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PPI and bankrupt
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BoaLady
Posts: 1 Newbie
I was subject to bankruptcy some 10 years ago due to being out of work. I put a claim in for PPI after discharge and was successful, this payment went into my estate.
So I was paying insurance on my loan, credit card and car finance. Had I have known this I may not have gone bankrupt as my payments would have been covered.
Just wondering if there is any come back on companies that knew I was out of work (I contacted them all regularly as I was struggling with payments) and failed to tell me I had some insurance to help me. Which ultimately led me to being bankrupt.
So I was paying insurance on my loan, credit card and car finance. Had I have known this I may not have gone bankrupt as my payments would have been covered.
Just wondering if there is any come back on companies that knew I was out of work (I contacted them all regularly as I was struggling with payments) and failed to tell me I had some insurance to help me. Which ultimately led me to being bankrupt.
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Just wondering if there is any come back on companies that knew I was out of work
No. Bankruptcy is a line in the sand. You move on from it and dont linger on the past.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 -
The people you spoke to may not have known you had the insurance. PPI covers some of your payments, it doesn't cover all of them e.g. it pays at least the minimum every month for a credit card, not all your premiums
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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ANY payment that would of been due to you before you started your bankruptcy and until your discharge is not yours, it would go to the Official Receiver. End.0
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