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PPI and previous bankruptcy dilemma
Comments
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Moneyineptitude wrote: »I think the Op has already got the message:
https://forums.moneysavingexpert.com/discussion/comment/75896420#Comment_75896420
Indeed, loud and clear.0 -
You're also very lucky that the bank did check the record and pay the money to the OR, you could well have faced prosecution for trying to profit from pre-bankruptcy assets
I cannot emphasise enough that when I applied to get a check on whether I had previously been mis-sold PPI, the thought of my previous bankruptcy was not even in my head. This was something that happened over a decade ago.
I know that counts for nothing, but there was 100% no intent on my behalf to want to deceive or claim money that was not mine to claim. If I had known all of this prior to the application, my approach would have been entirely and completely different.0 -
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Moneyineptitude wrote: »Your "approach", if any, should have been to the Official Receiver.
Regardless, you know better now...
Well thanks to your advice I now know what I should do in future and what I should have done. I certainly know better now. Thanks.0 -
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Moneyineptitude wrote: »Never heard of any prosecutions, but the OP could certainly have ended up being billed by the OR at a later stage. Failure to pay up could indeed end with (another) CCJ though...
Breaches of bankruptcy terms / rules are a criminal offence and can lead to prosecution, fine and even jail in worst case scenarios. Continued bankruptcy terms up to 15 years is also possible
https://www.citizensadvice.org.uk/debt-and-money/debt-solutions/bankruptcy-2/bankruptcy-offences/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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Okay, prosecution would certainly be the ultimate sanction if a Bankrupt who pocketed a PPI refund refused or was unable to pay it back. Normally, though, the OR will just demand the money be returned to them.Breaches of bankruptcy terms / rules are a criminal offence and can lead to prosecution, fine and even jail in worst case scenarios. Continued bankruptcy terms up to 15 years is also possible0 -
Moneyineptitude wrote: »Okay, prosecution would certainly be the ultimate sanction if a Bankrupt who pocketed a PPI refund refused or was unable to pay it back. Normally, though, the OR will just demand the money be returned to them.
I would imagine the OR would be lenient on people who made a genuine mistake or ignored the requirement to pay the OR any windfall, jail would be for the more serious deliberate attempts to defraud the OR of moneySam 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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