Under new guidance from our governing bodies, Trustees are now required to seek to recover PPI for the benefit of all creditors.

Mark

I am puzzled as this new guidance was introduced years after signing my agreement and was not part of the original agreement. Also, advice from this web site states that not all TD providers are pursuing ppi claims. Why?
Will any of the potential claim include the 8% interest that may have accrued and will this be given back to me to pass on to HMRC?

I am unaware of any firms in Scotland not pursuing PPI. In the grand scale PPI is fairly new and the guidance took some time to be ratified by governing bodies.

Any tax paid as part of any refund will be payable to HMRC and will be the responsibility of the Trustee to deal with.

Mark

Hi robbby204

They could argue that refusal to do so would be classed as non-cooperation and seek to refuse your discharge on those grounds.

The problem is that if there is a potential claim to be made that would improve the return for your creditors as a whole then they are obliged to try and do so.

Thanks for the info, however, I fail to see the benefit in taking more money from creditors through ppi claims just so they can receive a fraction of it back from the pot. I find it immoral that I am claiming money from companies I have already let down. I would never have claimed ppi for myself after TD.

Ps - 'Not every trust deed firm is (or was) asking all of their clients to make PPI claims during their trust deed. If this is true for you, it may well be of interest as to whether you'll be able to start PPI claims yourself and potentially benefit if you win your case(s)'.

Quote taken from this site.

Thread hijack...

Not all PPI claims were miss sold. How does this factor in if you "must" seek to claim this back as part of the discharge process?

From my point I have never taken PPI out on any product in the past 10 years. Now when I reach the end of my TD will I still be held in the porcees until this is verified or is this checked as part of the TD setup?

Oh and I am assuming part of the reason for checking this is if you havbe cleared a debt with PPI on it whcih was not part of the trust deed then you need to seek money from this in order to claim back PPI funds towards the creditiors afected by the TD as its in their favour.

I do not know for sure if I have any valid claims for any ppi. It is the principle that concerns me - not self gain. I appreciate this may be difficult to grasp.

I supose the simplelest way to look at it is these pollicies wer miss sold to everyone and as such it's money the creditiros should not have recieved from you. Now you are trying to resolve your fincial situation this money needs to be taken back as if it wanst paid in the first place and the money re-allocated towards the current creditors debts. This means spreading the money round everyone and not leaving it for the benifit of one creditor who should not have had the money in the first place.

Can I just ask, if u were not "mis - sold" ppi can the TD company still push you into saying u were?? I know that I had ppi on one of my loans but it wasn't mis-sold, I knew exactly what it was

I was never mis-sold PPI. In fact whenever I took out a credit agreement, I asked for PPI before they mentioned it. I read and understood everything that I took out. When the ugly head of reclaim was raised, I emailed and called my trustee on numerous occasions to make sure they were aware of this. A note was put on my file and nothing more was to be done. Imagine my surprise when I get a letter from the company dealing with PPI for them (EIF) saying that Barclaycard had settled and I would get a check soon. I hadn't signed nor returned any form to them. This put a delay of 6 months on my trustees discharge - which I'm still waiting for.
I agree with the immorality of it. I defaulted to these organisations by going into a trust deed. One of them has now had to send just under £6000 to my trustee and I would imagine they would get a very small portion of that back. I've often wondered where there is benefit to creditors in this. Surely if a person in a trust deed can fail credit checks for finance, can the same checks not be done to prevent them from claiming PPI? That way, creditors aren't paying out for a tiny return.

Not all PPI was mis-sold and frankly trust deed firms pursuing a refund even after a client specifically saying they purchased the insurance and had read and accepted the terms and conditions are acting immorally and fraudulently. If I were in this position I would write to trustee demanding that claims are not pursued as Gillian has done and cc the lender if necessary

Not all PPI was mis-sold, I, like you Gillian was one person who always took it out. Years ago, when still married, my husband was made redundant. The policies that we chose to take, all paid out after the 30 days, our mortgage, loan and credit cards were all paid.

Years later, now divorced, the debt in my TD was mine. I didn't take it out on my loan because I couldn't afford the extra £50 odd a month they were asking for so refused it. I did, however, have it on my catalogues and credit card, where you pay so much for every £100 owing, I wasn't mis-sold this I agreed to pay it. The only time I was mis-sold PPI was a long time ago, I was told if I didn't take the PPI I couldn't have the loan, not happy, but in need of the loan, I agreed. That loan was repaid a long time ago and apparently that PPI won't be chased.

Looking at it from a moral point of view, anything I've agreed to pay should not be repaid to my trustee, in my opinion it's fraud. However, the banks were mis-selling for years and I do think they need to be made accountable. I know someone who has received huge sums back, he's self employed, they knew it and they would never have paid out if he'd claimed.