Welcome Finance request PPI claim goes back to insolvency practioner as discharged bankrupt

[lduffy]

Submitted a PPI claim on a secured loan with Welcome Finance.

 

The agreement was in arrears due to bankruptcy in 2007 and my house was repossessed.

 

The property was over valued and was on the market for two years with Kensington Mortgage Company.

 

Eventually Kensington sold the property at auction and did not receive enough money to pay the mortgage.

 

The bankruptcy was discharged in the October 2007 and I have never received any requests to repay the debt.

 

Now that I have made a PPI claim Welcome are insisting that the official receiver has to sign the paperwork and act on my behalf.

 

Has anyone got any advice on this.

[dx100uk]

i thought all welcome PPI stuff was now handled by the FSCS?

 

dx

[lduffy]

Hi the FSCS are dealing with it and they are advising that I have to get the insolvency practioner to sign the application form which they have had in there possession for months.

They advised me just within timescale.

This has been ongoing since April 2011.

 

As I had declared that I had been bankrupt and discharged the practioner had to deal with my affairs relating to the repossession of my property.

 

All the welcome claims that are prior to a certain date I think 2003 are not managed by the FSCS or the FOS.

So who will deal with those complaints.

 

I am being passed from Welcome to Aviva as none of them are claiming responsibility for being the broker who sold me the insurance.

How do I get that money back?

 

This has all been ongoing since April its now October and I am no closer to receiving my money back.

 

The only claim they will pay out on they have calculated how much I should be owed and are stating that they are going to use the money to pay off the secured loan which is in arrears.

 

I dont even know if there calculations are correct.

[toddle2u]

I have bad news for you. You may never see the money. Here is an answer I got on the forum when I asked if an IP had a claim on PPI post discharge

 

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

[lduffy]

Hi I am going to notify the trustee however this loan was a secured loan jointly in my x partners name.

 

Welcome never pursued my x partner for the debt in the last four years.

 

Had my name as lead name on the agreement and have tried to use another PPI claim to settle the existing debt.

 

My house was repossessed due to the second charge on the mortgage with Welcome and I ended up still owing them money.

 

As it is tied into the house dont I qualify under the three year ruling.

 

The other issue is that my x partner has got away from all this scott free and I dont really know how much money we are talking about here.

 

The PPI was on a 25k secured loan and there are arrears charges, mortgage indemnity fee charges etc.

 

If I could have claimed from this PPI when it all happened I wouldnt have had to have gone bankrupt.

 

Are you saying that all this is in the hands of the trustee and there is nothing I can do to even challenge this.

[toddle2u]

What I was told is if you get a PPI refund it is due to the trustee not you. I would not have thought you would qualify for the 3 year ruling as that relates to the propery itself and not a loan associated with it

[dx100uk]

pm ims21 to look in

 

dx