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Who is liable?
cjcart
Posts: 13 Forumite
Hi can anyone advise who is liable to payout on PPI.
My dad took out a loan with Loans.co.uk who we now believe to be in liquidation, they bought out the original lenders we are not sure what they were called.
GE Money financed the loan and have said in a letter that because they never sold the policy they are not liable. If they are not liable and the company who sold it have gone bust what do we do?
I will be grateful for any advice, dad is very stressed trying to reclaim his PPI because he knew it was something be paid and then cancelled a few years back but is being told by the likes of Barclaycard that they can't locate a policy in his name and he still carries that creditcard, sorry for the double question but I hope you can help.
Thanks
cjcart
My dad took out a loan with Loans.co.uk who we now believe to be in liquidation, they bought out the original lenders we are not sure what they were called.
GE Money financed the loan and have said in a letter that because they never sold the policy they are not liable. If they are not liable and the company who sold it have gone bust what do we do?
I will be grateful for any advice, dad is very stressed trying to reclaim his PPI because he knew it was something be paid and then cancelled a few years back but is being told by the likes of Barclaycard that they can't locate a policy in his name and he still carries that creditcard, sorry for the double question but I hope you can help.
Thanks
cjcart
0
Comments
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This is correct.GE Money financed the loan and have said in a letter that because they never sold the policy they are not liable.
You need to contact FOS who will tell you whether your complaint might be covered by their compensation scheme.
Do note that if it was pre-2005, you may have little recourse.
http://financial-ombudsman.org.uk/0
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