PPI Claims after bankruptcy

Mouse1812

So I would expect £10k and a rabbit hutch to be slightly less which puts us right on the money for an annulment

debtinfo

rough calculation below (presumes that no seperate trustee has been appointed)

The charges used to be easy but were changed in April 2010 and are now more complicated.basically the first £1190 of any payments will go to pay the rest of the bankruptcy fee (you paid a £525 deposit when you applied for bankruptcy). That leaves £12810(presuming the ppi was exactly 14K). of the first 2K that leaves £810 to go to creditors as long as there are no more direct bankruptcy and realisation costs. This is where the SOS fees kick in as sumerised in the table below. the next £1700 goes direct to the SOS fee leaving £10300 of the original money. of the next £1500, £1125 goes direct to the SOS fee and £375 to creditors leaving £8800 of the original money. of that £1320 goes in SOS fee and the remainder £7480 goes to creditors.

So in summary so far £1190 for the bankruptcy fee
, (1700+1125+1320) £4145 for the SOS fee, (810+375+7480) £8665 goes to creditors

Now there was £10K owed to creditors + 8% for a years statutory interest gives £10800 owing to creditors in total. Minus the £8665 paid leaves £2,135 still owing to creditors

Hope that helps, it is early so fofgive my maths if it is wrong



Case Type
Realisation

Secretary State fees applied
Bankruptcy
Charge on the first £2,000:
0%

Charge on the next £1,700:
Realisations £2,000.01 - £3,700.
100%

Charge on the next £1,500:
Realisations £3,700.01 - £5,200.
75%

Charge on the next £396,000:
Realisations £5,200.01 - £401,200.
15%

Charge on the Balance until total of £80,000 taken in fees.
Realisations £401,200.01 -£2,178,700.
1%

troosers

I was made bankrupt in 2004, now discharged and was advised by the accountant in bankrupcy to reclaim PPIs. Stupidly I allowed a claims company to do the work as I would never have thought I should get anything back. Have had success on a number of loans, HFC bank have made me an offer but want to set off outstanding arrears with the compensation. I have asked the claims company to take it to the Financial Ombusman as no other bank or credit card company has done this. I thought all debt was written off.
The claims company are pressurising me to sign the agreement as it would be a waste of their time as I would not win the case.
My problem is, at present if I sign I would get some money back but have to pay the claims company £250 out of my own pocket. They are telling me if I don't accept the offer, I will be responsibe for their full charges of £2,500. Should I cut my losses and sign.

PippaGirl_2

Are these for loans or financial products taken out before you went BR? If so then all PPI belongs to the OR and is not yours. Therefore it's pointless spending any money on obtaining it as every penny you are successful in claiming will need to be handed over to the OR.

troosers

Yes they were loans but I haven't had to repay with previous successful claims! and all were included in bankruptcy. I know Scots law differs, could this be the same?

PippaGirl_2

Oh maybe it is different in Scotland! I'm sure someone who knows will be along soon.

fermi

No, it's the same in Scotland.

Had cases here where a trustee has claimed the PPI themselves. The AIB was also looking at doing a pilot scheme to claim PPI back for cases they handle.

troosers

Was this within the bankruptcy period? I have been discharged for a number of years now.

magpiecottage

If it predates the bankruptcy then yes the bank is entitled to keep the money.

However, you have a valid complaint against the ambulance chaser if they didn't tell you this would happen before taking your business.

troosers

If that's the case then I don't understand why I've already received compensation from other banks that were creditors in the bankruptcy?????