Translate to english?

ukspawn

"I understand that the offer will take into account the arrears on my account. The remaining balance, if any, will then be paid by cheque/to my joint current/savings account. I am aware that it is possible for the account to remain in arrears if the offer is not sufficient to clear the full amount owing.

Also, if I am subject to alternative Trustee arrangements bsuch as an individual Voluntary arrangement, trust deed, bankruptcy or Sequestration any payments RBSG make will be made to an existing account with RBSG. Any payments due under the terms of the arrangement will then be managed bybthe Group's Insolvency Team."


What in the... does that mean. The first paragraph I mostly understand except wherebit says "by cheque/to my joint current/savings account"... does that mean one with rbs or one of my choice?. And even if they take all the money to pay my arrears then I still get the interest -tax (net interest? ) correct?

The second paragraph is mind blowing for me to understand lol. Does this mean if I signed the form im waving my rights under my IVA or that if I have an iva thenthe money will go to my natwest aaccount and then the insolvency team will look at my iva and decide if I should receive all or none or some??

Clueless and I thought I was good at understanding things.
Pretend you're explaining to a complete idiot...

Own_My_Own

At a guess I would say it means that if you went bankrupt owing them money, and ppi owed to you would be used to pay off this debt under the terms of the bankruptcy.

Well that how I read it anyway.

antrobus

ukspawn wrote: »

...

Also, if I am subject to alternative Trustee arrangements such as an individual Voluntary arrangement, trust deed, bankruptcy or Sequestration any payments RBSG make will be made to an existing account with RBSG. Any payments due under the terms of the arrangement will then be managed by the Group's Insolvency Team."
...

The second paragraph is mind blowing for me to understand lol. ...

It means that if you are bankrupt etc, they will let their "Insolvency Team" know about it, and they'll have a good look at your exact position before deciding what to do.

Cottage_Economy

Own_My_Own wrote: »

At a guess I would say it means that if you went bankrupt owing them money, and ppi owed to you would be used to pay off this debt under the terms of the bankruptcy.

Well that how I read it anyway.

Is that allowed?

If you are refunded any money while you are insolvent I thought the money has to go into the general pot to be distributed on an equitable basis among all creditors not just one.

An insolvency trustee deals with all of this and I would think that insolvency law trumps RBS policy every time.

So let's say you owed creditors say £30k, one of whom was RBS, and were entering into an IVA. At some point an RBS PPI claim comes through for say £5k. That money should go into a pot and the proceeds distributed proportionaly according to the terms of the IVA agreement that RBS and other creditors have agreed with the Trustee at the beginning of the IVA term.

If RBS keep that money and tries to pay off an outstanding debt with it on one of their accounts contrary to the IVA agreement, the Trustee will take whatever measures they have to and get it back.

antrobus

Cottage_Economy wrote: »

Is that allowed?

If you are refunded any money while you are insolvent I thought the money has to go into the general pot to be distributed on an equitable basis among all creditors not just one.

An insolvency trustee deals with all of this and I would think that insolvency law trumps RBS policy every time.

The right of set-off exists.

Cottage_Economy wrote: »

So let's say you owed creditors say £30k, one of whom was RBS, and were entering into an IVA. .....

Bankruptcy and IVA are two different things.

-taff

The rules are not the same for IVAs and for bankrupts. For bankrupts, you can't profit at all form the complaint, and you are also not allowed to even make a complaint, and any redress goes to the OR.
For IVA and other debts, if any amounts were written off, they can keep any redress first towards those amounts. They will give you the interest though.

antrobus

The OP's other thread explains.

https://forums.moneysavingexpert.com/discussion/4666729

ukspawn

May speak to there insolvency department firstly.. see where that goes.

Cheers all

ukspawn

Can you assist with helping me understand these paragraphs.
Thanks.

Following provisions of the Insolvency Act 1986, The Insolvency Service takes the view that if a PPI policy was mis-sold before the date of an individual’s bankruptcy, any claim relating to the alleged mis-selling of the policy is owned by the official receiver or trustee of the bankruptcy estate, not the individual to whom the policy was sold.Discharge from bankruptcy does not alter the positionDischarge from bankruptcy does not alter this position. Discharge does not operate to transfer unrealised assets, including PPI mis-selling claims, back to the individual.

Whos is the official receiver/trustee?

-taff

http://www.harringtonbrooks.co.uk/bankruptcy/official-receiver-trustee