Bust mortgage company and PPI

[Deleted User]

addedvaluebob wrote: »

it don't mean they are not allowed to handle claims

The general "rule of thumb" is not to pay any firm an upfront fee for something which can result in a rejection. The fact that the company are not registered with the MOJ is simply another (lesser) reason not to employ them.

magpiecottage

stoob wrote: »

I recently got a letter from a company called Commitments Protection Ltd, saying:

""We tried to call you recently regarding the advice you received from Mayfair Mortgages Ltd on 30/11/2006

As you say, they have gone bust. However, in 2006 they were an Appointed Representative of Second Mortgages Limited.

They too are in liquidation and have been declared in default by the FSCS.

and the recommendation to take out a single premium PPI policy.

Quite possible - they were more common for second charge mortgages.

We administered this policy

That must have been difficult for Commitments Protection Ltd as by 2006 it was a regulated activity which required authorisation by the Financial Services Authority.

Commitments Protection Ltd did not have such authorisation in 2006 - possibly because it did not exist until 2012. However it did not get authorisation subsequently.

dunstonh wrote: »

I just did a search on the ministry of justice claims company register and that company do not appear to be listed. So, they are not authorised to charge for making complaints.

It will not get any kind of authorisation now because it went into liquidation itself last year.

So I did, and to cut a long story short, they want £195 fee, and the solicitors will want 30%, so Ill get £2000 ish back.

You will pay £195 and never see it again.

Im at a loss as to what to do now.

Not as much of a loss as if you give them £195.

You can make a claim to the FSCS if you wish - against Second Mortgages Ltd.

roonaldo

Years ago I worked for a mortgage broker that sold a gazillion Commitments single premium policies. They used to pay a huge amount of commission. There were some awful sales practices.

magpiecottage

roonaldo wrote: »

Years ago I worked for a mortgage broker that sold a gazillion Commitments single premium policies. They used to pay a huge amount of commission. There were some awful sales practices.

It does sound like the OP has grounds to make a claim to the FSCS then.

Link here. That will lead them to all the details they need to do it themselves.