PPI Delcined - Firm stopped trading

nickylabron

Hi there,

I applied for PPI insurance against a firm called INCRESCO LTD recently for a mis-sold PPI policy pertaining to my mortgage. It went to the FSCS as the firm had gone into liquidation. The FSCS took it all the way, I sent off all the relevant forms and made the phone calls, and they passed it to Deloitte to finalise the claim.

They have written back today saying I am not entitled to compensation. They say that 'Incresco was a limited company and they have not been able to determine that the company is unable or likely to be unable to meet my claim for compensation.'

What can I do about this? It was my understanding that the FSCS was set up to pay compensation to people affected by firms closing? I have called the ombudsman who told me that there's nothing I can do as they do not get involved with anything the FSCS is doing and that there's basically no route of complaining against this decision.

Any advice on this and what I could do would be most grateful, I really would appreciate it. Thank you, Nicky

antrobus

nickylabron wrote: »

....
They have written back today saying I am not entitled to compensation. They say that 'Incresco was a limited company and they have not been able to determine that the company is unable or likely to be unable to meet my claim for compensation.'

The FSCS will pay if the company is insolvent and is unable to pay compensation. In this case, FSCS is saying that they have not been able to determine whether or not the company is unable to meet your claim for compensation.

In this case, it appears that Incresco Limited have filed a Declaration of Solvency i.e. they are able to pay all outstanding claims.

Contact the liquidator.

dunstonh

What date did you purchase the insurance? This will be key to any outcome. If you bought prior to January 2005 then are you stuffed. If you bought after January 2005 then you will either have to wait until they are wound up (and then go to the FSCS - although the FSCS only have a 5% uphold rate on mortgage advisers) or see if the administrators will consider your complaint (again, assuming it is post 2005).

nickylabron

dunstonh wrote: »

What date did you purchase the insurance? This will be key to any outcome. If you bought prior to January 2005 then are you stuffed. If you bought after January 2005 then you will either have to wait until they are wound up (and then go to the FSCS - although the FSCS only have a 5% uphold rate on mortgage advisers) or see if the administrators will consider your complaint (again, assuming it is post 2005).

Hi, thanks for your prompt advice. I bought the policy in June 2008. What would be my best next move? Thank you

nickylabron

Thank you for this, appreciate your help. How do I contact the liquidator? Thank you