PPI Claims after bankruptcy

alastairq

Hi...with Bankruptcy, all [unsecured] debt, whether listed or not, is included within that BAnkruptcy.

These debts all pre-date your BR petition [I assume?] so would be vested in the OR.

If worried, contact the Official Receiver's office that dealt with your BR, and inform them of the details...they can make the claim.

It is likely the bank will conduct a search prior to handing over the cash, so may well simply send it to the OR direct .

In any event, it is important for Discharged BRs to avoid engaging a 3rd party company to claim on behalf of the BR.

The monies would still go to the OR....and this would be the full amount of the claim....

However, since the claim originates after the date of petition, the costs of the 3rd party company claiming would become the responsibility of the BAnkrupt to pay.

These costs would be the administrative costs of making the claim, plus, the percentage of the claim the company would normally take for themselves.

[The OR would take the full value of any claim made, regardless.]

kennedy316

Thanks for the prompt response.

As it was the bank that contacted me directly there is no third party is there?

I'll ring the bank Monday and inform them I'm discharge bankrupt and see what they suggest doing.

kennedy316

kennedy316 wrote: »

Thanks for the prompt response.

As it was the bank that contacted me directly there is no third party is there?

I'll ring the bank Monday and inform them I'm discharge bankrupt and see what they suggest doing.

Phoned RBS this morning who told me that they needed authorised I'd signed by someone from a branch as I don't bank with them anymore (can't get account with anyone) and a copy of the discharge. They said the money was to go to the insolvency but that they would deal with all that so I didn't need to contact insolvency office....that sound right?

alastairq

Whilst the bank may be 'honest'...I'd still drop a line [email] to your OR's office and appraise them of the situation....just in case the bank concerned decides to pull a fast one? [The IS needs all the funds it can get these days]

Why can you not get a bank account with anyone?

Surely there's Co-op, BArclays, NAtionwide, maybe Yorkshire bank?

Ok, so you may only get a basic bank account [no overdraft or cheque book], but, hey ho?[/email]

kennedy316

alastairq wrote: »

Whilst the bank may be 'honest'...I'd still drop a line [email] to your OR's office and appraise them of the situation....just in case the bank concerned decides to pull a fast one? [The IS needs all the funds it can get these days]

Why can you not get a bank account with anyone?

Surely there's Co-op, BArclays, NAtionwide, maybe Yorkshire bank?

Ok, so you may only get a basic bank account [no overdraft or cheque book], but, hey ho?[/email]

Tried to open a basic account with co-op and Barclay's and got turned down

alastairq

kennedy316 wrote: »

Tried to open a basic account with co-op and Barclay's and got turned down

Were you Undischarged when applying for the Co-op account?

If Discharged, then the initial computer check, [which appears to be relied upon at first contact]....will see the BR, and reject the application.

With both Co-op & Barclays, either phone to apply, or face-to-face, warn of the presence of the BR on your credit record, and demand an immediate appeal.

kennedy316

alastairq wrote: »

Were you Undischarged when applying for the Co-op account?

If Discharged, then the initial computer check, [which appears to be relied upon at first contact]....will see the BR, and reject the application.

With both Co-op & Barclays, either phone to apply, or face-to-face, warn of the presence of the BR on your credit record, and demand an immediate appeal.

Was discharged for two years before applying, both applications I competed online and got turned down.

Another question about the PPI compensation and sorry if this has been answered but the whole thing is a minefield I don't really understand

My credit report shows all of the debts iI had as being settled which is obviously due to the bankruptcy. I was discharged over two years ago and understand that the bankruptcy stays on my credit report for five years after discharge.

So what happens to the compensation money? I emailed the insolvency service and got this response-

Action' to pursue the claim vests with the official receiver it would be their decision as to whether any action would be taken.!! Any monies received would be claimable by the official receiver.! Also the creditor could, if you had a debt with them, off set any monies claimed against that debt.

If the debts are 'settled' and the receiver has the right to claim the money what do they do with it? Is there any situation where they will decide to allow the discharged person have the money?

If there was a chance to have the money would the receiver actually ever make that offer or once they take over the claim is that bye bye money?

baffledblonde

Afternoon! I think I already know what the answer is going to be but here goes!!

I applied for PPI back in 2010 as felt had been missold, didn't hear anything so chased and then heard nothing. I applied for personal bankruptcy in November 2012 and have been discharged although still making my payments until January 2016.

I have now received a letter and cheque saying I was missold and here is a lump some. It definately wouldn't pay back all of the money I owe that creditor and 1) am surprised that it has taken so long to come through and 2) that they even sent it to me as are one of my creditors!

What happens now? Once I contact the official receiver, do they take the whole lump or will I get any back?

All help appreciated!

alastairq

Since it is the OR's duty to make any claims, from accounts that existed pre-BR, then yes, it is vested in the OR.

However,. if you were to contact the OR, informing them of the claim, which was commenced prior to the BR order, and what should you do with the money, they might come back and merely ask for some, or none, of it?

This has been known to happen in the past.

Much will depend on the value of the claim, I expect?

[edit....it might be seen as an after-acquired asset?}

georgiasmum

sorry to be dumb, what if you get a ppi refund before your bankruptcy and use the proceeds to pay for the bankruptcy fees? I am due a small refund and was going to borrow the fees of a friend but now I won't have to. will i get into trouble?