PPI Claims after bankruptcy
Options
Comments
-
no you cannot, it does not matter if the loans were included in the bankrupty, all that matters is if the PPI agreement was taken out before the bankruptcy, if it was then you cant claimHi, im Debtinfo, i am an ex insolvency examiner and over the years have personally dealt with thousands of bankruptcy cases.
Please note that any views i put forth are not those of my former employer The Insolvency Service and do not constitute professional advice, you should always seek professional advice before entering insolvency proceedings.0 -
Thank you very much.0
-
It's not so much the case as you can't claim, but more the case that there's no point in claiming, as the PPI claim represents a potential asset which belongs to the OR.
The Insolvency Service takes the view that if a PPI policy was mis-sold before the date of an individual’s bankruptcy, any claim relating to the alleged mis-selling of the policy is owned by the official receiver or trustee of the bankruptcy estate, not the individual to whom the policy was sold.
And
The best course of action for any individual contemplating making a PPI mis-selling claim who is or has been affected by bankruptcy is to contact the official receiver or trustee dealing with their case before proceeding further.
http://www.bis.gov.uk/insolvency/personal-insolvency/ppi-mis-selling-claims-and-bankruptcy0 -
i thought once you were discharged that was it.....and the loan was taken out and settled well before bankruptcy and has nothing to do with it?0
-
Hi imustbedreamin, once discharged it is it......in the future, but pre BR all is an asset. You may have paid for your car and house before your BR but that is included in your BR as an asset and taken by the OR, unfortunately
Best wishes
If...x"If wishes were horses, then beggars would ride"
0 -
When you go bankrupt all your assets at that date belong to the OR and you are obliged to surrender your estate. In practice you are allowed to keep some basic stuff, but nothing of real value.
It does not matter if you don’t know about an asset when you go bankrupt, it still belongs to the OR. If you subsequently find you have an asset which (because of past events) existed at the date of bankruptcy it belongs to the OR, not you, without time limit.
My granny died before my BR. After discharge I was surprised to receive a payment from her estate. I did not know about it and it had not been declared in the BR. However I knew I could not keep it and therefore sent it off to the OR. It would have been a different matter if she had died after discharge, then I could have kept the money.
PPI claims are the same. While you may have been unaware of the potential claim on bankruptcy, the existence of it was confirmed by subsequent event as a pre bankruptcy asset. It therefore belongs to the OR.0 -
aha.....all understood now. as ever thank you guys and gals :beer:0
-
I was made bankrupt in 2005, all clear and removed now etc
I know I am not entitled to any possible PPI claims payment but is the OR entitled to claim it back? I signed no forms saying they could(PPI was not an issue at the time I think, the court case was after I was made bankrupt)
Personally I would prefer them not to make an attempt to claim and all PPI's I had were taken willingly. Would they need my authoization or me to sign a form saying that i was missold before they could claim?0 -
I was made bankrupt in 2005, all clear and removed now etc
I know I am not entitled to any possible PPI claims payment but is the OR entitled to claim it back? I signed no forms saying they could(PPI was not an issue at the time I think, the court case was after I was made bankrupt)
Personally I would prefer them not to make an attempt to claim and all PPI's I had were taken willingly. Would they need my authoization or me to sign a form saying that i was missold before they could claim?
OR does not need your authorisation, the right to take such an action forward vested in them when you went bankrupt.0 -
That is indeed correct, but I think the cooperation of the former bankrupt is a very interesting point.OR does not need your authorisation, the right to take such an action forward vested in them when you went bankrupt.
The compensation from misold PPI is not an absolute right. The person who was sold the insurance still has to make a declaration on the form of why they thought it had been mis- sold ie " I was told it was compulsory" or " it was of no use to me as I was self employed and could not claim" and various others.
Now, no declaration = no compensation, and I cannot possibly see that the OR can make such a declaration. That can only come from the person to whom it was mis-sold.
DDDebt Doctor, Debt caseworker, Citizens' Advice Bureau .
Impartial debt advice services: Citizens Advice Bureau Find your local CAB *** National Debtline - Tel: 0808 808 4000*** BSC No. 100 ***0
This discussion has been closed.
Categories
- All Categories
- 343.2K Banking & Borrowing
- 250.1K Reduce Debt & Boost Income
- 449.7K Spending & Discounts
- 235.3K Work, Benefits & Business
- 608.1K Mortgages, Homes & Bills
- 173.1K Life & Family
- 247.9K Travel & Transport
- 1.5M Hobbies & Leisure
- 15.9K Discuss & Feedback
- 15.1K Coronavirus Support Boards