Claiming PPI from MMS

Bubbly28

My other half and I arranged a mortgage with Preferred Mortgages through a broker (TML Financial Solutions) back in 2004 which We completed in the January of 2005.

We remortgaged with another lender in 2008 so are looking at reclaiming the PPI what we think was mis sold to us whilst we had our mortgage with Preferred between 2005 and 2008.

At the time of the representative from TML visiting us, he also arranged PPI for us, saying that we had to have it through him or we wouldn't get the mortgage, so we agreed.

The PPI was seperate from the mortgage and my hubby and I had a seperate payment each month going out of our joint account.

I briefly looked into this and sent an SAR to Preferred mortgages (as I didnt have the details of who we were paying the PPI to) who basically said that it was nothing to do with them and that I should speak to the broker (TML).

I looked into this and it looks like they have ceased trading so I managed to find out from preferred that the PPI firm were called MMS and gave me their address.

Is it worth sending an SAR to MMS ? Bearing in mind that we will probably need to send seperate SAR for myself and my hubby as they were seperate agreements as I was self employed at the time so had to have my own policy.

If not, can anyone suggest what to do ? Have been thinking about using a claim company as I don't feel very confident that I will get very far with this one.

Thanks in advance

dunstonh

I briefly looked into this and sent an SAR to Preferred mortgages (as I didnt have the details of who we were paying the PPI to) who basically said that it was nothing to do with them and that I should speak to the broker (TML).

That is correct. The seller has the liability. Not the lender.

Is it worth sending an SAR to MMS ? Bearing in mind that we will probably need to send seperate SAR for myself and my hubby as they were seperate agreements as I was self employed at the time so had to have my own policy.

No. Its game over.

If not, can anyone suggest what to do ?

Time to give up.

As the firm no longer exists you cannot complain to them. It is also a pre-regulation case and that means you cannot refer your complaint to the FSCS either. So, it is the end of the road.

If it makes it any easier, the FOS reported that just 0.2% of PPI complaints they had for 2011/12 are advised cases. The FSCS only uphold 5% of complaints against mortgage advisers. Plus, Mortgage PPI has the lowest uphold rate of any type of PPI. So, statistically, you were unlikely to succeed anyway even if you did have someone to complain to.

Bubbly28

Thanks for your reply. It's what I suspected