Broker sale PPI

geraldo7111

Morning All

Please can someone advise me of my options as I am getting lost

I have started a claim with the RBS on my miss Sold PPI , I have since had a letter back to say they are not liable as it was sold by a 3rd party broker who was working on their behalf. The broker has been out of business now for about 7 years.
I was informed at the time of taking the Mortgage and the PPI that the agent was working as an agent of RBS

Any advise would be most welcome

roonaldo

The broker is responsible for the sale. As the sale was 7 years ago you can contact the FSCS

magpiecottage

Who was the broker?

And how would you have avoided losing your home if your income had stopped through redundancy or illness?

dunstonh

I was informed at the time of taking the Mortgage and the PPI that the agent was working as an agent of RBS

A broker is independent of a lender (caveats apply in rare cases). Brokers always prefer to distance themselves from lenders and highlight the fact they are not tied to a lender. Indeed, since 2004 a document would need to have been issued that would say just that. However, that isnt the basis of your complaint and doesnt help you in any way.

Why do you feel it was mis-sold? Be prepared for a struggle. The FOS stats for 2011/2012 show that advised cases only represent 0.2% of PPI complaints. The PPI issue is not generally regarded as an adviser one.

MPPI is typically set up correctly when it is monthly premium and you have insufficient savings to repay the mortgage in full. If you have long term sick pay (12 months) then there may be scope but more recently that excuse hasnt been working as many insurers will still pay out even if you get sick pay. Its only those that dont where it is likely to work now.