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Hi I'm new to this forum stuff
I found your forum whilst searching through about PPI reclaim I'm hoping sombody on here will have some advice before I make a massive mistake.
It's a long story so I'll try a d keep it as short as possible.
When I was 18 I'm now 42 I took out a loan from the dreaded Avco Trust for £1000 with a heavy interest rate of 49.9% APR this was around March 1994. I can remember the guy in the office saying I had to have the PPI or I wouldn't get the loan.
Around 6 months later I can remember getting a invite for another loan from them as I was a top customer which being young and stupid I took them up on the offer. So another £1000 loan obtained with PPI being added. So ayear later I started to default as my partner was expecting and we had a home to set up so found making repayments difficult. My parents got involved and wrote a letter to Avco Trust to freeze the interest and and to see if we could enter into a reduced payment plan which they did but the interest wasn't frozen resulting in owing alot more.
In the end I ended up being taken to court and given a CJJ. This is where it gets interesting i defaulted on these payments and as a result had bailiffs visit me regular and hand me a letter to pay £150 each time. Which i did the bailiffs were on my side surprisingly and said that these loan company's are crooks and shouldn't be aloud to be lending money. There visits went on for around 5 years every few months knock at the door £150 to pay etc even made the Baliff coffee at times.
Then this stopped after 6 years. Avco got bought out by a couple of companies and now the debt is with Citi. I know this because up until ayear ok the used to send me a statement each year saying £3000 owing and no payments made etc. My credit file now is not effected and is in good shape.
What I need to know is if i claim back the PPI will this open a can of worms? Are they entitled to use the PPI to settle the debt even though it's so old. I've approached a PPI reclaim company and I don't really want to claim it back if I end up owing the reclaim company money. I'd rather just let it ride and move on as that was in my younger foolish days.
Any advice is much appreciated .
I found your forum whilst searching through about PPI reclaim I'm hoping sombody on here will have some advice before I make a massive mistake. It's a long story so I'll try a d keep it as short as possible.
When I was 18 I'm now 42 I took out a loan from the dreaded Avco Trust for £1000 with a heavy interest rate of 49.9% APR this was around March 1994. I can remember the guy in the office saying I had to have the PPI or I wouldn't get the loan.
Around 6 months later I can remember getting a invite for another loan from them as I was a top customer which being young and stupid I took them up on the offer. So another £1000 loan obtained with PPI being added. So ayear later I started to default as my partner was expecting and we had a home to set up so found making repayments difficult. My parents got involved and wrote a letter to Avco Trust to freeze the interest and and to see if we could enter into a reduced payment plan which they did but the interest wasn't frozen resulting in owing alot more.
In the end I ended up being taken to court and given a CJJ. This is where it gets interesting i defaulted on these payments and as a result had bailiffs visit me regular and hand me a letter to pay £150 each time. Which i did the bailiffs were on my side surprisingly and said that these loan company's are crooks and shouldn't be aloud to be lending money. There visits went on for around 5 years every few months knock at the door £150 to pay etc even made the Baliff coffee at times.
Then this stopped after 6 years. Avco got bought out by a couple of companies and now the debt is with Citi. I know this because up until ayear ok the used to send me a statement each year saying £3000 owing and no payments made etc. My credit file now is not effected and is in good shape.
What I need to know is if i claim back the PPI will this open a can of worms? Are they entitled to use the PPI to settle the debt even though it's so old. I've approached a PPI reclaim company and I don't really want to claim it back if I end up owing the reclaim company money. I'd rather just let it ride and move on as that was in my younger foolish days.
Any advice is much appreciated .
