Refund of PPI - but not due to misselling

paulintheuk

Hello

I took out a secured loan in April 2008

I was declared Bankrupt in November 2010 and discharged approx 9 months later

When all PPI refund stuff came out I didnt dispute it because the PPI I took out said that I would get my £5000 premium back at the end of the 5 year protected term subject to not making a claim

I recently found out that the cost of the PPI was spread across the term of the loan which added £16k to it. I started off the process of disputing the PPI and requesting a full refund of the £16k

Barclays rejected my complaint, stating they had no reason to believe PPI was missold

I then got a claims management company involved, on a no win no fee basis. They appealed on my behalf. Again Barlclays rejected, but this time gave no reason for the rejection.

After further discussion with the claims management company as we were about to take it to the financial ombudsman, I mentioned the bankruptcy. I hadn't mentioned this previously because the debt was a secured loan, taken out before the bankruptcy. As it was secured, I thought it fell outside of the scope of the bankruptcy. They stated that if successful, the refund would go in full to the OR and I would potentially be liable for their fees.

They were extremely helpful and understanding of my situation and released me from their services, any commitment to pay fees. Obviously, I had no intention of paying money to get money back for the OR

Now in April this year, my premium of £5000 is due to be returned, subject to no claim being made. This fee being returned is not a refund due to misselling. I have had a letter from the solicitors looking after my IPA stating that they have:

"Submitted a claim for the refund of the PPI premiums paid by you to Woolwich"

Is this above board? Are they entitled to this?

As its not a refund due to misselling, does this not allow me to keep it?

They have requested any payment from Woolwich be sent to them urgently.

I have not had any payment from Woolwich

If this is above board and they are entitled to it, I would return it, but if I didnt return it what would happen?

Paul

PippaGirl_2

Any PPI from a product taken before your BR date belongs to the OR so they are fully entitled to claim it.

dojoman

As Pippa has said this claim is not yours, you really should tell your OR as any money due is now theirs, if you don`t tell them you could get in serious trouble.

blondee55

Have a look here,

https://forums.moneysavingexpert.com/discussion/3766585

This explains the process about claiming PPI back. Whatever you do never try and deceive the OR it is just worth it, and no one should be advising you to do so.

mysterio_2

Capeverde's info is incorrect (again..)....you signed a LEGAL document in court when you declared bankruptcy sure your discharged now BUT if you read the paperwork it says something along the lines of "co operation with the official receiver at ALL times"

so if you fancy a spell in prison or a hefty fine for non compliance you go for it & see what happens

try this for starters

http://www.insolvencynews.com/article/14948/personal/bankrupt-jailed-for-avoiding-paying-debts

at the end of the day if this PPI is a debt that was included in your BR then zero you can do about it...recent changes & OR's offices trial with PPI so 9 times out of ten the business bank etc paying the PPI will always contact receivers 1st (they look at london gazette) its something they've been working on for a while now so they WILL know

alastairq

Now in April this year, my premium of £5000 is due to be returned, subject to no claim being made. This fee being returned is not a refund due to mis-selling. I have had a letter from the solicitors looking after my IPA stating that they have:

"Submitted a claim for the refund of the PPI premiums paid by you to Woolwich"

As has already been noted on this thread, the IS and their solicitors are already aware of the payment.


Something that ex-BR's also need to be aware of, when engaging a company to pursue PPI [and other] claims which refer to financial products started pre-BR....that the OR can demand the full amount of compensation paid into the BR estate.

When an external company is engaged to pursue such claims, they themselves take a percentage cut from the compensation paid.
The ex-BR could well find themselves out of pocket, as they will still have to pay the company concerned.


There have been cases reported on here, where the ex-BR has notified the OR of a claim, and because it may not come to a significant amount, the OR has allowed the ex-BR to keep the money.

However, do feel free to take your chances, folks....??

amersall

I thought you could not include secured debt in a Bankruptcy.

blondee55

amersall wrote: »

I thought you could not include secured debt in a Bankruptcy.

You can`t but the PPI is not a secured debt. What a load of !!!!!!!! capeverde talks, utter !!!!.

capeverde

would you care to explain why you think this?

capeverde

May I enquire as to why a lot of my posts have been deleted from this thread, I was not rude, did not swear, but simply offered a differing opinion to others. Really this is pathetic to do this and does nothing but detract from the point of these forums, You may not agree with me, but do you really need to censor me?

tigerfeet2006

Possibly because what you were suggesting was illegal??