PPi and old bank debts.

[Gleno71]

Hi guys and thank you admin for letting me join this group.
I'd like to ask a question.
Some years ago i had a loan of around £18K and 6K on my credit card..both through Lloyds....i had an iva amalgamation of those debts which failed after 2 of 5 years...but managed to avoid and any kind of action from lloyds....the debts time then ran out and i even managed to sell my flat without any kind of repayment to lloyds or the iva company.
So to be fair i dodged a bullet.
Now my ex has managed to bag herself 10k through ppi...her debts were much worse than mine and she had to pay back a lot of her debts through what her half of our flat made through equity.
Now here's the question im thinking of applying for ppi...through my loan and credit card that i had with lloyds.
Now im not certain that i was missold a loan or credit card...but its definately worth a try.
Does anyone think that if i go for this that lloyds could come back and ask me for money if i got some ppi money....the debts are over 10 years old.
Sorry if im being a bit thick asking the question...as i dont know a lot about finance as a subject.
Many thanks for any help guys....G

[Debt Camel]

Re: PPi and old bank debts.

When did your IVA end?

[Gleno71]

Re: PPi and old bank debts.

When did your IVA end?

2010 DC

[Debt Camel]

Re: PPi and old bank debts.

ok, so the debts in it are statute barred (assuming you haven't made any payments or otherwise acknowledged them.

If you make a PPI claim this will not reset the statute barred clock.

However, the debts still legally exist and the lender may choose to offset any PPI against the balance, not pay it to you. This is more likely to happen if the debt hasn't been sold to a debt collector, but it can still happen if the debt has been sold.

There is also a chance that your IVA firm may try to claim the PPI money. I haven't come across one who has tried to do this with an IVA that failed so long ago, but, after the Green v Wright verdict it is possible.

It's up to you. If you do try to reclaim PPI, do not use a claims firm, or you could be left owing them money even though the money was used to offset the debt.

[Gleno71]

Re: PPi and old bank debts.

ok, so the debts in it are statute barred (assuming you haven't made any payments or otherwise acknowledged them.

If you make a PPI claim this will not reset the statute barred clock.

However, the debts still legally exist and the lender may choose to offset any PPI against the balance, not pay it to you. This is more likely to happen if the debt hasn't been sold to a debt collector, but it can still happen if the debt has been sold.

There is also a chance that your IVA firm may try to claim the PPI money. I haven't come across one who has tried to do this with an IVA that failed so long ago, but, after the Green v Wright verdict it is possible.

It's up to you. If you do try to reclaim PPI, do not use a claims firm, or you could be left owing them money even though the money was used to offset the debt.

Thanks DC appreciate your advice....G.