PPI Reclaim Post Bankruptcy

[toddle2u]

Just wanted some clarification on this. If you reclaim your PPI post BR dicharge who is entitled to the refund - yourself or the OR?

[toddle2u]

Just wanted some clarification on this. Asked on the PPI forum but didn't seem to get an answer. If you reclaim your PPI post BR dicharge who is entitled to the refund - yourself or the OR? Asked an IP and they didn't seem to know but obvioulsy wouldn't want to ring OR and ask them and draw attntion to it

[mcuth]

IMHO, I'd say it's the OR... (unfortunately, as there's plenty I'd like to go for - but balanced against the debt included in my BR, I'm more than happy!).

 

Cheers

Michael

[toddle2u]

I think you may be right but when I was discharged I got a letter from the OR stating that 'any asset included in the BR estate (property which can be distributedd among creditors) that has not been realised continues to belong to the trustee'. It also says that he intends to apply for release as my trustee. I'm thinking 1) the PPI was notan asset of the estate at the time (or not a known asset and therefore not included) and 2) He is no longer my trustee because he as askedd to be released from it. Any thoughts?

[rebel11]

The guys will be happy to advise as soon as they are available.

[dx100uk]

not so sure, the BK is done and dusted.

if the accounts too are now done and dusted and this is PPI you ACTUALLY PAID within premiums

then i'd say its yours.

 

dx

[toddle2u]

dx, playing devils advocate on this - as you say the accounts are now closed, BK discharged and the PPI was paid within premiums so you would think the repayment would be mine but was it an unkown asset of the estate belonging to the trustee at the time of BR and therefore they could have a retrospective claim on any refund or because they are no longer trustee they have no claim?

[mcuth]

I think you may be right but when I was discharged I got a letter from the OR stating that 'any asset included in the BR estate (property which can be distributedd among creditors) that has not been realised continues to belong to the trustee'. It also says that he intends to apply for release as my trustee. I'm thinking 1) the PPI was notan asset of the estate at the time (or not a known asset and therefore not included) and 2) He is no longer my trustee because he as askedd to be released from it. Any thoughts?

 

I think the key is that it's an asset, whether "known" or "unknown".

I'm sure the OR would be able to recover any assets from pre-discharge if they were deliberately concealed, whether they're still trustee at the time of discovery or not, wouldn't they??

 

Also, if you take the flip side and look at debts instead....any that can be included in the BR are included, whether "known" or "unknown" (i.e. whether declared on the SoA or not).

 

So for me it would work the same way the other way around and the OR would be entitled to recover the PPI for distribution to creditors...

(I look at it as everything pre-discharge as the OR's, whether asset or debt - everything since then is mine, with the exception of the IPA )

 

Cheers

Michael

[toddle2u]

Michael

Your reasoning makes sense but I really can't seem to find a definitive answer on this. Also how would the OR know about any refund unless it was declared voluntarily?

[debtinfo]

i can give you a definitive answer, it belongs to the OR (or trustee) (btw the trustee can be reinstated at any time if other assets come to light, so just because they were released doesn't meant the asset returns to you)

 

The asset did exist at the date of the bankruptcy in the form of a right of action which became part of the bankruptcy estate whether known or unknown, there is no time limit on the trustee realising an asset like this (from the bankruptcy standpoint) it remains an asset in the bankruptcy forever until dealt with (unlike a family home for instance which has a 3 year time limit)

 

The IS currently has a team that is going through all the cases from 6 years ago onwards looking for PPI claims and has a solicitor team fighting these en masse to recover the monies, at some point they are going to come accross bankrupts who claimed these back and taken the money, these bankrupts are then likely to get a not so nice phone call from the OR

[dx100uk]

10/10 di thanks

 

dx

[toddle2u]

debtinfo - thanks for letting me know