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Debt Advice Forum Forums PPI Insolvency Practitioners Want My PPI

This topic contains 4 replies, has 2 voices, and was last updated by  Cat788 3 years, 2 months ago.

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  • #886

    Cat788
    Participant

    The insolvency practitioners who are dealing with my trust deed have said they want to check and claim back any PPI i have.

    The problem i have is i already have another company doing this for me and they have said i am due around £3000 in PPI compensation.

    Surely they can’t demand i hand this money over when i have already agreed for another company do take a fee from it.

    I have no problem paying something into it but i am not willing to pay in all of it since it was agreed on prior to starting the trust deed.

    #887

    Hi Cat788,

    Unfortunately it is standard procedure and necessary for the insolvency practitioner to recoup as much money for creditors as possible. This can be done by realising assets, savings or even PPI.

    The terms and conditions of the trust deed should say the IP will look at any assets including PPI with a view to include their value.

    If it doesn’t say this you may be able to make a complaint to the financial ombudsman, however its generally standard for it to be included.

    Did you hire the company to claim back PPI before or after you entered the trust deed?

    #888

    Cat788
    Participant

    I have checked the terms and conditions and yes it does state they will pay any money or assets to the creditors.

    My problem with this is i still wasn’t made verbally aware this was the case before signing the trust deed which i think is unfair.

    I contacted the PPI company after i signed the trust deed but they never asked if i had anyone else looking into my PPI or if anyone else had a claim to it.

    #889

    Unfortunately it’s a little more of a legal matter in regards to who has the claim over the PPI compensation however if it was already agreed with the IP they are obligated to include the money into the solution.

    Sorry this wasn’t exactly the answer you were looking for but hopefully you can come to an arrangement with the insolvency practitioner.

    #890

    Cat788
    Participant

    Thanks anyway, i’m going to speak with the ip and see how i can work around this but definitely not happy.

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