PPI sold by broker

SparkySimon

When I went to an IFA for a mortgage I was told that the mortgage company was "more likely" to approve my application if I also had PPI.

I think this falls under the criteria for a mis sold PPI.

It was not bundled by the mortgage company and I was aware I was paying it, I was also aware I could choose not to have it.

The broker is now long since gone?

Is it only mortgage companies that can be approached regarding mis sold PPI's or are brokers also included? If so, do I have any chance of getting my money back?

Regards, Simon

dunstonh

I think this falls under the criteria for a mis sold PPI.

Yes. However, it is a verbal allegation that is near impossible to prove. So, it becomes a he said/she said scenario and very few complaints get upheld on that basis.

It was not bundled by the mortgage company and I was aware I was paying it, I was also aware I could choose not to have it.

So, it was set up correctly as it shouldnt be bundled with the mortgage and you were aware it was optional. That harms your case more.

The broker is now long since gone?

Which harms it even more.

Is it only mortgage companies that can be approached regarding mis sold PPI's or are brokers also included? If so, do I have any chance of getting my money back?

You complain to the IFA that sold it to you. However, they dont exist. So, you cant. If it is before 2005, then you have no-one to complain to. If it was after 2005, you could complain to the FSCS. However, your reason for complaint (whilst valid if you are correct) has little chance of success because it is an unprovable allegation. You could equally be making it up. For MPPI to be successful in complaint, you need to be looking at single premium and not monthly and not being eligible for it to stand any real chance of success.