Ppi advice

neilfisk

Hi,
I've put in a complaint to the RBS about 2 1/2 years ago to get my PPI refund. I had to go via the FOS as the RBS were arsing me about. The FOC have now come back and said that RBS are liable to pay back my refund. Now my problem is that in June 08 I was sequestrated and discharged June 09. The RBS letters dated DEC 11 state that they are going to put the refund back onto my CC. Now these have been closed as part of my BR.
Can anyone tell me where I stand here.

Any help would be great

Neil

magpiecottage

If you went bankrupt with an unpaid debt to RBS then it is within its rights to set any award by FOS against that debt.

As part of a group of people owning 81% of the shares of RBS (known as Taxpayers) I hope they do so.

neilfisk

Hi, I am also part of that group of taxpayers! But, the question is that I have been mis sold PPI. Due to long term illness and been unable to use PPI that I had been told would help, I had to go bankrupt. The bankruptcy was my only option as I was unable to pay my debts, so I am well with in my right to re-claim.

magpiecottage

Essentially, the liability of RBS to you is a pre bankruptcy asset (because it relates to events before your bankruptcy). Therefore, it has to be passed on to those creditors who lost money as a result of your bankruptcy - you cannot lawfully hold on to it.

The Insolvency Act permits any creditor to set off any liabilities it has toward a bankrupt against any liabilities the bankrupt has against it. Any other payment it may make must be passed on - so you will not see any of it unless all your creditors have first been fully repaid.

A rather hollow victory for you, I'm afraid.