I had a TD and this ended in 2006 just recently I was told that I could claim for PPI so I did and I won around £6k. I had never bothered with claiming before as I did think it would be off set somewhere then I was informed that the Limitations were 5 Years in Scotland and seeing as mines was nearly 10 years that I should get the funds. I also got back a few hundred pounds from a RBS Royalties account so surely if I was to pay them any money that I would not have received this. The guy at the RBS did tell me that I may receive the funds and then I may not and if I didn't I was to call him back and complain - any advice is very much appreciated.
Can the bank take the money ?
I guess there are three possible scenarios Teen40 (and thank you for your clarification):
1: The bank assumes the right to set-off the money against debts that were owed to them.
2: The trustee seeks to be reappointed to capture these funds for the benefit of the previous creditors.
3: The bank sends the PPI money to you, or they send it to your former trustee who then forwards it to you.
I'm afraid there's little certainty on this subject just now.
RBS had told me that I will receive the cheques so I guess it's a waiting game - as they have already issued a cheque to me - the 5 year limitation not apply then as mines was 10 years ago - been told so many things.
Thanks
I can't advise you about the legal aspects of "prescription" Teen40 which I think is the five year period you refer to.
As you say, I think you'll need to wait to see what happens now.
Will you let us know?
Thank you - yes I will