Can I reclaim PPI once I've been discharged from Bankruptcy?

davetheman

Surely as the secured loan is nothing to do with the OR and as now discharged when the PPI comes through, I can't see how the OR be involved in this, would understand if came through during the BR

davetheman

Also, I am still paying into the PPI and will be for the next 21 years, in which case I may as well stop paying the PPI

Flyright

Any PPI claim that relates to a product that you had at the time of your bankruptcy is NOT yours to pursue or to keep. All such rights of action vest with the O.R. You canot pursue any such action yourself.

amersall

davetheman wrote: »

Surely as the secured loan is nothing to do with the OR and as now discharged when the PPI comes through, I can't see how the OR be involved in this, would understand if came through during the BR

Hi there, i am not too familiar with what happens regarding bankruptcy, i am curious as to how you can go bankrupt and still have a secured loan to pay?.

debtinfo

Flyright is correct, This is what is called a right of action (ie the right to take someone to court) when you go bankrupt any actions that result from an event that happened prior to the bankruptcy and that caused damage to your estate (ie your money or assets) are now the OR's to take forward not yours. Since you would be claiming that you were miss-sold the PPI, the event, the miss-selling happened before the bankruptcy

JCS1

amersall wrote: »

Hi there, i am not too familiar with what happens regarding bankruptcy, i am curious as to how you can go bankrupt and still have a secured loan to pay?.

BR covers unsecured debts, secured debts are not included (unless the property is then repossessed and the secured debt becomes unsecured).

amersall

JCS1 wrote: »

BR covers unsecured debts, secured debts are not included (unless the property is then repossessed and the secured debt becomes unsecured).

Thanks for that much appreciated x.

amersall

davetheman wrote: »

Also, I am still paying into the PPI and will be for the next 21 years, in which case I may as well stop paying the PPI

Hi there, tell your or that you want to go mis sell with fp, this is a front loaded ppi and these are frowned upon by the fos and 90% of frontloaded ppi are upheld, fp are caving in on most claims so may not have to go to fos.
Let the or take the refund (as all you get back to you is the ppi monthly ppi amount that you have paid to date with interest, total ppi is taken off your balance) but think about this, your loan will reduce by the ppi monthly amount and the whole ppi is taken off your balance, so that is 21 years that you will be paying no interest or payment on a ppi that is no longer there, and this will save you a fortune in interest over the remaining term.
Do not cancel this ppi as the ppi will still be on your loan with interest for the remaining term and your loan payments stay the same, as you only get a small rebate for cancelation and that is taken off your loan and does not reduce the balance.

davetheman

Hi, not totally sure what you mean re "tell your OR go mis sell with fp", so are you saying if the OR gets involved then effectly my monthly fee will go down, currently have a morgage for £900 and secured loan for £600, so we are not 100% sure if a Vol Repo is not an option, but with PPI due next november we were considering using this to clear some of the secured loan.

kepar

A couple of questions Davetheman are you br and what do you mean by the PPI will be due next november?