Hi dogs12.

There's no total certainty on this.

It's an insolvency practitioner from Cleardebt who's trying to take an appeal to the Supreme Court to argue that he can gather in these funds to distribute to the creditors of their former clients.

Hi
As the bank have contacted them can they retain the money?
We were both discharged in 2010

I can't really add to the answer I've already provided dogs12.

Hi

The insolvency practitioner has said they have an intrest in the PPI.
Can someone explain to me how he can have an intrest if they have been discharged?.
If they had an intest why did they not contact the bank? As far as i know they cant do that if they have been discharged.

Hi dogs12.

The question is whether they can persuade a Court to allow them to be reappointed to the trust deed so that they can gather in these funds for the benefit of your creditors. This would not mean that you're in a trust deed again - just them.

A recent Court ruling went against them on this subject, but they're seeking to appeal this at the Supreme Court.

Until that appeal is either refused or lost, I think you're going to have a tough time getting your hands on this money I'm afraid.

At this momment in time the law states they are not intitled to it, does it not? Or do i have that wrong?
If thats the case how can they say they have an intrest in it.
Sorry i cant get my head round this

I'm sorry the explanations aren't helping dogs12. We can only really refer you back to the article I linked to in my first response to you.

We can't offer you legal advice, you'd need a solicitor for that.

The trustee would probably argue that it wouldn't be right for the funds to come to you at this time in case it turned out that, legally, they could be reappointed to your trust deed for fear of the funds being spent and becoming irrecoverable by that point in time.

Your issue is, if you contend that the funds should come to you now, how will you force the trustee to do that if they will not do it willingly?

TDA why do you reckon some ex-trustees took the view last July that they should concede and pay withheld funds (like BDO did for instance)?

I genuinely don't know tinsoldier. It's not unusual for people to take different views in respect of the same set of circumstances though.

It's very clearly an issue that Mr Mond feels strongly about.

If you dont think the money should come to me because the trusdeed may be reopened why do you think the money should go to the IP?
Are you saying that if TD is reopened then the IP will look to recover any PPI from the Individual if they have recieved PPI after discharge?

I've no publicly stated view on this whatsoever dogs12. You're asking questions and I'm answering them.

The argument that could be made is that this money should go to your creditors because you chose to hand over control of your assets to your trustee when you entered a trust deed. This included potential PPI claims. Your creditors chose to allow the trust deed to become protected on the basis that they'd benefit from assets such as these.
Why should your creditors lose out because a claim wasn't submitted properly at the time or because a bank didn't deal with a claim properly at the time? Why should you benefit from something you already voluntarily gave up in return for debt forgiveness and a fresh financial start?

There are of course good arguments on the other side (your side) as well.

I've no idea whether an insolvency practitioner might seek to recover PPI payments that you've already received since your trust deed ended. I very much doubt it to be honest though, and we've not heard of it happening as far as I can remember.

we will just have to wait and see what happens.
My own view is that the insovency practioner's will come looking for the money at the end of the day the more they collect the more money they make.
I would be more worried for the individual's because there is every possibility they wont have the money and all the stress and what not will start again.

Well... it's only one insolvency practitioner driving this legal action.

Most others are handling this very differently right now, though that might change depending upon any further Court decisions in the future.

Hi TDA

Thanks for your comments