearly 4 years down the SB road.

Betweeen 2004 and 2007 I had ppi on this account

Can I reclaim this PPI? if so who do I go to HSBC or MKRR?
How does that affect the status of the account?
Does it come off the balance? would it be possible to strike a deal if so as way of a full and final.

Thanks

[The Tech Clerk]

Re: CC debt sold on, PPI reclaim?

PPI to HSBC, they may put up a fight, but if you good reason then you should be o.k. I did few years ago, even after making 1 claim against the so called all purpose policy. of course minus the 1 months payout which was fair enough. But one thing I found was that if you go thru a claims company it is a no go to them, as once I told them I cancelled the claims company and I certified I had they paid out.

[Undercover Elsa]

Re: CC debt sold on, PPI reclaim?

I'd figure out how much I'd stand to gain, bearing in mind a reclaim will reset the Statute Barred clock...

Elsa x

[The Tech Clerk]

Re: CC debt sold on, PPI reclaim?

I'd figure out how much I'd stand to gain, bearing in mind a reclaim will reset the Statute Barred clock...

Elsa x

If the claim is more than you allegedly owe fair enough, but as Elsa suggest be careful??

[di30]

Re: CC debt sold on, PPI reclaim?

Hello there

Right first of yes you can make a reclaim on the PPI, and you still do this with HSBC.
As they were liable for the sale of the policy, it does not matter that your account is with a debt organisation.
And from what I am aware, if the debt has been truly sold on, HSBC still have to deal with the PPI, and if you succeed, the debt organisation may not have rights to your refund.

I do not know much about the UE route, but in regards of reclaiming PPI is not a problem.
The fact that you would not be able to make a claim, ie:, for unemployment/sickness due to the situation, it is worthless to you, but if you also have other reasons that may apply as well, do make sure you raise all on the complaint form or letter of complaint.

Also, the ppi is probably still included within the balance of the loan account.

Reclaim questionnaire here, if you want to complete this.
http://www.financial-ombudsman.org.u...laint_form.doc

Or a template letter below (please be aware that most businesses do the above reclaim questionnaire's now) but no harm in sending a letter if you wish.
Delete and or add that applies to you, anything not included do also apply to the letter.

And keep copies of all you send.

PPI reclaiming complaint letter here:

http://forums.all-about-debt.co.uk/s...ead.php?t=6720

Good luck, ask for further help if required and please keep us posted.

Cheers.

[oldyboy]

Re: CC debt sold on, PPI reclaim?

I'd figure out how much I'd stand to gain, bearing in mind a reclaim will reset the Statute Barred clock...

Elsa x

I agree here. It might be worth your while just to let sleeping dogs lie...........

[Never-In-Doubt]

Re: CC debt sold on, PPI reclaim?

I'd figure out how much I'd stand to gain, bearing in mind a reclaim will reset the Statute Barred clock...

Elsa x

Actually no it will not as you are not paying monies directly into the account. A refund of any PPI is always offset from inception so what this means is that it will always be applied as at the date it was applied but in theory it will be applied from the date the account started charging for that period of refund.

So lets assume you open a card in Jan 2000, stopped paying in Jan 2007 but then you reclaim in Jan 2012, the refund that was due will appear as a credit on your Jan 2012 statement but behind the scenes would be an offset of debt and not a credit to the account, based on the inception date of 2000. SB would be due in Feb 2013 as though no reclaim had ever taken place.

Unless of course throughout the reclaim you mess up and acknowledge the debt in any shape or form, and a direct payment usually does this

[Undercover Elsa]

Re: CC debt sold on, PPI reclaim?

I always thought that the very act of reclaiming, whereby you have to prove your identity and that it's your debt in order to claim, would be sufficient acknowledgement, regardless of payment.
However, as ever I bow to your superior knowledge

[suedes]

Re: CC debt sold on, PPI reclaim?

Thank you everyone certainly some food for thought there.

By my calculations I would be looking at about £5200 back at the moment.

Is there a time limit for reclaiming? the date the insurance was cancelled will be six years ago next October.

Thank you.

[di30]

Re: CC debt sold on, PPI reclaim?

Thank you everyone certainly some food for thought there.

By my calculations I would be looking at about £5200 back at the moment.

Is there a time limit for reclaiming? the date the insurance was cancelled will be six years ago next October.

Thank you.

Hi
No limit as such, but just to cover yourself, and with it being 6 years since cancellation, I personally suggest to do this as soon as you are able.

[MattyA]

Re: CC debt sold on, PPI reclaim?

Make sure you work out what they owe you properly - They will try to short change you.
If you have the info IE copies of statements you can challange them and from experience they will listen IF you can prove it.

Dont forget you can also reclaim all default charges and interest applied to them, if you have not already done so,which will also help to reduce the balance.

PS - They paid me directly and didnt offset the outstanding balance.

Good luck

Matty

[ken100464]

Re: CC debt sold on, PPI reclaim?

Make sure you work out what they owe you properly - They will try to short change you.

Never a truer post.

3 out of 4 successes have tried it on with me. Keep a very close eye on any penalty charges in relation to the reconstructed balance.

Unless your account went into meltdown then overlimits towards the end of an account are well nigh impossible in the reconstructed balance as the PPI and interest arising from the PPI inflates the balance over the limits.

And FOS states very clearly they expect the company to return you to where you would be if the PPI was not present. Therefore these Overlimits are part of the claim.

Likewise late charges could towards the end of an account might not be there because the reconstructed balance is actually in credit. So how can you have a late penalty when they actually owed you money.

Never trust them. I think not only did they do us over on the miss-sale they are presently doing Joe Public over again because we arent checking on mass.