Reclaiming PPI from a finance company who no longer exist ***HELP & ADVICE PLEASE***

serena77

I have an ongoing claim against a financial company in which I purchased a car through them and PPI was applied.
The stage I am at, at the moment is with the financial ombudsman as the company I purchased the car through no longer exists as well as the finance company who financed the car is no longer in existent.

The Financial Ombudsman have now managed to investigate and are stating that the underwriter may be accountable for the actions of the business that sold me the policy but have also said that it’s a complex and in-depth investigation which has been on going now for 3 years as they are trying to get them to admit responsibility for someone else’s sale.

My Question is : Has anybody been through a similar situation? If so can you let me know of the outcome and how long the process took? And is there anything I can do to help the process?

I have all documentation which the ombudsman already have they are happy with all the information I have provided them with but it just seems to be taking forever and not getting any answers can anyone shed anymore light?

Thanking you.

-taff

The ombudsman have no jurisdiction over sales pre January 2005. They always tell people to go after the underwriters, which is sometimes successful, and sometimes not.
A direct link between the seller and the underwriter has to be established before they will accept responsibility for a sale they didn't make.

So the chances of you getting any money back is practically zero.


If the sale was after 2005 you use the FSCS.

dunstonh

The Financial Ombudsman have now managed to investigate and are stating that the underwriter may be accountable for the actions of the business that sold me the policy but have also said that it’s a complex and in-depth investigation which has been on going now for 3 years as they are trying to get them to admit responsibility for someone else’s sale.

There is a small percentage of cases where the insurer can end up liable. However, it is small and the FOS tell everyone to try it just in case. In most cases, you would expect failure. Have you tried the insurer and if so, what was the outcome?

The FOS should really be rejecting your complaint as it has no jurisdiction and referring you to the FSCS who handle complaints against FSA regulated firms where the product was bought post January 2005. I am going to assume that his is a pre Jan 2005 case which is why they are suggesting the insurer. Even if the FOS was to rule it a mis-sale, the firm no longer exists. So, you cant force a company that no longer exists to pay money.