If you have been declared bankrupt or been discharged from bankruptcy, there is special rules around claiming for a PPI refund.
‘Is it Possible to Make a Claim After Bankruptcy?’
If you took out a PPI policy before you went bankrupt, then you’re highly unlikely to be able to make a claim or keep any of the money that you win from any claim, as it will be considered an asset. This means that it’s technically owned by the official receiver or the trustee, and it part of the bankrupt estate.
However, even if you’ve been discharged from bankruptcy, this doesn’t anything. The official receiver or trustee still owns the right to claim and take any money that results from a claim.
‘What If I Were Mis-Sold PPI?’
If you believe you were mis-sold PPI then the first thing you should do is alert the official receiver or trustee. You can’t make a claim for mis-selling without checking with the trustee or official receiver.
‘What If You’ve Made a Claim Already?’
In the event that you’ve already made a claim, you must also alert the official receiver or trustee. You also have to tell the company that you’re claiming against your bankruptcy. However, in the even that you receive a refund it is highly likely that it will be paid out to the trustee.
‘I’ve Been Contacted by a Claims Management Company’
You must be wary if you’ve been contacted by a Claims Management Company, particularly if you’ve been told that your bankruptcy has no bearing on your claim. In this case you must contact the trustee.
The finance company you’ve claimed against is one of your creditors – if this applies, they have the right to take the compensation payment and hold it against what you owe them. This is called offsetting and could mean there’s no money left to pay the commission.
At PPI Refund we’re committed to ensuring our customers have the correct information when proceeding with a claim.