PPI

[Lizt]

Hi. I took out a loan from M & S for £3000 some years ago. I then extended it by £1500. I paid the loan regularly for years until I became ill and unable to work. I still owe £2200. In 2011 I entered into an agreement with them via a debt management plan. Unfortunately I let this lapse, but started a new agreement with Rockwell after receiving a CCJ and for some months have been making regular payments, allbeit a token amount. I then decided to check to see if I had paid PPI on these loans and it transpired I had. So I have made a claim, in which their 8 week policy is up on the 19th of this month. Yesterday I received a letter from Arrow Global saying I was to stop paying Rockwell and start paying Moorcroft. I telephoned Moorcroft and they have deferred making an arrangement until after the 21st to give me a chance to prepare a new financial statement. I have 2 questions: a) Is this switch a coincidence or is there something more sinister going on? B) Can M & S decide to keep any refund I may be due and offset it against my outstanding debt? If they do, can I question this, as I would rather use any rebate to reduce my mortgage arrears. I'd be grateful for some advice please.

[Lizt]

Pending PPI Claim

Hi. I took out a loan from M & S for £3000 some years ago. I then extended it by £1500. I paid the loan regularly for years until I became ill and unable to work. I still owe £2200. In 2011 I entered into an agreement with them via a debt management plan. Unfortunately I let this lapse, but started a new agreement with Rockwell after receiving a CCJ and for some months have been making regular payments, allbeit a token amount. I then decided to check to see if I had paid PPI on these loans and it transpired I had. So I have made a claim, in which their 8 week policy is up on the 19th of this month. Yesterday I received a letter from Arrow Global saying I was to stop paying Rockwell and start paying Moorcroft. I telephoned Moorcroft and they have deferred making an arrangement until after the 21st to give me a chance to prepare a new financial statement. I have 2 questions: a) Is this switch a coincidence or is there something more sinister going on? B) Can M & S decide to keep any refund I may be due and offset it against my outstanding debt? If they do, can I question this, as I would rather use any rebate to reduce my mortgage arrears. I'd be grateful for some advice please

[Tools]

Re: PPI

Hi Liz,

The debt will have been sold on, many debts change hands throughout their life cycle.

Any PPI you may have due on the account may be offset against the debt, I assume you have chased the PPI yourself and not used a claims management company?

After any PPI amount has been deducted, reassess your position and ability to pay. Once this has been done I would recommend a debt management plan is set up either through Stepchange, or if you are happy to negotiate yourself you can do it using the great resources here at NED CAB

[Lizt]

Re: PPI

Hi Tools. Thank you for your response. Yes, I am claiming myself. I believe Arrow Global are working on behalf of M & S, so not sure if this amounts to the same thing as being sold on? I am not using an agency, am claiming the PPI myself.

[Tools]

Re: PPI

That's what I like to hear Liz, no need to pay the CMC's 30% to send a few letters. Have you calculated how much you should be refunded in PPI?