Claiming mis-sold PPI from a broker who has gone out of business

AlaM0

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Over the last year or so we have been going round in circles regarding a claim for mis-sold PPI. The basic facts are these:-
Spring 1998; we remortgaged in order to finance the building of a conservatory. The remortgage was arranged by the Mortgage Operation through Bristol and West. The Mortgage Operation’s representative said that we were required to have PPI and arranged this through Marketing and Management Services (MMS) Ltd., West Yorks. We now realise that this was completely unnecessary as being teachers our professional contracts would have provided adequate cover.
Summer 2008: The mortgage terms was completed to the satisfaction of the lender.
Summer 2013: On the verbal advice of the FOS we contacted both Bristol and West (now Bank of Ireland) and MMS. Both deny liability blaming the now defunct (April 2008) Mortgage Operation.
January 2014: The FOS have decided that they cannot look at our complaint, principally now against MMS as they took the premiums over a 10 year period, as the PPI was taken out before January 2005.
We’re not really sure where to turn and would be grateful for some advice.

[Deleted User]

Your mis-selling " complaint" predates regulation (January 2005) by some years. FOS will only have suggested you approach the insurer as a last resort knowing full well already they have no jurisdiction over pre-regulation complaints. The FOS are not liable for advising you to complain verbally or otherwise to someone other than the seller of the insurance. It was the broker who (mis) sold you this PPI, and it is the firm he was working on behalf of that you would have complained if that had been possible.
Both FOS and FSCS has no remit for dealing with pre-regulation complaints. With no one left to approach , your complaint is now over.

Sorry.

dunstonh

ummer 2013: On the verbal advice of the FOS we contacted both Bristol and West (now Bank of Ireland) and MMS. Both deny liability blaming the now defunct (April 2008) Mortgage Operation.

That was always going to happen. It works on rare cases with loan PPI but you wouldnt expect it to work with standalone PPI. The FOS telling you to try them was a last resort sign of desperation. They shouldnt have done that really as it wasted your time and resources of companies that had no liability.

January 2014: The FOS have decided that they cannot look at our complaint, principally now against MMS as they took the premiums over a 10 year period, as the PPI was taken out before January 2005.

The 10 year period is irrelevant. It is the date that matters. Its pre Jan 2005.

We’re not really sure where to turn and would be grateful for some advice.

Its game over.

On the plus side, most MPPI complaints are rejected by firms and the FOS. Adviser sales only account for something like 0.2% of PPi complaints at the FOS and most adviser complaints fail. So, the odds were against you even if the firm still existed. Let alone one that is long gone.

roonaldo

There is nothing you can do