Still confused about my ppi

renegadefm

Hi,
I am seriously confused. I have been clear of bankruptcy for over 10 years now.


I was cleared in 2007, and I know for a fact I had been miss sold PPI on many of the loans and credit cards I had which I think by now would be in tens of thousands if I claimed it back and could well exceed the amount I originally went bankrupt for.


My complaint or rather question is would I be entitled to claim any of this PPI back now that its been 10 years I been free of bankruptcy, as I feel its contributed to me being bankrupt in the first place.


My point is had I not been miss sold PPI I may well not have needed to go bankrupt in the first place, so shouldn't the ones who miss sold me PPI be partly responsible for my financial difficulties. When I mention this to my friends or family they believe I have a case.


In recent months I have been bombarded with stuff encouraging me to claim miss sold PPI but the minute I mention I was once bankrupt they retreat like rats on a sinking ship.


What can I do, if anything?

antrobus

renegadefm wrote: »

What can I do, if anything?

Not a lot,

The proceeds of any pre-bankruptcy PPI complaints belong to your creditors, not you.

renegadefm

So I'm told, but my point is, if it was PPI miss sold to me at the time, surely that money is mine?


For example if a person goes bankrupt for £40.000? And over the years leading up to the persons financial problems and indeed ultimately bankruptcy they we're miss sold £30.000 worth of it but didn't realize it at the time, you could argue now that at least some of that money is mine couldn't you?


I feel frustrated now that a lot of my work colleges are claiming PPI and one guy received £22.000. I'm left thinking my God if I could claim something in that region it would have cleared my bankruptcy at the time in one hit.


I think in a nutshell what I'm trying to say, shouldn't these nasty companys that miss sold PPI be forced to owe millions back to creditors and us who we're miss sold it in the first place?


Or am I living in that ideal world that never exists?

renegadefm

I also blame the banks at the time for my financial problems because the minute I went over drawn even by a penny they would charge me £20, so that's when my problems quickly snowballed out of control.


Now some banks are being forced to pay people back some of this money, but why can't it work that way with PPI for people who are bankrupt.


No one wants to be bankrupt, least of all me, I did what I could to avoid it at the time, but I was drowning in debt.


Debt I feel now could have been avoided, that's my point here with the miss sold PPI and over drawn fees.

sourcrates

You do not need to use any 3rd party to reclaim PPI.


Your problem is that your PPI is regarded as an asset, and as such the official receiver or trustee still owns the right to take any money that results from a claim, unless they've agreed to transfer the right back to you.


You could ask the OR for advice on this, the clock is ticking on claims as we speak.

renegadefm

sourcrates wrote: »

You do not need to use any 3rd party to reclaim PPI.


Your problem is that your PPI is regarded as an asset, and as such the official receiver or trustee still owns the right to take any money that results from a claim, unless they've agreed to transfer the right back to you.


You could ask the OR for advice on this, the clock is ticking on claims as we speak.

Sorry I'm a bit confused, I haven't contacted my OR for over 10 years.

Is it likely he would allow me to claim any of my PPI is that what your saying?

What I mean is how do they define if I allowed to claim any of it? And why is it down to the OR if it was me that was miss sold PPI?

The bottom line is this miss sold PPI news came out years after I went bankrupt, this is where I find it unfair if I can't claim it, bankrupt or otherwise.

Put it this way, I went bankrupt regardless if I was miss sold PPI or not, but in this case I was miss sold it, so surely that was my money if I am making sense? It's hard to put how I feel about it into words.

Shouldn't there be an actual claim against the companies that miss sold all this money which contributed towards everyone getting in debt in the first place?

Flyright

It's not your money to claim. Any asset that is or would have been an asset up to your bankruptcy date will vest in the OR.

renegadefm

Flyright wrote: »

It's not your money to claim. Any asset that is or would have been an asset up to your bankruptcy date will vest in the OR.

But thats the thing that doesn't feel fair to me.

How can I explain it another way. I went bankrupt before these ppi claims we're thought of, but in hindsight you could argue had I not been miss sold ppi I may have avoided bankruptcy.

I had ppi on nearly every credit card and loan I had so the pay back could potentially be tens of thousands and easily have single handedly wiped the debts I had.

What I'm trying to say is why isn't the government fighting to make the ones who miss sold the ppi pay the OR for example, or let the person who was miss sold it have a percentage.

I keep getting phone calls and letters about me claiming my ppi, but the minute I tell them I was bankrupt they seem to run a mile and hang up.

I just don't feel right about the whole situation. People don't enter into bankruptcy lightly, it was a shock to my whole family as they read about it in the newspaper, even though I tried to keep it secret, so it was a devastating time, not just for me.

Yes you could argue I'm responsible for my own debts, but my problems started when I was bombarded with credit cards and offered loans, and it quickly snowballed out of control, I was vastly living beyond my means. And obviously I was miss sold ppi, which in hindsight you could argue its contributed to all this.

Now I wouldn't go near a credit card or loan for the life of me, but why do people have to learn the hard way?

tiggerbodhi

You can progress a claim for miss sold PPI from anyone who sold it to you, just write to them, Barclays wrote to me offering it.

But any money you claim will go straight to the OR to help settle your BR as it is an asset, no matter how long before you went BR the PPI was on your loans.

You cannot stop the OR getting it as one of the "checks and balances" that must happen during the PPI process is that the company refunding your PPI has to check if you are or were BR, if yes they pay the money directly to the OR's office, but they do tell you how much just to twist the knife (over 11K in my case)

TBH the PPI compensation and refund is well above what you would have paid in PPI premiums at the time (interest and a nominal compensation is added) IMHO think you are kidding yourself if you hadn't of been paying PPI premiums you would not have gone BR.

Just because the Banks threw money at you in the way of cheap loans and credit cards didn't mean you had to take it and spend it.

National_Debtline

Hi renegadefm


The bottom line here is that whether it's perceived as fair or not, the Insolvency Service has a very clear line on this whole issue:


https://www.gov.uk/guidance/ppi-after-bankruptcy


Dennis
@natdebtline

PrettyKittyKat

It isn't your money as you say, as you never paid it back! The creditors had to write it off. So if the PPI refund is successful then the money should go to the OR to distribute to your creditors.

The reason that PPI companies run a mile when you mention your bankruptcy is because they know they will struggle to get their extortionate fee as the refunds go to the OR and so they have to pursue you for the fees. Which, let's face it, you would be highly unlikely to pay when you haven't received the refund yourself! If you feel so strongly about it, claim the PPI refunds yourself without using a TP company on the principle that you were missold. If it does exceed the debts and fees of your bankruptcy I would imagine there is a chance you may get some money back from your OR, but you would be best asking them this question directly.