Author Topic: PPI Claim Post Bankrupcy and secured loan adjustment  (Read 1720 times)

Tornado01

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PPI Claim Post Bankrupcy and secured loan adjustment
« on: Nov 17, 2012, 06:00:17 AM »
Hello,
I have a complicated situation relating to a loan secured on my property, my bankruptcy and mis sold PPI.
 Timeline
 1.       2006/2007 - I have financial difficulties
 2.       January 2007 -I took out secured loan with First Plus to consolidate debt – payments made to:
 MBNA  HSBC etc
 Loan agreement included PPI as a lump sum to be repaid by FP if conditions were met
 3.       May 2009 – I am declared bankrupt .
 4.       October 2009 – I am discharged from bankruptcy.
 5.       January 2012 - 60 months elapsed and First Plus refunded the PPI loan to me directly
 6.       May 2012 - I submitted a claim for additional refund of the interest which had been paid as a result of the initial PPI loan on the basis that the PPI had been mis-sold.
 7.       June 2012 FP acknowledge the complaint to me
 8.       7th July 2012 - FP contact the Insolvency Service, without notifying me, offering direct payment to them of the mis-sold PPI. One of the options offered by First Plus  to the IS would result in the part of the repayment being added onto the secured loan.
 9.       August 2012 IS return acceptance to FP thereby allowing FP to  place an additional £4,200 Onto the secured loan.
 10.   September 2012 – I am informed of the process which had happened and of the outcome
 11.   September 2012 - Secured loan value increased substantially and associated interest payments also increased substantially.
 There are more than a couple of issues here for me but the main ones are:
a) should the refund for the mis sold PPI have been taken by the IS?
b) how can the secured loan be increased without my personal agreement?
c) where do I go from here?
I think the only thing to do now is to go to the Financial Ombudsman because this surely can't be legal but I dont know whether I should be asking for some compensation for all the stress and worry this is causing.
Any advice would be much appreciated.