Claiming misold PPI after a Trust Deed

melodyr

Hi there

I wonder if someone can help me...

I entered into a Scottish Trust Deed on 01 May 2007 and was discharged on 03 November 2011.

As such, I was discharged of all debts due by me to my creditors.

Following the recent publicity, I thought I would re-claim any PPI, which I paid up to the date of default.

Capital One have been the first to respond with an offer of £85.00, however, they have said they will use it to offset any balance owed by me.

I understand there is a moral obligation for me to agree to this, however, they miss-sold me it, I paid it to a point and it's not as if I haven't been punished, I have been unable to obtain any credit for anything for over 4 years, and my credit files are in tatters and will be for some time.

My question is, do they have any legal right to do this? A Trust Deed is Scotland's version of English bankruptcy. Once they have closed the book, surely that's me free of this debt, otherwise what was the point in undertaking it in the first place?

If anyone could shed some light on this, I would be most grateful . I have also put claims in for Vanquis Bank, 2 x Lloyds loans, I have put in a bank charges claim and am waiting on my Lloyds credit card info to claim that too. If they can legally do this, then I am completely wasting my time.

dunstonh

My question is, do they have any legal right to do this?

Yes.

Once they have closed the book, surely that's me free of this debt, otherwise what was the point in undertaking it in the first place?

The payments you made were done before the trust deed. So, to give you a windfall afterwards whilst your creditors have suffered the loss on your debts would not just be immoral but also wrong.

Hence why wont see the money.

If they can legally do this, then I am completely wasting my time.

All of them can use the money for their own debts or pass it to the Official receiver (or whatever the scottish name is) for it to pay the creditors that suffered a loss. So, you are not wasting your time as your creditors would benefit. Just you wont benefit.

melodyr

Jeez, that's not the answer I was looking for.

However, I do get what you are saying. The fact I paid it for the period prior my trust deed. So this makes sense, but the trustee was only interested in any capital "windfalls" of over £1K when I was entwined in the Deed. This is why they left me with my car which was worth a few hundred if I was lucky.

Surely now I have been discharged I am free to receive what I please? I must look at my trust deed document, which is a booklet of garbled jargon...

It does seem a tad immoral and wrong to reclaim when I have left them wish so much debt. However, it is immoral and wrong that I paid PPI for such a long time and it was mis-sold. Basically the long and short of it - I was just chancing my luck.

Anyway, I guess I'll just have to eat my humble pie and accept I've wasted a whole lot of time and should have looked into things a bit more. But at lease I now know the answer.

Thanks for your outlook and help

dunstonh

Surely now I have been discharged I am free to receive what I please? I must look at my trust deed document, which is a booklet of garbled jargon...

You are on things that occurred after the discharge. The redress payment is effectively the insurance policy being voided as if it never existed and backdated to the start. So, the capital is effectively being treated as the day the insurance started.

There have been some occurrences where the lender was not left with a debt (i.e. unaffected by the trust deed/bankruptcy) and have not been made aware of that occurring and they have paid out in those cases.