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PPI and Bankruptcy
Thefunkymonkey
Posts: 1 Newbie
The Nationwide recently contacted me saying they possibly owed me money due to mis-sold PPI. I filled in the form and they offered me over £1500. Now, first, while I had the loan with them, the loan that has lead to this claim, I tried to cancel the PPI as I had found it cheaper, they said I could cancel but the full amount would be added to the loan. This defeated the object of me finding it cheaper as the monthly payments didn't change but they did it anyway. Second due to my self employed work going a little quiet 2008-9 and due to this loan provider and other credit cards not wishing to help me by reducing my payments I went bankrupt March 2009. Back to the present day this payment I have been offered has apparently been set against Deductions (insurance rebate) of £2700+ meaning I get zilch. My question is this; If I declared myself bankrupt in 2009 surely I have no debt to set this rebate against, should I appeal?
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Comments
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You can't complain about PPI sold to you before you went bankrupt. All PPI redress has to go to the OR.
https://forums.moneysavingexpert.com/discussion/3766585Non me fac calcitrare tuum culi0 -
If I declared myself bankrupt in 2009 surely I have no debt to set this rebate against, should I appeal?
No. The Govt confirmed the rules last year. PPI paid prior to bankruptcy is an asset of the estate. It should go to the OR and distributed to the creditors you didnt pay when you went bankrupt.I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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