Can I Claim? Been told I Can't

Manticore1

Hi there looking for some advice / help if possible please.

Took out a secured loan via a broker in 2004 for £15,000 over 120 months (10 years)
When we took out the load we were told by the broker that we had to take out a "Single Premium Payment Protection Insurance" of £2850 to obtain the loan, this would then be added to the loan amount so the total of the loan was £17,850.

The loan was originally with a company called Endeavour Personal Finance, got a letter in April that the loan had been sold to Moorgate Loan Servicing Limited.

Have rung both these companies to ask about possible miss selling of the PPI but they said that as the loan was taken out via a broker and that broker now appears to have been liquidated they couldn't help but gave me the number of the FSCS, (financial services compensation scheme).

Phoned them and the lady on the phone said they couldn't help as the loan was taken out over 5 years ago and there's nothing they can do.

Is this correct, is there nothing I can do to make a claim.

Many thanks for taking the time to read

Regards
Manticore1

-taff

Your only option now is to try and complain to the underwriters of the insurance, but that is an incredibly slim/probably zero chance, because they didn't sell it to you.

However, as it's your last chance, and it'll cost a stamp and maybe a phone call or two.

dunstonh

FSCS protection only started in January 2005 for insurance. Any sales made prior to that date dont get that protection. Taff has given you the only option you have but dont expect it to work. It is a really really tiny proportion of cases where the insurer has liability. If you get lucky then play the lottery that weekend as that is the sort of luck you will need.