My bankruptcy is still haunting me

debt_doctor

downhillfast wrote: »

Think yourself lucky you did the claim yourself... through a company and you'd have probably been on the hook for their cut as the bank would still have had to pay the OR direct.

Thanks for scrutinising the post better than I did! At least my explanation will show others what can happen. Glad you did it yourself OP!

DD

[Deleted User]

downhillfast wrote: »

Think yourself lucky you did the claim yourself... through a company and you'd have probably been on the hook for their cut as the bank would still have had to pay the OR direct.

CMCs are now regulated and would simply refuse to represent a Bankrupt. However, even prior to recent Regulation most CMCs would thankfully reject PPI complaints from Bankrupts

Kentish_Dave

I’m going to repeat a phrase I read on here recently...

You’d have to have a heart of stone not to laugh.

theepw

Moneyineptitude wrote: »

Think about it logically. You went bankrupt owing money to creditors. Would it be "fair" for you now to be entitled to money you failed to pay in the first place?

Your debt was completely written off and your former creditors can no longer chase you for payment, but it works in both directions with you no longer able to chase your former creditors..

Yes that does indeed make sense now!

theepw

debt_doctor wrote: »

There have been many who have been caught out in relation to a right of action.
I want to make you aware that it is possible that the 'winnings' could go to the OR and the costs of the PPI company could end up with you. It's not common but I have seen it happen.
You would have 2 defences:
1) Ask the OR to pay the costs, as if they had of made the claim themselves - they would of incurred the same costs.
2) If the PPI co. didn't ask you if you have EVER been bankrupt early in the application then they were negligent and a formal complaint should be made with a view to getting the issue to the Financial Ombudsman.

DD

I am assuming this does not apply to me as I used the moneysavingexpert online tool in order to make the claim?

[Deleted User]

theepw wrote: »

I am assuming this does not apply to me as I used the moneysavingexpert online tool in order to make the claim?

None of this applies to you.

A (now regulated) CMC would have asked whether you were bankrupt and refused to take your custom on receipt of this information.

Take comfort in the fact that your (invalid) "complaint" will have resulted in the correct former creditors getting a share of the money written off as part of your bankruptcy.

Time to put this to bed now...

TheGardener

The 'Time is running out' thing appears to have prompted the IS to also make a last dash to claim PPI on behalf of BR's. I went BR 6 years ago and the bank where my main accounts were held received a PPI claim from the OR on my behalf - I didn't attempt to claim myself.

I got a call a few months ago and then a follow up letter from the bank checking the details of the claim - The award was substantial and went straight to the OR.

penner1955

Hi

I became bankrupt in 2007 following the death of my eldest Son, the banks were less than sympathetic and bankruptcy seemed to be the only answer. I made a claim to Lloyds bank for miss-sold PPI and have today received notification that my claim was upheld and that the compensation is more than £42,000 - yes really! This has gone straight to the Insolvency service... My gripe is that the PPi payments undoubtedly added to my debt on which I was paying extortionate interest until finally I had no option but to become bankrupt - I lost everything including my home. There is a level of irony that the very bank that drove me into bankruptcy by their heard hearted attitude and huge interest rates (some of which would be directly attributable to PPI payments ) should now have a claim on what has now been identified as mall practice. I now regret ever having made the claim - I am furious that this horrible financial institution will benefit from my misfortune. I have asked if all the charges attributable to PPI payments will be be refunded to me - not a lot of hope there!

renegadefm

But to blow all this out of the water I have now had letters from Barclays saying I can claim my PPI even though I was bankrupt 11 years ago, but explained some could go back to the OR. I got a new thread on the page saying about it.

ess0two

penner1955 wrote: »

Hi

I became bankrupt in 2007 following the death of my eldest Son, the banks were less than sympathetic and bankruptcy seemed to be the only answer. I made a claim to Lloyds bank for miss-sold PPI and have today received notification that my claim was upheld and that the compensation is more than £42,000 - yes really! This has gone straight to the Insolvency service... My gripe is that the PPi payments undoubtedly added to my debt on which I was paying extortionate interest until finally I had no option but to become bankrupt - I lost everything including my home. There is a level of irony that the very bank that drove me into bankruptcy by their heard hearted attitude and huge interest rates (some of which would be directly attributable to PPI payments ) should now have a claim on what has now been identified as mall practice. I now regret ever having made the claim - I am furious that this horrible financial institution will benefit from my misfortune. I have asked if all the charges attributable to PPI payments will be be refunded to me - not a lot of hope there!

Post 11 explains it..