Broker or Lender

ANY_CHANCE

The Broker Norton say they sold the PPI but on the Loan agreement there is the loan and PPI together on the same page which is by the lender First plus.

The broker had us sign an information only sale?? that isnt selling the PPI

Has anyone been succesful getting PPI back from the lender even though they initially had a broker??

di3004

Hi AC

It does not seem fair does it being pushed from pillar to post, when in reality I know its the broker that may have sold this to you on the lenders behalf and commission paid by the lender.

Hope someone in your position comes along soon, good luck AC.;)XX

holly22

SNAP.... i am so fed up with it all.....my loan is all on first plus paperwork too....have now gone down the FOS route as norton said that is the only ppi first plus do and so cant advise at all...

petermb_2

As I have been saying for some time now and few are prepared to listen, the fault lies with the lender not the broker. I recently had a conversation with a solicitor who defends a major sub prime lender and he agreed with me. He stated that the lenders are happy for people to chase after brokers as it leaves them in the clear.

The lenders sell the ppi, not brokers. Brokers merely act as an introducer in the deal. The lender receives the bulk of the commission and then pays an enhanced commission to the broker.

You guys are obviously unaware that the commission paid to the lenders for these policies can be as much as 80% of the premium? They do not pay anywhere near that to the brokers. Who do you think is making all the money out of it?

Come on guys wake up!

12 months for the FOS to start a case and yet a good claims company can get results in 5-7 months. I am not just talking about ppi premiums back here. I am talking about the premiums plus interest plus the commission plus interest.

ANY_CHANCE

has anyone taken the lender to court instead of the broker yet?

marshallka

ANY_CHANCE wrote: »

has anyone taken the lender to court instead of the broker yet?

I remember a few on here have said this but never once heard of anyones outcome yet.

liberty_lily

petermb wrote: »

As I have been saying for some time now and few are prepared to listen, the fault lies with the lender not the broker. I recently had a conversation with a solicitor who defends a major sub prime lender and he agreed with me. He stated that the lenders are happy for people to chase after brokers as it leaves them in the clear.

The lenders sell the ppi, not brokers. Brokers merely act as an introducer in the deal. The lender receives the bulk of the commission and then pays an enhanced commission to the broker.

You guys are obviously unaware that the commission paid to the lenders for these policies can be as much as 80% of the premium? They do not pay anywhere near that to the brokers. Who do you think is making all the money out of it?

Come on guys wake up!

12 months for the FOS to start a case and yet a good claims company can get results in 5-7 months. I am not just talking about ppi premiums back here. I am talking about the premiums plus interest plus the commission plus interest.

The trouble is Peter, that often the lender merely chooses to ignore any letters sent regarding this issue, whereby at least the broker has the decency to respond - albeit in the negative.

We are also dealing with Norton, but our mortgage was with Swift Advances. We have sent several letters to Swift via Royal Mail Recorded Delivery relating to our PPI complaint which they have ignored completely - yet they are replying to our charges issues. Norton, however, have replied.

If the lender persists in blanking our letters I don't see how we can get them to admit liability for selling the PPI - although you are of course right that the broker merely introduced us to Swift and is not therefore ultimately responsible.

liberty_lily x

marshallka

liberty_lily wrote: »

The trouble is Peter, that often the lender merely chooses to ignore any letters sent regarding this issue, whereby at least the broker has the decency to respond - albeit in the negative.

We are also dealing with Norton, but our mortgage was with Swift Advances. We have sent several letters to Swift via Royal Mail Recorded Delivery relating to our PPI complaint which they have ignored completely - yet they are replying to our charges issues. Norton, however, have replied.

If the lender persists in blanking our letters I don't see how we can get them to admit liability for selling the PPI - although you are of course right that the broker merely introduced us to Swift and is not therefore ultimately responsible.

liberty_lily x

I think that Peter was on about using a solicitor who would know just how to get the lender to admit liability. I just wish we knew how to do it on here and then we could do it ourselves but I do know these things can be very difficult. Its a pity that FOS cannot help with these complaints when we are all complaining about the same things but the damn dates are a little adrift for regulations.

sue149

im in the same boat got loan with f/p but used norton as the broker f/p say its nortons that have too deal with it as the paperwork was with them norton say its f/p as they only worked as a broker for them its mad what do i do next sick of keep writing too them both

ANY_CHANCE

Sue that is exactly my situation re norton and FP

I settled my loan with FP and have complaint re unfair rebate with FOS which has been with them over a year as i would not accept FP offer of what was in the end not even 50% of what i have paid out for the PPI.

So frustrating

sue149

so f/plus did actually offer you something them not norton