PPI and Bankruptcy in Scotland

[Sim79]

Hello everyone - I've had some really lovely advice from these boards over the years (both as a registered member and not) and I'm hoping I can get a little more.

 

In early 2009 I declared myself bankrupt under the Low Income Low Asset scheme here in Scotland. I'd run up a host of bills and debts whilst I worked at two jobs and put myself through uni studying for a doctorate. Unfortunately, there was (and still is) very little funding available from public bodies for my area of knowledge. I'll be honest and say that I was fairly naive about finance and wasn't entirely sure how PPI worked. Anyhow, as I struggled with the debt, I entered into a debt management plan which went well until I fell ill and was diagnosed with a long-term medical condition (which wasn't helped by the stress of debt!) This meant that I would be unable to work for 2 years at minimum. I took the decision to file for bankruptcy. Last year, shortly after I went into hospital for the first set of operations, I was discharged from my bankruptcy and my trustee (the Accountant in Bankruptcy) was discharged from their duties a little later.

 

I'm not going to be back to work until the middle of next year at the earliest due to complications, etc. but I've spent some time reading through various websites and it occurred to me that I had PPI on at least 3 loans that I used to fund my studies. These loans were part and parcel of the bankruptcy. So are my questions:

 

1) Is it worth me trying to reclaim the PPI?

2) What would happen to the money that is reclaimed? Would I receive it or would it be reclaimed and used by my creditors to pay themselves off?

3) If it turned out that over the course of the 10 years these loans/cards ran for the monies reclaimed from PPI would have prevented my bankruptcy, is it possible to delete the bankruptcy? (That question made sense in my head but I'm not sure it does now!)

 

Any help would be appreciated. I know that this might not be the best place for it and if a Mod would like to move it (or duplicate it) into the Scotland or Bankruptcy fora then I understand. Thanks in advance.

[dx100uk]

1.yes

2.very doubtful the creditors can do that, though i'm not sure of the 'asset that should have been declared bit' - need investigating.

3. not sur - worth investigating

 

 

i'd get the info together anyhow.

 

dx

[Sim79]

Thanks for the advice dx100uk

I'm going to cross-post this in the bankruptcy/Scotland threads in case it's been missed by anybody who might know more. I'm also going to get some infer from MSE and the users there. I'll let you know how I get on.