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PPI Archives - Bankruptcy UK

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Can I still claim PPI if I go bankrupt?

No you can’t, as PPI taken on loans prior to the bankruptcy is classified as a ‘Bankruptcy Asset’ and forms part of the ‘Bankruptcy Estate’. The bank in question would therefore be obliged to make out any refund cheques to ‘The Trustee of xxxxxx’ and the recipient would forward the cheque to the Official Receiver or Trustee.

Having said that, we know of only one bank that actually makes out cheques in this manner – Barclays – and the rest of them merrily make out cheques to the individuals concerned. Unless the individual surrenders the payment, the OR (and the bank) will be blissfully unaware of what has transpired and we know of plenty of people who have claimed this way. Not that we approve of it, mind you.

‘Can I still claim PPI if I go bankrupt?’ is just one of the hundreds of questions we answer every year.  Feel free to call us with any questions or for bankruptcy help on 01425 600129. Most of our staff are from the financial services sector and have the experience to get you best result every time.

Can I still claim PPI after Bankruptcy?

If it was for loans taken prior to the bankruptcy, then no, as these are defined as ‘bankruptcy assets’ and form part of the ‘Bankruptcy Estate’. The bank in question would still  settle the PPI claim, but would forward any payment to the ‘Trustee in Bankruptcy’ or Official Receiver.

That’s the official answer, but in practice many banks simply pay out as they don’t have the resources to investigate the solvency status of clients. We don’t want to mention names, but we know of only one bank that makes out cheques to ‘the trustee of Mr. R. xxxxx’. Please note that if you went bankrupt some time ago and subsequently took out loans with mis-sold PPI you would be able to claim this in the usual way.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

Payment Due but will I lose it?

I am bankrupt and due to be discharged in December. If I were to receive money from my bank as part of a mis-sold base rate swap, would this default to the Official Receiver?

Yes I’m afraid so, as it will be treated in much the same way as any PPI taken prior to the bankruptcy and be treated as a so-called ‘Bankruptcy Asset’. However, between you and us, the Official Receiver rarely revisits cases once processed and if you keep mum about it, it’s most unlikely they will find out about it.

Bankruptcy UK offers a full bankruptcy administration service and will submit your bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for bankruptcy help on 01425 600129 or for an informal chat about your circumstances.

PPI claims after bankruptcy …

I went bankrupt around 12 years ago. Since then I have incurred other debts and would like to claim back PPI. Is this possible?

Yes, this is possible as the debts were incurred after the bankruptcy. Where people get confused is where they went bankrupt a couple of years ago and want to claim back PPI for loans and credit cards taken prior to the bankruptcy. This is classified as a bankruptcy asset and belongs to the Official Receiver.

Official Receiver took my PPI .. now the claims company wants payment

My PPI claim has been sent to the Receiver … do I still have to make payment to the claims company acting on my behalf?

If you engaged a ‘no win no fee’ service to manage the process, then you would almost certainly have signed terms of business agreeing to pay their fees if successful. Money from PPI claims is a so-called ‘bankruptcy asset’ and correctly goes to the Official Receiver. This should have been pointed out by the claims company, but we’ll let you into a little secret .. they will claim their cut directly from the Official Receiver.

Feel free to call us on 01425 600129 with any other questions or for bankruptcy help. Questions may also be posted on our Home Page.

 

PPI and bankruptcy …

I went bankrupt in 2007 and was discharged in 2008 (6 years ago). I’m thinking of claiming PPI on a loan I had before I went bankrupt – would I be still be able to claim or would my official receiver take the refund if I was entitled to one?

PPI taken on a loan before the bankruptcy is defined as a ‘bankruptcy asset’ and would go to the Official Receiver, to be distributed among the creditors included in the bankruptcy. A number of lenders make out cheque payments to ‘The Trustee of …’ which ensures that this happens, but we have heard of many cases where this prefix was not put on cheques and the recipients simply banked the cheque. Naughty, but what would you do? On a positive note, if you won the lottery the day after you were discharged from bankruptcy, you would keep the lot.

Feel free to call us with any further questions or for bankruptcy help on 01425 600129 or 07479 739139

 

PPI and bankruptcy .. can we still claim?

Can the Official Receiver take my wife’s PPI refund if I go bankrupt?

If your wife did not enter bankruptcy with you, her PPI claim cannot be touched. Your wife is a separate legal entity and any money she receives is her business. The only circumstance that might affect the situation is if you were in a payment agreement based on household income and her monthly earnings suddenly increased dramatically. You would need to report this to the OR as a change of circumstances, but as for anything else, she cannot be interfered with. Just to clarify, PPI taken on loans taken prior to bankruptcy is deemed a ‘bankruptcy asset’ and goes to the Official Receiver.

Bankruptcy UK offers assistance at all levels and will also prepare and submit your bankruptcy application online. Court appearances for bankruptcy are no longer required. Feel free to call us for bankruptcy help on 01425 600129 for a chat about your circumstances.

 

PPI on secured loans .. does it go to the Official Receiver?

Can the Official Receiver claim PPI on a secured loan that I am still paying and did not go into my bankruptcy?

Yes he can. You might not think that the secured loan is part of the bankruptcy as it is secured rather than unsecured debt, but it still forms part of the so-called ‘Bankruptcy Estate’ and PPI taken on loans of any description prior to bankruptcy is described as a ‘Bankruptcy Asset’, and goes to the Official Receiver.

Bankruptcy UK specialises in taking people through the bankruptcy process in a straightforward manner. We will assess your circumstances then submit the bankruptcy application online. Court appearances are no longer required for bankruptcy. Call us for a chat about your circumstances on 01425 600129.

 

 

Bankruptcy UK

Bankruptcy UK