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Windfall during bankruptcy year

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  • Windfall during bankruptcy year

    I'm ten months into the first year of bankruptcy, and my bank have informed me that they are refunding me 5,300 of PPI payments. They have also said that as they are aware of my status they are making the offer direct to the Receiver. Will the Receiver take all of this? Also, I'm self-employed and my income has been reduced over the last couple of months having been ill. (I don't have a repayment arrangement in place so I'm not looking to reduce repayments.) Access to some of this money would be really useful. Should I ask the Receiver?

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  • #2
    You can ask but it's a long shot, as you are undischarged the ppi refund is classed as an asset and is used by the receiver as part of your estate to settle debts.

    Some basic info https://www.gov.uk/guidance/ppi-after-bankruptcy
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    • #3
      Thanks Amethyst, that's a really useful link. I had no idea that there was a requirement to mention PPI as an asset during bankruptcy proceedings, and I don't recall being asked at the interview. If I was asked, I'd have said no. The 2 relevant loan accounts are well over 10 years old, I no longer have any paperwork and I don't remember having PPI anyway. The bank seem to have done this claim automatically, but all their paperwork says "your complaint", they make it look as if I claimed. I'd better write to the Receiver in case they think I've been trying to pull a fast one.


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