Claiming PPI back from a broker?

Tower92

Hi
My apologies if this has been addressed previously. In 1999 we arranged our skipton mortgage through a 3rd party broker. I contacted skipton about 12 months ago requesting to claim back the PPI insurance we had paid over the 12 years we had the mortgage with them.
Skipton informed me that we would have to claim off the broker and not skipton themselves. Has anybody else claimed off a 3rd party broker that arranged the mortgage for them? Can I do this myself or am I best going with one of the firms that do it on your behalf? Thanks in advance for any help.

McKneff

What reason do you have for reclaiming it.

-taff

They weren't regulated then either, so you've got zero chance.

dunstonh

Has anybody else claimed off a 3rd party broker that arranged the mortgage for them?

They have tried but success is much much lower and the consequences of a complaint to a broker is much higher.

Firstly, most MPPI complaints are rejected. This includes by the FOS. It is generally regarded as the one PPI that is worth having as it covers a major debt with lifestyle changing consequences if it is not paid. So, there is more importance put on it. For example, the FOS have been rejecting complaints with 6 month full pay, 6 months half pay. Yet that is good reason for complaint with loan and credit card PPI.

Secondly, brokers are not like faceless banks. The broker is personally responsible for the advice they give. A complaint against a bank is not recorded against the staff member. The staff member does not suffer the costs. A broker does. Even on rejected complaints. So, you should not put in opportunistic try it on complaints against brokers as it is not fair.

Thirdly, broker complaints are mostly rejected as they will nearly always have factfinds, need analysis, reports issued etc backing up the advice. The banks rarely have anything like that (which is why it is so easy to win with banks).

Lastly, your sale was 6 years prior to regulation. Brokers only become regulated in January 2005. So, even if you had the most genuine complaint going with a dead cert uphold if it was post regulation, it can be rejected as being pre-regulation by a broker.

am I best going with one of the firms that do it on your behalf?

No. They wont change the outcome.

Tower92

Thank you very much for your replies. Yes it would have been an opportunistic claim which I will now not pursue. Thank you especially dunstonh for taking the time to explain so clearly.