PPI Claim

vicmart

Hi we remortgaged in june 2006, and used a broker who have now ceased trading, it has only just come to light that they had added on ppi for 7 years and paid it out in a lump sum which we were unaware of as we have never recieved a policy or anything, we have managed to locate the company who the ppi insurance is with and have been advised that they would only pay out on a pro rata basis as of todays date.

What does this mean and are they allowed to do that as we didn't even know we had it and didnt want or need it.

any help would be appreciated.

Cheers

di3004

vicmart wrote: »

Hi we remortgaged in june 2006, and used a broker who have now ceased trading, it has only just come to light that they had added on ppi for 7 years and paid it out in a lump sum which we were unaware of as we have never recieved a policy or anything, we have managed to locate the company who the ppi insurance is with and have been advised that they would only pay out on a pro rata basis as of todays date.

What does this mean and are they allowed to do that as we didn't even know we had it and didnt want or need it.

any help would be appreciated.

Cheers

Hi there & welcome
If taken out in 2006 and the business are no longer active/dissolved etc, it maybe a case of making a reclaim through the Financial compensation scheme (FSCS).
If so when you contact them, they should arrange to send you a form in the post.

Give them a call in office hours.
http://www.fscs.org.uk/contact-us/

Good luck.