Claiming for mis sold PPI after a Trust Deed is possible. You can make claims against the debts that were in your Arrangement. You can also claim against accounts paid before it started.

• When can you start PPI claims?
• How are the banks likely to react?
• Should you use a specialist claims company?

Want help with a Trust Deed? Give us a call (0800 088 7376) or complete the form below to speak to one of our experts.

When can you start PPI claims?

Before you make any PPI claims your Trust Deed must be completed. You will know this is the case because you will have received a Letter confirming your discharge signed by your Insolvency Practitioner (IP).

It is very important to wait until you have been discharged. Until you do the Arrangement is not yet over. This is the case even if you have finished making your monthly payments.

If you claim before your Trust Deed is formally over any compensation you receive must still be treated as a windfall. As per the terms of the Arrangement you will have to hand this to your IP.

How are the Banks likely to react to your PPI claims?

When you make PPI claims after a Trust Deed the banks are likely to be reluctant to pay you any compensation you are awarded. There are two reasons for this:

Set Off – The banking Set Off rule means a bank can hold money it owes you back to pay a debt you owe it. The bank argues they can hold bank your compensation. This is then used to Set Off against the debt not paid due to your Trust Deed.

Unrealised Assets – This argument states that although your Trust Deed is completed you could have claimed while it was still running. As such any compensation you are paid now should still be paid to your IP.

Should you use a specialist PPI claims company?

Once your Trust Deed is completed there is nothing to stop you claiming for PPI mis-selling yourself. However if the banks refuse to pay your compensation you are likely to have to give up on your claim.

You could raise a complaint with the Financial Ombudsman Service (FOS). However this could take 18 months to work through with no guarantee of success.

For this reason if you want to make PPI claims after a Trust Deed you should always consider using a specialist claims management company. You will have to pay a fee. However this should only be payable if you receive the compensation you are due.

Wilmott Turner is not a Claims Management Company. We are unable to help you with your PPI claims. If you want help you need to use a claims company regulated by the Ministry of Justice.