HELP Please

Slimjim_2

I have recently tried to claim some missold PPI which has at the moment been rejected by the FSA. Unfortunately the problem seems to stem from the fact that in 2003, my husband and I borrowed money from "Ocean Finance" on which we took PPI (which would have been missold as my husband was self employed.) Then in 2005/6 we again borrowed from "Ocean Finance and Mortgages" (note the subtle difference in name), which paid off the 1st loan and gave us some extra money. On this they have said we cancelled the PPI within the time limit (which I cannot remember doing). Now it would seem that the 1st company was taken over by 2nd company in 2005 but didn't pass on details of what was owed by clients (is notary the correct legal word?) so therefore my claim is invalid as the 1st company no longer trades. This somehow doesn't seem right and I would like opinions. For starters, how would I know the 1st company was no longer trading when the 2nd company name is so similar. I have used a no win, no fee company to help me get this far but they cannot help further as it would not be cost efficient.

magpiecottage

I do not think you will get anywhere with this, I'm afraid.

Although the names are similar and they trade(d) from the same address, the two firms are separate legal entities and it seems that any liabilities of the one do not pass to the other.

The FSA has provision which goes some way to addressing this but it is only effective if both the old and the new firms were regulated by it. The old firm does not appear on the FSA register and therefore did not.

Clearly a non-existent firm will not be able to meet its liabilities and, therefore the Financial Ombudsman Service cannot assist you.

The Financial Services Compensation Scheme also only provides protection for failings by general insurance intermediaries from 14 January 2005 and this happened before that date - so again it cannot help.