Discharged Bankcrupcy and pp[

[dieseldon]

Been a discharged bancrupt for seven years yet all claimed PPI money goes to reciever. Is this right?

[meellis]

Re: Discharged Bankcrupcy and pp[

It seems to be the case now which I am finding infuriating myself. I am looking at my ppi situation and other things these organisations have done to me and seriously wonder if I would have been bankrupt if they hadn't robbed me. Apparently there is a figure within the ppi reclaim which is compensation for what you might have been through because you paid for the scheme that you were mis-sold. I ended up bankrupt and if it was due to mis-selling then I argue I should be due compensation. They seem to want to take the funds after you have fought for them yet if it was that important to them they should have asked for it to be sorted by themselves whilst dealing with the bankruptcy.

[Debt Camel]

Re: Discharged Bankcrupcy and pp[

It is correct that any PPI claims relating to debts before you went bankrupt are an asset which now belongs to the Official Receiver. It isn't worth trying reclaim this money as it will go to the OR. If you feel like trying to do it anyway, then you must not use a claims management firms, as otherwise you will end up owing them money and not get any of the PPI compensation yourself, see http://debtcamel.co.uk/ppi-iva-dro-bankruptcy/

[Nibbler]

Re: Discharged Bankcrupcy and pp[

While this is an archived link, the information in it is still valid now.

http://webarchive.nationalarchives.g...and-bankruptcy

[meellis]

Re: Discharged Bankcrupcy and pp[

Much as I understand the rules it does leave me open to a lot of questions. PPI on one hand is one thing but all the wrongs that may be totalled together could be another. In my B/R Lloyds were chasing for an unauthorised O/D which was made up of 98% of charges for letters, fictitious solicitors and being overdrawn. Alliance and Leicester were chasing for £9200 but were judged to owe me £14397 in compensation, imagine if they had been the ones to file for my B/R. Barclays personal were chasing for charges and costs for fictitious solicitor and an overdraft. This was on a pre packaged account where I was informed by Barclays I had accrued around £6000 in charges at one point for always being overdrawn even though I was paying for the overdraft facility. I had PPI with various Barclays loans and they decided they couldn't find the evidence even though I supplied the agreements with it all on, it has now resurfaced because they were told to re-look at their calcs like some of the banks. My Barclays business loan had a one off £4200 insurance premium loaded onto it, the manager said if I took the policy I would be guaranteed the loan. Unsure what it protected me against because I never received a policy and they have lost any details of it. One of the PPI policies I have been trying to find out about is with a broker who sold me it with an SPPL secured loan which ended up in default. They sold me a Swift advances loan to get me out of SPPL and I have been trying to find evidence of their mis-selling which is where the PPI policy comes into it. My business run out of cash in the snow of 2009/10 and the reason give by Barclays for their lack of help was down to the swift loan. They had already reduced my business O/D from £10,000 to £5,000 and incorporated it into the business loan so my business turnover had gone from £59,000 in the first year to £395,000 in the final year yet my available credit was lower. My total B/R estate including costs was £110,000 most of which I was on top of one supplier filed for B/R on £3200. I understand all the decisions but I do wonder how many people out there are on DRO's, IVA's or B/R due to these questionable practices that have come to light about how the banks treat us and if people are frightened to make a claim just to see how they have been treated then it will go unnoticed. It would be interesting to see how debt has moved in line with these commission based risky practices performed by the Financial industry.

[Debt Camel]

Re: Discharged Bankcrupcy and pp[

I do wonder how many people out there are on DRO's, IVA's or B/R due to these questionable practices that have come to light about how the banks treat us

A good independent debt adviser will usually suggest reclaiming PPI before insolvency if it seems likely that the level of PPI could make a difference to the insolvency choice.

if people are frightened to make a claim just to see how they have been treated then it will go unnoticed.

There is nothing to stop you making a PPI claim, just don't use a claims management firm and don't expect that you will get any money as a result.

However, bankruptcy is best seen as a line in the sand for your finances. What happened before it doesn't matter now. You would probably do better to put your energies into something that can benefit you in the future.

[meellis]

Re: Discharged Bankcrupcy and pp[

A good debt advisor might suggest it but when the wolves are at the door you don't get the time for lengthy claims. The thing with the separate claims is that they can be settled in dribs and drabs, all the indiscretion's together might make a real difference in this situation but little things here and there don't always have the same impact. The real point that I am trying to make though is how many people are in real trouble due to their original debt ( the sum borrowed for instance) or in trouble due to the secondary debt of unjustified charges made up of fictitious solicitors over priced letters and too many of such things. We know a lot of these things have been clamped down on but how many have already been caught out before the practices have been curtailed.
As for the line in the sand, unfortunately not all B/R's are as imagined. Like another poster on this forum and I am sure loads more I am still saddled with a sub prime mortgage which is robbing me blind. If I find that they have been acting against the law/rules what position could I end up in? picture this, I have been robbed blind by all these people in their attempt to take the family home from me and somebody has managed to prove this so I am a victim. It is decided that I should be compensated for all I have been put through but the receiver has it all and I still lose the family home so compensation for being a victim but still end up the victim. In other words you are still saddled with what happened before. We have to either believe that all the debt is true and just which means that a lot of the posts on forums like this about consumers being overcharged and ripped off by financial institutions are just wishful thinking or these stories are true and some people have lost everything to debts that were manufactured. I am not saying I am correct but I do believe that too many people in this country believe debt is solely brought on by the debtors and they cant fathom that the creditors have a lot of responsibility in all of this. We seem to go from lending money as good business and then when the wheel falls off lets go the exact opposite direction and let everybody fail as opposed to finding a way to help them through. I hope I am not correct but lets see what happens in the housing market when all the endowment shortfalls start to filter through and the people trapped find they can't refinance due to them being the wrong side of forty. Debtors really pay the price for their mistakes but do the creditors pay the price for their mistakes?