Default and PPI

[madtergee16]

Hi,

Could someone please comment on this.

 

1) I had credit card then default £1000,

debt sold to collection agency.

The debt was, paid in full to collection agency who had bought the debt.

However not before Default was, issued.

Now its showing on CRA. I am not sure how much of this was interest and charges.

 

2) 5 years later won £400 PPI from original lender.

 

A few things are unclear to me now.

 

1) Original lender has refunded £400 as PPI, therefore would I be correct in saying the figure showing on CRA, £1000 is wrong.

 

2) I note that when mention this to CRA, they sent me a message from the collection agency stating they are not aware of this and I should send them proof.

I am confused about how this should work.

 

If like both parties claim the debt now belongs to collection agency.

Then why did the original lender payout PPI.

 

I have sent SAR to collection agency

they have replied with one page showing two signatures stating that is a copy of the sale when they bought the debt.

 

I am waiting for the return of SAR I sent to the original lender.

 

However, they have already stated they sold the debt to collection agency.

 

So who is responsible for reporting my files on CRA.

 

Cheers

[dx100uk]

the org debt figure is correct.

regardless of PPI refund.

 

waste of time SAR the DCA.

 

dx

[madtergee16]

Can you explain why the original lender paid back the PPI and not the company that bought the debt? And why the company that bought the debt are now asking me to prove that I was paid back PPI?

[madtergee16]

Hi DX100uk

Are your comments based on fact? Or is that what you assume? The reason I ask this, please look at he link I found on another site.

[edit]

Please, I am only interested in facts not what people believe should happend.

[ims21]

Can you explain why the original lender paid back the PPI and not the company that bought the debt? And why the company that bought the debt are now asking me to prove that I was paid back PPI?

 

It is always the original creditor who will repay the PPI.

 

You said they refunded you so you got a cheque or transfer into your bank?

 

You don't need to tell or prove anything to the DCA .

[ims21]

If you had a debt of £1,000 that was defaulted then the original lender would have placed a default for that amount on your file.

 

When that debt was sold then the new owner will substitute their name against it and update the entry.

 

If you say that you have paid the £1,000 in full then it should be showing as "satisfied".

[madtergee16]

Hi ims21

Yes that is correct it does say "satisfied".

1) I was trying to figure out why the original lender would sell the debt for a lot less than it is worth. Then find they have to pay back PPI, while the new owner of the debt collected the full monies outstanding.

 

 

 

2) Why are some lenders adjusting the amount outstanding on live accounts at CRA, after they have paid out PPI whereas, because I had paid off my debt, there is no adjustment, therefore anyone looking at what I defaulted on will see the higher figure. However, if they look at the person that still paying off the debt but received PPI they will now see a lower figure.