Fistplus and Bankruptcy

ranger24

Was discharged from bankruptcy on 3/6/2010,five years ago we took out a secured loan on the property with PPI as i was self employed. We where informed at the time that after the five year term we would receive a proprtion of the ppi insurance back. Obviously I did not envisage being made bankrupt at the time. We have not defaulted on any payments or been in arrears and as my wifes income was regular it was paid from her salary but out of our joint bank account. As i am the first signature on the loan agreement Firstplus have informed us that the cheque we where due to receive will be sent to the official receiver. Any advice or is it just as i expect tough the money will be shared around my creditors.

Thanks
Ranger24

confused76

i would give the OR a call and talk it through with them, i don't know the answer but it is well worth checking with them i would have thought

debtinfo

well any money due to you under an agreement signed prior to the bankruptcy order is an asset in your bankruptcy estate so......

confused76

debtinfo does it depend if it was a joint loan?

debtinfo

well if it was and only one person was bankrupt then the other person would of course be entitled to their half (if it was being paid out jointly)

confused76

thanks debtinfo, the OP doesn't say so but i was wondering what would happen if that was the case

thanks

ranger24

It was just myself that went bankrupt as i said we had a joint bank account but my wifes salary was used to pay the firstplus loan. We no longer have a joint account and my wife has purchased the the bi.

Thanks
Ranger24