PPI Claims after bankruptcy

emmastevens

Sorry if this is in the wrong place, recently did lot's of small ppi reclaims and won. Couldn't do big major reclaims as they were mentioned in BR. Discharged since 2009. Anyway came across old like 1995/1997 bank statements with loan & ppi's on it, contacted bank,Natwest, major creditors mentioned in Br. They said "yes can see you have lots's of ppi's. I said, yes but because I'm Br, and ur my creditor I can't really claim on then, but can I claim on on 1995/97 loans?" ok, they said. This was in July. Got letter today with an offer of £750, (loan was £500), but I have to sign a agreement saying they can deducted any amount I owe them!! My question, does this mean they might decide to use this £750 towards the Br amount against it? Please advice?:(

debtinfo

as per my extensive original post you dont have the right to claim any PPI for any debts taken prior to your bankruptcy date, so your question is a mute point

Janeypoo_2

My partner and I had a joint loan which was secured on our house, the house was sold in 2007 and the loan paid off. I subsequently went bankrupt in 2009 and was discharged 12 months later. We have just claimed the PPI back on the loan and have been offered a settlement figure, will I still have to pay my half to the OR

debtinfo

in a word yes

debt_doctor

debtinfo wrote: »

Dro is not my speciality, but I think the question would be, since the asset as a right of action exists at the start of a dro, would they not have to many assets to enter it in the first place

Hi,
The quote above relates to a discussion between DI and I regarding PPI and DRO's. I agreed I would look in to the matter. It's taken some looking at, and the following is the latest guidance (not that there was any before!) on the issue.

"The DRO unit confirms that a PPI complaint is a right of action. It goes on to say that although someone may make a PPI complaint, there is no guarentee of success, therefore it would not be possible to record the right of action as an asset where neither the success nor value of the complaint had been established.

Once the complaint has been accepted and its value quantified, then it is an asset."

So.....

It would appear to me that you can apply for a DRO if you may have a potential for a PPI claim, but as yet unquantified.

If you claim whilst under a DRO and the claim is quantified, your DRO is very likely to be revoked, and you would have a duty to inform.

If you make a claim after your DRO has ended then it would appear you have a right to keep any monies gained, with no effect on your previous DRO as the PPI became an asset (for DRO puposes only)after the DRO had ended, and there is no provision in the DRO legislation for any claim on assets obtained after a DRO has ended.

I would also say that opinion on DROs in many aspects changes quite often, and what appears correct advice today may not be correct next month! Thats the best I can provide, hope it helps.

DD

fermi

Thanks for looking into that DD.

debtinfo

Can't fault your logic dd, although to my mind this goes against the principle of insolvency. That of course does not preclude it being the correct answer though :-)

paigesaunt

Good evening, Iam very new to this site, but not new to the woes of being in debt sadly.

My husband was discharged from BR just over a year ago, he has recently had a letter from one of the major banks informing him that his complaint regarding mis sold PPI has been upheld (Simply credit claimed on his behalf) it then goes on to ask if he accepts the £7.000 offered (including interest at 8%)

Okay so, the debts on which the PPI's was ecrued was included in the BR, so we understand (now) that we/he wont get any of it, but my worry is the bank are saying that if any of the accounts are still open and in arrears, they have the right to use this reclaim to cover the arrears, okay again we understand this, but the accounts are well and truly closed so no arrears to cover and the whole amount should go to the Official receiver, quite frankly they have had enough from us and it was the terrible advice given by the business manager that got us into trouble in the first place! So if we cant have it, we'd rather it went to the O/R.

We were wondering how we can ensure that the bank dont keep it and offset it against the debt they lost out on, due to the BR, and should my husband accept or just leave it alone for the OR to find, although in all honesty he wasnt interested in anything at the time, it was clear from all the accounting books that we did try hard to pay everything and avoid BR and struggled for years to keep the business and our employees going, eventually we both became ill and just gave up and let the worst happen.

Any thoughts you may have would be much appreciated

PS, Sorry if this is in the wrong place, not quite figured out how the site works yet!

debtinfo

The simple answer is that you should forward the letter to the OR as you hold information regarding your bankruptcy assets.

angelbuduk

debtinfo wrote: »

As far as I last heard the Insolvency service is trialling using a solicitors firm to take batches of these claims forward en masse to the banks and therefore if you have already made the claim and pocketed the cash there is a good chance that the IS will at some point try and cash in the claim and therefore realise that you already have. At that point they will have the option of recovering it from you.

How would the Insolvency Service be able to make any batches of claims for a bankruptee's policy's being missold? How would they know if they have been without information from the policy holder, what proof can they show the banks that a policy was missold?