Bankruptcy in 2008 & Reclaiming PPI

zombie

I went Bankrupt in 2008. A couple of months ago I decided to reclaim PPI company for various Credit/Bank accounts which I opened in 2001 onwards.


I was told by Barclays that they have upheld my claims and that I will be awarded 4000+ pounds (My pound key isn't working!)


Tesco finance also awarded me 905 pounds.


Now I have been advised that the compensation money will not paid to me as the money is the property of the Official Receiver. I am going to lose out BIG-TIME here because the Reclaim Company I have used will want their 10% fees. I was automatically discharged 6 years later in 2014.



One company (American Express) actually did pay me direct 1200 pounds!



Can anyone shed some light on my predicament please. If I had known that any successful claims have to be passed over the Official Receiver I wouldn't have bothered.



Many thanks

Nearlyold

Did you tell the "Reclaim Company" you were previously made bankrupt, if so they should not have taken you on.
It is well known that all pre bankruptcy assets belong to the official receiver.

See the sticky on this site https://forums.moneysavingexpert.com/discussion/3766585

Bermonia

You will also need to inform the official receiver of the funds received from Amex... I believe it would be considered an offence not too and your other actions will have alerted them to possible claims.

[Deleted User]

zombie wrote: »

Now I have been advised that the compensation money will not paid to me as the money is the property of the Official Receiver. I am going to lose out BIG-TIME here because the Reclaim Company I have used will want their 10% fees.

At least you used one of the cheaper claims company, so that's a result.

SonOf

One company (American Express) actually did pay me direct 1200 pounds!

Legally, you are not allowed to keep it and you should inform the OR you have received it. Some companies check bankruptcy records before they pay you and then send it to the OR directly. Others send you the money and inform the OR that they have sent you the money. There can be some lag between the OR asking you for the money and you receiving it (some have been contacted by the OR 2-3 years after receiving the redress).

Not telling the OR is unlawful.

Can anyone shed some light on my predicament please. If I had known that any successful claims have to be passed over the Official Receiver I wouldn't have bothered.

The CMC should have asked you if you had arrears, defaults, amounts written off or been subject to a bankruptcy. If they failed to do so, then you should raise a complaint against them for being missold.

[Deleted User]

zombie wrote: »

Now I have been advised that the compensation money will not paid to me as the money is the property of the Official Receiver. I am going to lose out BIG-TIME here because the Reclaim Company I have used will want their 10% fees.

Check the forms you filled in with this company, they should have specific questions regarding Bankruptcy and insolvency. If you answered these questions honestly and correctly the firm should have flat out refused to represent you. If you chose to hide your bankruptcy from them you can have no complaint-but if you informed them then you can complain to the Ombudsman and hopefully not have to pay their fees.

zombie wrote: »

One company (American Express) actually did pay me direct 1200 pounds!

This money also belongs to the Official Receiver, I'm afraid, and it's an offence for you to keep this money.

Bermonia wrote: »

your other actions will have alerted them to possible claims.

I don't think the OR will be claiming anything in the next two days....

brettcta

Moneyineptitude wrote: »

Check the forms you filled in with this company, they should have specific questions regarding Bankruptcy and insolvency. If you answered these questions honestly and correctly the firm should have flat out refused to represent you. If you chose to hide your bankruptcy from them you can have no complaint-but if you informed them then you can complain to the Ombudsman and hopefully not have to pay their fees.


This money also belongs to the Official Receiver, I'm afraid, and it's an offence for you to keep this money.


I don't think the OR will be claiming anything in the next two days....

No, that’s from September onwards - most lenders have been made aware by the OR that once BAU PPI complaints are out of the way, they’re to expect high volumes of info requests & subsequent complaints from them re PPI on accounts pre-bankruptcy.