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By (user no longer on site) OP
over a year ago
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I KNOW OF SOMEONE WHO WAS UNDER A TRUST DEED, FOR INDEBTEDNESS, THE INSOLVENCY PRACTITIONER, WHICH THEY USED TO MANAGE REPAYMENTS, RECENTLY INFORMED THEM, A PPI CLAIM, REALISED £5200, IN THIS INSTANCE, WOULD IT BE RIGHT THAT THE PPI BE FORFEITED BY THE PERSON I KNOW, AND THE MONEY, WITHHELD TO PAY FOR THAT PERSON'S DEBT? WOULD APPRECIATE INPUT ON THIS ISSUE |
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Im my opinion I should hope so. If they are bankrupt and have debts any money they have should be used to pay them off. The company's/people they owe money too could be struggling to financially survive as well.
Why don't you just search online and find the legal rules. |
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By (user no longer on site) OP
over a year ago
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should add, this person, should never have paid the PPI, to a high street bank, therefore they were given a refund- because they were overcharged in the first place, expanding the debt |
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Trust Deeds aren't the same as bankruptcy but any money recovered during the period of the TD should be declared to the Insolvency Practitioner. It is possible the PPI refund is from a creditor who had already had the debt cleared long before the TD was put in place. The Insolvency Practitioner should be informed and he will keep everyone on the right track. |
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"Trust Deeds aren't the same as bankruptcy but any money recovered during the period of the TD should be declared to the Insolvency Practitioner. It is possible the PPI refund is from a creditor who had already had the debt cleared long before the TD was put in place. The Insolvency Practitioner should be informed and he will keep everyone on the right track."
Sorry mistake x |
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Looks like the loan is included in the TD. The PPI wouldn't have made the debt worse because it's known from the beginning of the loan period what has to be paid. However, if PPI shouldn't have been included, the figure used to calculate the TD payments may be incorrect because the original indebtedness is wrong. Hence the need to go to the practitioner!!! |
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