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Dez
New Member
United Kingdom
87 Posts |
 Posted - 24 April 2012 : 16:07:08
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Hi All
I got discharged from B/R on 26/05/2010.
If I was to claim my PPI on my loans and I recieved compensation back for my PPI would I have to inform the O/R if I recieve any money back? My early discharge notice goes on about the insolvency act 1986 Section 333 (1) and section 291 of the insolvency act 1986?
Can anyone help me and advise me please
Thanks
Derek |
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debtinfo
forum expert
2826 Posts |
Posted - 24 April 2012 : 16:27:39
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| You don't have the right to claim the ppi, that claim passed to the trustee and remains with them |
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Dez
New Member
United Kingdom
87 Posts |
Posted - 24 April 2012 : 19:21:41
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Many thanks for your reply on this matter
Derek |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 April 2012 : 07:58:45
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Hello there, so that you can read the OR's position on PPI have a look at the first post in the topics of the forum, this will provide a full explantion
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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Dez
New Member
United Kingdom
87 Posts |
Posted - 25 April 2012 : 13:50:12
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Hi Thanks Melanie,
Not sure on what you mean? does this mean I have no right to my PPI? I am talking about loans I had and paid off before I was made B/R. I understand that loans I failed to pay off it would be real bad of me to even think I would have any claim on this, but loans that I had paid off in full would I have a claim here?
Like I said many help on your advice its really is nice
Kind regards
Derek |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 April 2012 : 14:24:16
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If the loans were paid off prior to your bankruptcy, then potentially you have a claim for PPI.
PPI v Bankruptcy relates to any loans etc which were included in your bankruptcy ie the loan company were creditors.
If your loans wee repaid prior to the bankruptcy then you should technically be able to claim - if I can be of further help re claiming etc please get in touch with me or any other of the experts for advice via the experts tab on the left hand side
Hope this helps, Melanie
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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debtinfo
forum expert
2826 Posts |
Posted - 25 April 2012 : 15:22:44
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| I'm afraid this is incorrect. Even if you have repaid the loan the right of action to reclaim like other rights of action vests with the trustee and remains so vested even after discharge |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 April 2012 : 15:44:05
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Not if it relates to a loan which was nothing to do with the bankruptcy, and repaid in full prior to going bankrupt.
If it related to a creditor/debt included in the bankrutpcy then no, an individual would not be able to claim the PPI the OR/trustee would either make the claim on behalf of the indidividual, or if th individual made a successful cliam the monies would have to be paid to the OR/trustee
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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debtinfo
forum expert
2826 Posts |
Posted - 25 April 2012 : 16:17:18
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| No they wouldnot be able to claim, I have previously checked this with the or's technical department, feel free to do the same |
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Melanie.n
forum expert
United Kingdom
1282 Posts |
Posted - 25 April 2012 : 16:39:10
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The OR would have no interest on any loans or credit cards debts etc taken out and repaid some time prior to an individual filing for bankruptcy.
They would have an interest on any funds an indivdaul came into during the period of bankruptcy - from whatever source, as they would be classed as an asset in the bankruptcy.
This question has arisen from an individual discharged from bankruptcy and relates to a loan taken out and repaid prior to filing for bankruptcy, so therefore the OR would have no interest
Melanie Nicholas CertDR
30+years insolvency experience - 23 of which in the Insolvency Service and the past 8 years with a number of IP firms.
If I can be of any help to you in any way or answer any queries, concerns or worries you may have, or with completing the forms for bankruptcy, please do not hesitate to get in touch -I can be contacted via the experts tab
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debtinfo
forum expert
2826 Posts |
Posted - 25 April 2012 : 17:27:14
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The right of action is seperate from the debt and arrises from the contract for insurance, the right of action arrises at the date that that contract is signed (pre bankruptcy) and persists from that date on. Therefore it is an asset at the date of the bankruptcy as it has not yet been acted on.As the definition of the bankrupts estate includes "things in action" the right of action vests like all other assets with the trustee. That asset remains part of tha bankruptcy estate (it is not a new asset when it pays out and so does not come under the definition of after aquired assets and so does not have to devolve upon the bankrupt during the bankruptcy as it already exists at the bankruptcy date)and is not discharged when the bankrupt is.
I suggest the Orriginal poster checks with his trustee to confirm this.
FYI i have posted below a piece i wrote for another site which explains more fully why a PPI claim is part of the bankruptcy estate
"Ok then PPI, (that is payment protection insurance) and bankruptcy, or more specifically reclaiming PPI and bankruptcy. Please note this is not about if you are eligible (in terms of if you have been miss-sold) as that is not my area and there is plenty of advice on that elsewhere, probably elsewhere on this site in fact. So for the purpose of this lets just assume that you have been miss-sold and that there is a potential to make a claim against a bank.
It has been asked many times recently if you can reclaim the PPI on credit agreements if you have been made bankrupt, and more importantly for some people, whether you can keep any pay out.
The first thing to understand is why a claim can be made in the first place. If it has been miss-sold to you then there has been damage caused to you estate (your finances) and so you had a right to take action in court to seek recompense. This is called a right of action. Next to look at is when this right came into being. It comes into being when you signed that contract where the miss-selling was done, from that point onwards the right or action (ROA) comes into being.
Next is to see how that ROA interacts with bankruptcy, when you go bankrupt it is the default position that all of your assets transfer to the trustee of your bankruptcy unless there is a specific provision otherwise (for instance there is a specific position that you get to keep all your basic living goods). Now in the definition of what is an asset in bankruptcy it includes “Things in action”. An ROA is a “Thing in action” and therefore is an asset.
So to summarise the ROA is an Asset and that asset is created when you signed the credit agreement. Being that in these instances the PPI claims we are talking about are all on credit agreements signed before the bankruptcy then these PPI claims are all assets and they all vest with the trustee of your bankruptcy.
This means that not only do you not have the right to receive the monies from any claim but that you also do not have the right to make the claim, That right passed to the trustee and so it is the trustees right whether to take it forward or not, the claim now belongs to them.
As far as I last heard the Insolvency service is trialling using a solicitors firm to take batches of these claims forward en masse to the banks and therefore if you have already made the claim and pocketed the cash there is a good chance that the IS will at some point try and cash in the claim and therefore realise that you already have. At that point they will have the option of recovering it from you" |
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PPI Claim back
