the mortgage matters partnership ltd - PPI

dunstonh

You live and learn I suppose, I now don't buy any insurances, extended warranties or anything else apart from car insurance and that's only because I have to.

There are sensible insurances (household, life, income) but things like extended warranties are just cash cows.

roonaldo

darrenblue wrote: »

Does anybody know if this is deliberate to avoid paying out PPI claims?

Yes they do. Some create a new Ltd company (the ones I know were doing it as the FOS fee's were crippling the business), others have started up CMC's.

dunstonh

roonaldo wrote: »

Yes they do. Some create a new Ltd company (the ones I know were doing it as the FOS fee's were crippling the business), others have started up CMC's.

There are companies that have shirked their responsibilities that way. However, I am not sure an advisory firm would do it for pre-regulation protection sales which they dont have liablity on anyway. Its usually when they have done some dodgy and obscure investment where the excess on PI would be massive and the volume high.

DINKYDALTON

darrenblue wrote: »

Hi,
I was looking to make a claim for PPI with The Mortgage Matters Partnership Limited with the address Ambassador Place Altrincham WA15 8DB. However, looking for them, a website said they are dissolved. I have now found a new company with exactly the same name but they are now at Grosvenor House Altrincham WA14 2QG with two directors that use to be directors at the previous address. Does anybody know if this is deliberate to avoid paying out PPI claims? And, has anybody had any luck with The Mortgage Matters Partnership Limited?

Thanks, Darren.

What I'm about to write I will happily testify to underoath in court.
The company is not limited and is a Partnership. Its is run by two brothers who are multimillionairs with property in the UK , Spain, USA and the far east. The elder brother is a director of a Ltd firm called Independent Financial Matters Limited based at 6 Ambassador Place, stockport road, the TMMP office which is still active because they sell life cover is at 8 stockport Road, Altrincham WA15 8DB I believe. As far back as Dec 2012 they have been dissolving TMMP with a view to avoid liability for the PPI claims that they are facing, as well as the mi-sold mortgages that people can also pursue them for. They have done deals pleading poverty to £50 a month on claims of £2,550 and £5,000 stating they have no money. This a lie, it is a partnership, their is no limited liability, all their assets can be looked and they have plenty of property in the Altrincham area. Be aware that this may be the tip of the iceberg with this company and you might want to look at your mortgage, or secured loan deal as well.

addedvaluebob

dunstonh wrote: »

There are companies that have shirked their responsibilities that way. However, I am not sure an advisory firm would do it for pre-regulation protection sales which they dont have liablity on anyway. Its usually when they have done some dodgy and obscure investment where the excess on PI would be massive and the volume high.

There are loads of companies that have 'phoenixed' by closing as ABC Financial advice on Monday and opening soon after as ABC 2014 or register as a new company with a network. They then write to all their customers explaining they are taking over the assets and client bank but accept no responsibility for any previous advice given. This happened all through the pensions mis-selling, then through the endowment mis-selling and now through anything else they can think of.

It's usually because they have screwed their client bank with rubbish advice and cannot now be bothered to deal with the consequences when the customers realise the advice was rubbish and now want to claim redress

dunstonh

Thank you for repeating what I said in 2013.

Brokerwise

addedvaluebob wrote: »

There are loads of companies that have 'phoenixed' by closing as ABC Financial advice on Monday and opening soon after as ABC 2014 or register as a new company with a network. They then write to all their customers explaining they are taking over the assets and client bank but accept no responsibility for any previous advice given. This happened all through the pensions mis-selling, then through the endowment mis-selling and now through anything else they can think of.

It's usually because they have screwed their client bank with rubbish advice and cannot now be bothered to deal with the consequences when the customers realise the advice was rubbish and now want to claim redress

Or have to deal with spurious claims all the time that end up at FOS which the charging structure puts the business at risk

addedvaluebob

What a complete load of .. or as many posters would say on here.. this is a complete myth

magpiecottage

addedvaluebob wrote: »

What a complete load of .. or as many posters would say on here.. this is a complete myth

What is a myth?

It is a fact that, until last April, firms were charged £850 a throw for PPI complaints to FOS even if there was no case to answer. It is now reduced to the standard fee of £550.

It is true that some firms get 25 "free" cases a year but even then have the cost of administering the complaint.

However, what is a myth is that firms can phoenix at will. The FCA has anti-phoenixing provision for the businesses it regulates.

The difficulty with the Mortgage Matters Partnership Limited is that it was never regulated by the FSA or FCA. I believe it was closed down and the directors then set up a company regulated by the FSA and circumvented the continuity of liability but few businesses seem to have spotted this so it is unusual.