Hi riddick2016

I'm no expert but I think it would be classed as a 'windfall' and as such it should go 100% to your trustee, check to see if there is anything written into your trust deed.

Your trustee may find out you have had a payment if they also make a claim against the PPI or they may read this forum.

They don't have access to your bank account but may ask to see bank statements and if so will probably notice the payment.

Hi riddick2016 and welcome.

AlphaB makes some good points.

A PPI payout is almost certainly a windfall that your Trustee will expect to be paid over to help repay your creditors. You should contact your trust deed firm to enquire how to proceed from here.

There are a number of ways they could potentially find out about this sum if you weren't open about it. If they did the consequences might range from having to pay it all back through an extension to your trust deed, your trust deed being cancelled and you being left with all of your debts again, or sequestration (bankruptcy).

Sorry that this will not be what you were hoping to hear.

I had PPI a few years ago which i believe i should pursue for a refund. When goIng through the TD process i was never asked anything about having PPI so it was never discussed. Should i bring this up with my trustee and let them chase it up?

Hi Dollar.

There's probably no benefit to you directly by doing so, but you may feel that justice should prevail against a lender that sold PPI improperly.

If a payout were to follow your creditors might get a higher return on the amounts owed to them.

Be careful about bringing in a claims company though (if your Trustee doesn't put you in touch with one). You don't want to be left with a bill but no payout to use to pay it.

UPDATE

I informed my trustee of my PPI payout and had to pay it all to them....despite being told during my initial interview that my PPI refund on my loan which was paid off years ago would NOT have to be paid back. As you can expect the guy I spoke to during my interview denied that he told me this. On the plus side they will pay the company that made my PPI claim so Im not out of pocket so its not ALL bad.

However you win some u loose some is my take on what has happened and im kinda glad in a way that its been cleared up and I can put it behind me, even if it was a fairly handsome amount of cash!!!! It was hanging over me what to do and tbh if I had kept the cash I would have been scared to spend it in case my trustee found out so whats the point in keeping it if u know what I mean.

BTW AlphaB how do u figure that my trustee would find out who I am on this forum??? My real name isnt my username!!!!

Hi riddick2016

It's a shame you had to give your trustee 100% of the payment but as you said it's all behind you now, you cant miss what you never had... BTW sent you a PM

Hello riddick2016.

Regarding AlphaB's point...
When a member registers for the site there is an option to include your real name in your profile. Some members do, some do not. Any logged-in member of the site can view your profile, so a name entered there could be viewable. By clicking into their profile (while logged-in) a member can make amendments to it.

Help help help,
I claimed ppi which has been refunded but because i owe the bank money they will take their share the rest then to the ppi, but it will leave me owing the company, how the hec do i pay this as i don't have any money, this is the last thing I need.[V]

Hi lorrainek

I'm sorry that this isn't going to help you now, but we've been warning people about the dangers of using a claims company to chase PPI while in a protected trust deed for a while now. As well as in the forum, we've written a few descriptive articles on the subject such as the one at:

http://www.trust-deed.co.uk/news/reclaimingppiwhilstinatrustdeed.php

Speak to your trust deed provider about the situation. They may be able to help in some way.

I wonder if one of our experts can tell us whether a Trustee in this situation could require the bank that is holding back the money (for reasons of set-off) to pay the money into the trust deed? If that was possible perhaps the claims fee could be paid from the proceeds?

Hi,

thanks for that I will speak to my trustee, what is the chance of the bank doing what you say, i just don't believe this. I thought things were going fairly ok.[:(]

Hi again,
Please please help, I feel so hopeless, what is the likey hood of my trustee being able to help, I feel a real mess, it has not been the best of weeks for me my father died last week, buried him yesterday, he was a really important to me, i don't know how to go on without him, I feel very lost, now our central heating is playing up big time, need to get a replacement part but can't afford to pay for it, I feel such a mess, where do i turn now,[:(]

Hi lorrainek.

I'm very sorry to hear about your father.

Please don't worry too much about this PPI situation, somehow or other it will get sorted out. I'd simply suggest a call to your trust deed firm tomorrow to start finding out what the options are. Talk to them about the central heating as well to see if they can help.

As I understand it the bank do have to pass the funds on to your trustee lorrainek, so do ensure you inform your trustee of the situation and they can chase this up with the bank. Whether your trustee will then be willing to make payment to the claims company is another matter, but they may well do.

Hi,

Many thanks for your replies they are making me feel a bit better about things, it is best to speak the the trustee first before anybody else.

Haven't been able to speak to anybody as yet because of the funeral and family around.

To make matters worse our roof has been badly damaged during the recent storm, thankfully we have insurance in place. I can't help wondering what next.