What to do now?

nellynelson2

Hello,

I've read a lot of peoples issues slightly relating to my problem, but just wondered if anyone could help.

I had a mortgage with GMAC RFC within 2002 and 2004, that i'm trying to reclaim the mis-sold PPI, although when writing to Paratus AMC (the new company), they said they dont provide, sell or advise on PPI policies, but the company that did are Best Advice Mortgage Centre in Camperdown, Newcastle Upon Tyne. The BAMC aren't anyway to be seen. I guess they've gone under, although I looked on the FSCS Site, and they're not listed on there. Also FSCS were set up Oct 2004, that was before I sold the Property.

I was aware that the reply would be a 'thanks but no thanks' but this has made me a bit confused.

Do I still write to the Ombudsman, or FSCS, or neither?

Has anyone else had this not so straight forward situation?

Any help would be extremely grateful.

Nelly.

dunstonh

Do I still write to the Ombudsman, or FSCS, or neither?

The lender has no liability. The broker has the liability. You complain to the broker if you feel you were mis-sold. If the broker has closed and has no liabilities then you would normally go to the FSCS (the FOS only deal with trading companies or companies with assets). However, yours is pre-regulation (for insurance) and the FSCS say:

There are limits to the protection that FSCS can provide. For example, FSCS can only consider claims relating to advice on policies or arranging of policies on or after 14 January 2005, and only against firms that were authorised to arrange insurance by the Financial Services Authority (FSA) at the date the policy was arranged.

nellynelson2

I appreciate your advice.

Thanks again.

Nelly

di3004

Nelly

Just a suggestion, but give the FOS a ring in working hours anyway and they may advise on another direction, usually the underwriter/insurer of the policy.

Someone on here was just successful going this way with the same circumstances as such, and I do have one ongoing with the FOS via the underwriter, it was their own idea to go this direction.

Give them a call first, good luck.