PPI Companies Pre-2005

Trini7gal

Been a long time, but, hello everyone. Is there ANYONE out there who has had any luck with reclaiming PPI where the original broker is no longer trading and who, at the time of sale of the policy, were not regulated by the FSCS?

After nearly two years of trying, I have hit so many brick walls, I am almost, but not quite at the point of giving up and allowing my mortgage company to continue to benefit from the interest payments on the initial PPI premium of £12,000, over the next 19 years!!!! Outrageous, I know, but I'm sure there must be at least one other person who is in this situation???

The company in question is Mortgage House Direct, taken over by Rainbow Home Loans, who are now in liquidation.

Ever Hopeful ....

marshallka

Hi, if you are using the Ombudsman service there are rules which would apply to taking the complaint there as follows. If the PPI was taken out after 14th Jan 2005 then you would make the complaint to whoever sold you the insurance and if after 8 weeks (or their final response sooner) they reply saying they believe it was not missold then you would be free to use the service and let them adjudicate the complaint.

If the PPI was sold prior to 14th Jan 2005 and the firm was a member of the GISC (General Insurance Standards COuncil) then you would still be able to go about the complaint in the same way and FOS would still be able to adjudicate on your behalf.

If the firm was a "bank" that sold the PPI and it was sold prior to Insurance being regulated then this would mostly come under the Old Banking Ombudsman rules which was around before FOS as we know it.

If however your PPi was sold before all insurance became regulated and the firm that sold it was not in any of these categories above then your only hope would be to either use the courts (which you are always free to do) OR to make the complaint (firstly ringing FOS to see if they would accept!!) against the insurer of the PPI. You would find these details on the PPI documents and you make the complaint in the same way as you would in the PPI guide but saying you hold them responsible for the missale. Most insurers would be under the FOS jurisdiction regardless of dates but if you do complain and they do not uphold you have to remember you only have 6 months (could be a little longer now but maybe someone else will confirm!!) with which to take the complaint to FOS.

Sorry this is long winded but hope it helps.

Trini7gal

Hi Marshallka

Thanks for a comprehensive reply to a fairly complex PPI issue! FOS have said 'no' because the broker is in liquidation. The FSCS have said 'no' because at the time of sale of the PPI, the broker was not regulated (by anyone it seems!). Lloyds (the insurer of the PPI) have now said that they are awaiting the FSA documentation on PPI and complaints and in the light of this will re-access my case 'as a priority'. Can only wait and see but if this fails then I think you're right, it will have to be the legal route.

Thank again!

di3004

Trini7gal wrote: »

Hi Marshallka

Thanks for a comprehensive reply to a fairly complex PPI issue! FOS have said 'no' because the broker is in liquidation. The FSCS have said 'no' because at the time of sale of the PPI, the broker was not regulated (by anyone it seems!). Lloyds (the insurer of the PPI) have now said that they are awaiting the FSA documentation on PPI and complaints and in the light of this will re-access my case 'as a priority'. Can only wait and see but if this fails then I think you're right, it will have to be the legal route.

Thank again!

Good luck.

I think the FOS will be able to adjudicate if your going through the insurer, to what I know of they would have been regulated.

Fingers crossed for you anyways.;)

marshallka

Trini7gal wrote: »

Hi Marshallka

Thanks for a comprehensive reply to a fairly complex PPI issue! FOS have said 'no' because the broker is in liquidation. The FSCS have said 'no' because at the time of sale of the PPI, the broker was not regulated (by anyone it seems!). Lloyds (the insurer of the PPI) have now said that they are awaiting the FSA documentation on PPI and complaints and in the light of this will re-access my case 'as a priority'. Can only wait and see but if this fails then I think you're right, it will have to be the legal route.

Thank again!

Hi, I hope you have asked that FOS look into this via the insurer route though? Have you complained to the insurer and had a final response? Even though FOS have not actually got jurisdiction against insurers (they are in talks though) they ARE accepting complaints against them.

If however you have not formally complained to the insurer as such (giving 8 weeks like you would with the broker) then I would do so now.

Good luck

Trini7gal

Thanks very much for all the advice - this has definitely encouraged me not to give up. I have sent my complaint to Lloyds, the insurer, using the FOS questionnaire, and received an acknowledgement letter and confirmation that they are awaiting the guidance from FOS. So, thank goodness, it's not the end of the road yet.