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Topic starter
11/06/2012 1:50 pm
As I approach the final few months of my protected trust deed, I am becoming increasingly anxious.
I have a secured loan (which was not swallowed up by the trust deed), the loan is secured on my property. The loan is also a joint loan with my legally separated husband. I think my insolvency practitioners are trying to claim PPI from this secured debt. First, why are they entitled to do that when the sum of money owed was not included in the trust deed, and second, what happens if there is a sum of money owed thanks to mis-sold PPI. My ex continues to pay me half of the loan as legally agreed in our minute of agreement on our separation.If there is PPI compensation to be had then he is entitled to half of the figure, how will that work?
The house was also legally signed over to me and even without the secured loan (massive), the property would still be more or less in negative equity.
I am very worried that the PPI will go directly to my creditors and I'll owe my ex husband a significant sum of money.
Help.
11/06/2012 1:59 pm
Your ex-husband is likely to be entitled to half of the PPI reclaim if it was a joint loan/policy. However, there is no chance that you will end up owing him this - if he is due it then your trustee or the claims management company acting on their behalf would have to pay it to him from the proceeds.
The trustee is entitled to pursue such claims on your behalf I'm afraid, regardless of whether the debt is included in the trust deed or not.
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Topic starter
11/06/2012 2:15 pm
Thanks Kevin, my churning stomach has settled. Although I feel aggrieved that a debt that was not included in the trust deed is allowed to be included in any compensation claim.
Believe me I am paying an exorbitant rate to the secured loan and it would have been sweet to get some of that back.
I assume my IP company can be trusted to ensure any monies owed go to my ex?
How long after the trust deed is completed can money for PPI etc be claimed by creditors?
I ask because I have a feeling that when we signed up for the secured loan there was a clause that stated we were entitled to receive a cheque on the ten year anniversary of the loan being taken out? My trust deed should complete 2012. The 10 year anniversary will be 2015.
11/06/2012 2:56 pm
Hi poorweeme.
There is an argument that can be made that in fact all of the PPI could be retained for the trust deed, even though the loan is joint. However, a split sounds more reasonable.
You may wish to alert your ex to the claim so that they can request that a share is paid to them by the trustee.
Once you are discharged from the trust deed your creditors will have no call on PPI payments unless your trustee has remained in office for the purpose of invetigating and making any such claims.
It sounds like that sum of money due in 2015 is already subject to this claim that's part of your trust deed? It will not be paid out twice.
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