If you have been announced bankrupt or been released from bankruptcy, you will find unique guidelines around claiming for re re payment security insurance coverage (PPI) mis-selling.
Numerous loans and finance agreements have actually insurance coverage which takes care of your repayments you become disabled or you lose your job if you stop work because of illness, an accident. It is called re re payment security insurance coverage (PPI).
Lots of people had been offered PPI policies which weren’t suitable for them, which means that they could claim from the finance business for mis-selling.
Is it possible to make a PPI claim that is mis-selling bankruptcy?
Before you went bankrupt, you’re highly unlikely to be able to make a claim or to keep any money that comes out of a claim if you took out a PPI policy.
It is because in cases where a PPI policy ended up being mis-sold just before had been made bankrupt, any claim or possible claim attached to it really is counted as a secured asset. This implies it is owned by the formal receiver or the trustee, perhaps maybe maybe not by you, and it is the main bankruptcy property.
This doesn’t change the situation if you’ve been discharged from bankruptcy. The receiver that is official trustee nevertheless owns the ability to claim and hardly any money that outcomes from a claim, unless they will have decided to move the best back into you. Continue reading