Can I reclaim missold PPI if bankrupt?

[reclaimone]

My computer shy friend took out PPI in 2002 which was mis sold.

He subsequently went bankrupt because he could not keep up with payments on loan.

Could he still reclaim back PPI, or has the right been lost when his assets/liabilities were written off?

 

Appreciate some help folks;)

[hellhasnofury]

My computer shy friend took out PPI in 2002 which was mis sold.

He subsequently went bankrupt because he could not keep up with payments on loan.

Could he still reclaim back PPI, or has the right been lost when his assets/liabilities were written off?

 

Appreciate some help folks;)

 

Hello Reclaimone,

 

I am unsure about this. He may be able to, but I think the money if refunded would be taken from him under the conditions of the bankruptcy.

 

Maybe have a look at threads on bankruptcy, start a thread on the legality forum or ask one of the mods for input.

 

Good luck

[reclaimone]

Thank you for your advice.

[tonycee]

Wider implications here.

 

Was the bankruptcy caused because of any possible misselling.?

[reclaimone]

Hi Tony,

 

No - he had few personal problems and could not keep up payments on the loan.

 

He feels very angry about it as there was a single premium PPI added to the loan which he knew nothing about.

 

Any ideas?

 

Thanks

[tomterm8]

Basically, any choose in action / right of action would be lodged in the bankruptcy estate. You would be able to get a family member / friend to purchase it from the OR, although the OR has the discretion to refuse to sell it.

 

IMHO, it's better to start the actions before going bankrupt, as there is a higher chance of the OR selling them.

[tonycee]

He feels very angry about it as there was a single premium PPI added to the loan which he knew nothing about.

 

 

Thats understandable.

 

My point was, could he have avoided bankruptcy, had he not been missold any PPI.

 

I.E..Was the PPI amount anywhere near the BP amount.

[reclaimone]

Thanks probably best to draw a line under.

[tonycee]

Ok.

 

What i was getting at was,

 

If the bankruptcy was caused by misselling of any kind, you could go back to court to have the bankruptcy annulled.

 

But its difficult to comment on assumptions alone.

 

Good Luck.