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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  12:52:52  Show Profile
I think it's likely that discharged trustees who are holding PPI funds/cheques for former clients will return them to the banks and confirm that they have no interest in the funds.

It seems likely that the banks will then send the funds to the claimant.

Like all of these things, we'll probably have to wait and see. Or instead pick up the phone to the former trustee and bank and ask them what they're going to do.

Larger organisations may take a while to update their policies and procedures in response to this judgment, so answers may not be available immediately.

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Turbobhoy
Advanced Contributor

85 Posts

Posted - 31 October 2018 :  13:19:44  Show Profile
I think mr mond should come on here and apologise to all as he's held my money which I could have gaining interest on and it's hodgsons that's dealing with ppi money that mond has kept
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head-just-above-water
Frequent Contributor

47 Posts

Posted - 31 October 2018 :  13:44:23  Show Profile
quote:
[i]Originally posted by Turbobhoy[/i]
[br]On phone to cleardebt apparently mr mond clear debt are in administation



You had better hope they are not in Administation because you are an unsecured creditor now. And might get next to nothing back. If they are in admin. That's just so wrong. They must have been planning that in the background just in case. Spurs and horses spring to mind. Best of luck turbobhoy.
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  13:59:04  Show Profile
A quick reminder to everyone that they're personally responsible for what they write here.

A visit to Companies House this morning did not show that a firm of this name is in administration.

I don't know what the situation is. But please be careful about what's written here.

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tinsoldier
Advanced Contributor

730 Posts

Posted - 31 October 2018 :  14:07:36  Show Profile
The question of interest is certainly one consequence of this ruling. If monies have been wrongfully withheld surely interest would be due to the eventual recipient.
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Wildchild
Advanced Contributor

164 Posts

Posted - 31 October 2018 :  14:18:53  Show Profile
Was hoping the cheque was cashed and they just issue me a new one without going back to the bank. In case they change their mind ha ha
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Baz
Contributor

7 Posts

Posted - 31 October 2018 :  15:51:14  Show Profile
Ive had a considerable sum held by northern Rock as Trustee told them i was discharged and had zero interst in it.. Northern Rock say they're keeping it anyway.
Ive contacted the Ombusman and they say thay theyve not decided and will be some while on the support they give me.
Anyone had dealings with Northern Rock.
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  16:01:46  Show Profile
Hi tinsoldier.

I guess an insolvency practitioner could argue that it only became clear that the funds were being held incorrectly at 9.30am this morning? Would rather take interest out of the equation.

Might be a different question in respect of the bank paying the claim though. Should further interest apply to the claim if an individual has been deprived of the funds through no fault of their own?


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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  16:03:51  Show Profile
Hi Baz,

This is a slightly different (though perhaps linked) question.

A couple of large financial firms have taken the view that they can set-off these PPI funds against debts that weren't fully repaid in a trust deed.

I don't think we have legal clarity on that as yet, though perhaps there has been a large step forwards towards getting that clarity this morning.

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Wildchild
Advanced Contributor

164 Posts

Posted - 31 October 2018 :  16:48:23  Show Profile
My ppi refund was issued by bank 6 months ago
Does anyone know. For example if my former trustee chooses to now return to bank can they just decide to keep it. After paying it out ?
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  17:05:54  Show Profile
Well... it would be a strange set-off argument that they're happy to release funds to a trustee but not to a claimant?

They've already decided not to apply a set-off argument once?

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Baz
Contributor

7 Posts

Posted - 31 October 2018 :  17:05:54  Show Profile
Hi TDA many thamks for your reply
In what step was the direction taken, surely the banks just pocket it after them telling me I was due it.
How long do the ombudsman usualy take to take a side?
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Baz
Contributor

7 Posts

Posted - 31 October 2018 :  17:08:02  Show Profile
TDA
That should be *can't* pocket it
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TDA (Debt Adviser)
Trust Deed Expert



12744 Posts

Posted - 31 October 2018 :  17:08:53  Show Profile
Hi Baz,

This issue has also been subject to a legal process, which most recently didn't go in favour of the bank concerned (not Northern Rock).

I suspect the banks concerned may have been waiting to see the Mond outcome before deciding whether to persist with this legally.

That's just my speculation though.

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maverick267
Advanced Contributor

137 Posts

Posted - 31 October 2018 :  18:03:41  Show Profile
ref nvram I had letter confirming I will not receive any ppi reclaim
as they said you were in trust deed/iva so therefore you are not to receive any payment
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