PPI Reclaiming Discussion Part 5

ct1ct

Back in December 2018 I decided to contact a PPI reclaim company to see if I was due any money back from my past. They put through the necessary claims to the bank I was hoping to claim from, and in February I called them as I started to receive communication from the bank with questionnaires. At this time, I told them that I’d been declared bankrupt between 8 and 10 years ago at which point they were very good to inform me that they were cancelling all claims as I wouldn’t see a penny but I’d still owe them they’re commission. On Saturday I got a letter from the bank saying they had concluded my claims were successful and they’d be sending a cheque through the post. Since then the reclaim company has contacted me to say how much I owe them. SO, if I DON’T receive a cheque do I still have to pay their commission? And even if I do receive a cheque, they’ve cancelled the contract in February so do I have to pay them? Lastly, they’re claiming on the gross refund not the net, is that correct? I’m hoping somebody is out there that can help!

Bermonia

Claiming on the gross would be correct, unless something was in writing I think it may be hard to prove you were no longer in a contract with them - you do realise that any payment received that results from lending prior to a bankruptcy or IVA will need to be declared to the relevant practitioner as they may still hold an interest on any redress, not declaring could hold dire consequences down the line.

ct1ct

Would that still be true if I’ve received a letter declaring that I’m “released “ from bankruptcy?

Nasqueron

Yes, any pre-bankruptcy assets are the property of the OR to pay off to your creditors, in fact it is an offence to take the money and cash it yourself without declaring it

ct1ct

Okay, many thanks for the advice.

Slammedvr6

I am sure this has been asked but because of a friend claiming ppi, I decide to do a last check to see if I have miss any unclaimed ppi and seemed that I have, dating back to December 2000, then the same person said that I might have been under paid (whether this was a sale tatic from a company he use) and I should try to reclaim the ones I settled back march 2008, can anyone confirm if he is right and I might able to claim I was underpaid when I settled the ppi that far back?

[Deleted User]

No, they're wrong.

[Deleted User]

ct1ct wrote: »

Would that still be true if I’ve received a letter declaring that I’m “released “ from bankruptcy?

You may be "released", but that doesn't give you the right to go about trying to obtain pre-bankruptcy assets I'm afraid.

Any redress from a successful PPI complaint belongs to the Official Receiver for re-distribution to your former creditors. If you do receive a cheque, you should make no attempt to cash it and immediately contact the OR. This will remain the situation, no matter how long it is since you were declared bankrupt.

You should also note that the Bank is likely to not send a cheque in the first place. Any redress payment will be first checked by the Bank's insolvency team.

The good news is that, since you have told the Claim Company that you are a Bankrupt, you will obviously not have to pay their fee if you receive no redress.

[Deleted User]

Slammedvr6 wrote: »

I might have been under paid (whether this was a sale tatic from a company he use) and I should try to reclaim the ones I settled back march 2008, can anyone confirm if he is right and I might able to claim I was underpaid when I settled the ppi that far back?

PPI redress was always defined as a full refund of the cost of the policy plus 8% interest. Your offer letter from eleven years ago will have made this clear. Any attempt to obtain more now will simply be responded to with a terse repeat of the original result. So it doesn't matter whether it was eleven years ago or eleven days; a full refund is exactly that.

It sounds as if your friend has been persuaded to try this by a Claim Company, but they can't be pursuing old complaints either -they'll be hoping he missed some from which they'll get their chunk.

Forget about this.

-taff

ct1ct wrote: »

they were very good to inform me that they were cancelling all claims as I wouldn’t see a penny but I’d still owe them they’re commission.

Do you have this in writing?