Claiming PPI after debt sold on

[AWC]

Hi guys, quick question here:

 

I had an IVA from 2005-2010 and successfully finished it and it became statute barred in 2011.

 

 

In 2013 I claimed PPI from one of the creditors, EGG and they took a chunk of the reward to settle the debt which was written off after the IVA was completed.

 

 

I understand that they can do this as they were the original creditor and even though the debt is statue barred it still exists until it is cleared, it's just that they can't chase me for the balance anymore.

 

we come to today and I have written out to all my past credit card & loan providers whom I had PPI policies with.

One of them, Halifax,

 

 

I had a number of consecutive loans (only the single final loan was defaulted on) and also a credit card.

During the years of my IVA they sold all the debt to Max Recovery, which is normal.

 

My question is this

- If my PPI claim was successful, a

nd as Halifax no longer owns the debt as they sold it to Max Recovery,

can they offset any reward I get to the debt,

considering they sold it and have now already had some,

but perhaps not all of the money back when Max Recovery bought it off of them?

 

Thanks in advance!

[dx100uk]

they could only offset if they purchased thedebt back from the buyers

however, as this is an asset from the time of your IVA

then your trustees could also take it and pay it off against the IVA debts too.

 

 

an IVA does not become statute barred if the asset is from the same debts the IVA covered.

 

 

you could try

if you get it then good luck to you

BUT theres always the chance the trustee finds out and wants it paid to them latter on

[AWC]

Hi there dx100uk and many thanks for your reply, that makes absolute sense.

 

The outstanding debts with Halifax after the IVA distribution amounted to less than 4.5k over one loan and one credit card. My PPI claims date back to the mid 1990's and probably cover 10+ years of payments every single month (between £10-£20).

 

I am cool with the idea of paying back everything I borrowed, and so it is possible that there might be some spare left over after paying off a possible £4.5k

 

Fortunately after completing my IVA many years ago I learned to look after my money better and I am financially very very good these days, but this is all about the principle of being mis-sold the PPIin the first place. If it meant I had to pay back at some point in the future, then that is fine, I can cover it.

 

I will keep you posted!

[AWC]

Nothing to report other than I am waiting back to hear after completing all the questionnaires which were sent to me.

 

Quick question, if any of the money awarded on any successful PPI claim goes towards settling any outstanding debt after completing an IVA 7 years earlier, what happens to the interest?

[dx100uk]

sadly would go to the trustees too

 

however it cant be directly offset against a debt by the Original creditor should THEY offset

in that instance it must go to you AFAIK.

[AWC]

Okay dx100uk and thanks for getting back.

 

 

I think on reflection there seems little point in me claiming any PPI back because any reward will just go around in a big circle and end up where it started, doesn't seem to be worth my time, even just for the principle of rectifying the miss-selling of the PPI policies in the first place.

 

 

Having slept on it overnight I have come to the conclusion that I will probably no longer pursue my claims any further as there is little point.

 

 

Thanks anyway for your advice and support.