A Morbid Tale of Debt

[fairbank]

Well that's a thought! No bookies in the sleepy hollow that I live but lots of people oevr 70!

 

Thanks for making me feel better " thought that I had had money troubles etc but nothing compared to you..."

 

..but life goes on!

[ODC]

Fairbank I am not an expert in it but I would imagine if the PPI was mis-sold then it should be paid back in full. No doubt some of the PPI experts will be along soon to quote chapter and verse.

 

I must be one of the lucky ones with PPI as earlier this year I had to claim on mine and they have now paid out much more than the policy cost me.

[fairbank]

Thanks

 

I this my starting point with them is that they have missold the PPI which

 

a) has cost me over £1200 since I took out the loan

b) continues to accrue interest

c) Had it not been missold then the premiums would have been much lower and I may not have run up the arrears and no doubt the xtra costs and charges

d) If interest has been charged at say 8% on the £9100 then this is £2056 - minus payments of £1137!

e) Before proceeding Paragon need to expalin the mssold PPi, recalculate the amounts and then recredit back to my account what they owe me. This will then leave with no arrears and a reduced monthly payment

 

But I await the experts because I need to write to them very soon and get the default deferred until the PPI is resolved

[jansus]

Have you actually tried opening a thread in the PPI section - hopefully thats where all the experts are?

 

Glad to see you are on the up and hopefully you will be am inspiration to others as well

 

Jan:)

[Hopeful1]

I realise that this should possibly be on another thread but I need some very quick advice.

 

Paragon have issued me with a default on a secured debt for £36,000 for arrears of ~ £1,600. The original loan taken out in Dec 2004 was for £25,750 plus £9100 PPI.

 

I have now disputed the PPi through a company and their claculation is that it was missold and that Paragon should refund me for £1,265 (virtually the arrears). I have asked Paragon for information as to how much the reduction will be if I cancel the PPI and they have come back with a figure of about £12 per month. Basically they will pocket about £4500 for the privelege of me cancelling the policy!

 

I believe that this account is under dispute, irrespective of the arrears and they are quoting me a figure which includes missold PPI.

 

Q1 - Can I seek a deferrment of the Default until such time the PPI issue is resolved.

 

Q2. If they proceed to court they will currently still tag on the £9,100 PPI which was missold

 

Q3. If there a precedent for Missold PPI. i.e. Can they charge me 50% of the riginal cost for cancellation

 

Q4. They have never ever sent me a statement, so I currently don't know what charges have been added

 

Q5. Is there a letter template that can be used to send to their solicitors to delay the action until the PPI situation is resolved

 

Any quick help would be most grateful. The have given me until the 21st December to pay up

 

Thanks

 

Hi Fairbank.

I've posted a link to this thread on my PPI thread. As Jansus has said, it is probably worth starting your own thread in the PPI forum. If you are desperate and don't get the help you need, send a PM to a site helper or mod with your thread link.

For what it's worth i agree with the debt being in dispute due to the PPI. I am in the same position with Barclays. I've now sent it to FOS as they've been ignoring me since January and have just issued a default notice!

Any probs, let us know

[alanfromderby]

I have copied your post onto a new thread in the PPI forum and will respond there.

[Hopeful1]

I have copied your post onto a new thread in the PPI forum and will respond there.

 

Here's the link for the PPI thread, thanks to alan:

 

http://www.consumeractiongroup.co.uk/forum/payment-protection-insurance-ppi/123198-re-morbid-tale-debt.html

[fairbank]

Manythanks for this. The thread is now being used with help already

 

Hopeful1 - I am halfway up the mountain but can still touch the ground with my feet!!

[Hopeful1]

Hopeful1 - I am halfway up the mountain but can still touch the ground with my feet!!

 

And doesn't that feel so much better to where you were a week ago?! Glad progress is being made

[Wensley]

I dont know what area you are in fairbank but i do know that most of the utility companies have Trusts that will help out with utility debts - ie Anglian Water trust - will consider gas & electric bills etc as well as water if you live in their area - ANGLIAN WATER TRUST FUND

[fairbank]

Monday Update

 

£1000 in my account this morning. Feel much better!

 

Should hear if I am to become a JOb Seeker on Wednesday so if I am some more cash

 

Determined effort to get work now, just sent off another applicatition today. Have decided to become steady from now on and not be the entrepreneur - no more risks (for the time being at least!)

 

Phones all gone quiet for some reason for the past week but post building up. At least some breathing space for now

[Hopeful1]

Hello!

 

I'm glad you are feeling the whole 'room to breathe' bit, it really does help. It gives you time to take stock and focus on other things.

 

As time goes on it will be easier to prioritise which company/companies you focus on. I'm really glad you've got some money in your account. Again that gives you time to sort out your entitlements and job hunt.

 

I really wish you the best of luck. Busy busy busy!

[fairbank]

Red tape with the claims. One department can't release information about me without written consent which can take up to about 10 working days!

 

I am hopeful that something will get sorted out soon though. The claim is worth about £200 before christmas for JSA.

 

They do make you feel guilty about claiming for what is righfully yours. God I have paid so much into the system in the past 30 years, always worked and I am having to justify myself for a measly £50 per week, a reduced amount because I served Queen and Country for 16 years risking life and limb in the Falklands, Bosnia and the Gulf. Make s me so angry when I think of all those who get so much for not having contributed anything to the economy.

[fairbank]

Capital One have now closed my account and have advised that they may pass the debt onto another organisation ie sell it to them.

 

Anybody know which DCA they use?

[dannyboy660]

......... a reduced amount because I served Queen and Country for 16 years risking life and limb in the Falklands, Bosnia and the Gulf. Make s me so angry when I think of all those who get so much for not having contributed anything to the economy.

 

 

With you entirely on that one, although it is a dodgy subject with some......

[fairbank]

.........and better to not get political on this either. Subject closed then!

[Lula]

no, sorry, i want to know more about this, you are being penalised because you were in the armed forces? can you go into a bit more detail please, this is absolutely disgraceful!!!

[fairbank]

I get a small pension of just over £250 per month and they need to check that I am telling the truth. Wish I had never mentioned it. The pension people won't tell them what it is without my written authority and this takes ten days to be authorised.

 

As a result they have advised that because of the small pension that I am unlikely to get the full amount of JSA and there will be a reduction of about £6.00 per week or so, and possibly more because my wife earns about £450 per month.

 

This will also effect any council tax benefit that I may also recieve. A quick calculation by the council said I may get about £2.50 per week off. Thats great on an annual bill of £1200!

 

The system is not designed to help those in need or do not understad the system. I have realised that I have been eligible to Child Tax Credit for about 6 years at £20 per week but have never claimed it and cannot claim it back either. That's about £6,000!

 

Unemployment enables you to find out things you never have the chance of finding out but the system just wants to prevent you doing anything about it.

 

Going to the job centre this afternoon where I will hopefully be able to get a telephone authorsiation whilst in their offices.

 

Lady dealing with my claim very nice, but the system stinks, it really does.

[fairbank]

Latest news! Just got back from the Job Centre, who now officially have my pension details, given willingly by the person at the other end of the phone. Why don't these inter departmental government agencies work together. I am sure that they would share information with each other if they were planning to prosecute me. Imagine the CPS and Police not speaking to each other or the prisons and probation service doing the same.

 

Ah well, can't dwell on the past, it's up to them now, suspect they will pull a fast one and come up with an excuse not to give me any money. I always fear the worst at the moment, that way I don't feel as bad when they give me the news!

[ODC]

You arent the only one who loses out because he served queen and country. Because I get an pension due to being medically discharged this affects the amount of benefit I can claim. A coutry fit for heroes my AR**. Sorry to go off topic but I can share your frustrations Fairbank

[MR2Phil]

Well that's a thought! No bookies in the sleepy hollow that I live but lots of people oevr 70!

 

There you go then! Apply for a licence, get a little shop space, off you go as an independant! Old folk LOVE a bet!

 

Thanks for making me feel better " thought that I had had money troubles etc but nothing compared to you..."

 

..but life goes on!

 

Ah, sorry buddy, that was a bit insensitive, I'm so sorry! Sounds like things are looking up slightly though, the nature of your posts is so different compared to your first...you actually sound indignant and have fight in you! Your first sounded like you were already down...so you're going the right way!

 

Good luck!

[fairbank]

Well I havewon the battle for JSA, well at a reduced rate. They are deducting £6.00 per week off my entitlement because of the pension. I will get paid on the 17th and 24th December and its worth about £200!

[Lula]

excellent news fairbank, it is something anyway, to tide you over

[fairbank]

MR2phil - thanks!

[hellhasnofury]

MR2phil - thanks!

 

Hello Fairbank,

 

Have you asked for information regarding the unregulated credit agreement and how you can get a copy of the agreement from Paragon