I have a PPI Policy taken out

evertonian61

With GE Money Home Lending taken out in 2004 that was paid off in 2005 it was part of a secured loan the Optional Protection policy as it was called was around £3000 andpaid as a single premium,i have policy number/policy provider but GE Home Lending state that they only provided the Finance and are not responsible for the mis-selling where do I stand with this?Any advice greatly appreciated.

dunstonh

The lender is only liable if it was the lender that sold the PPI. If you used a broker then the broker is liable.

evertonian61

Many thanks for that the broker 21st Direct based in East Anglia is in liquidation how do I claim against them?I think I may have drawn a blank.

-taff

I think your complaint is over, because the FSCS has no jurisdiction because it was sold prior to 2005, and the firm no longer exists.

evertonian61

Ok I just opened an email from the FOS they have stated that although the time limit applies they are willing to look into the complaint because the two businesses,GE Home Lending and Cigna International(Policy Provider)belonged to regulatory authorities,they are willing to conduct the case on My behalf.I am actually quite surprized as I was fully prepared to accept that the FOS had no grounds to complain but they have sent me forms to fill in.Still in shock I know its no means a guarantee of anything but they feel it is.

magpiecottage

It is possible that FOS may look at the complaint. However FOS would need to be satisfied that the broker acted as agent for either the lender or insurer.

The FCA register shows that from 14 January 2005 (when the regulation of general insurance began, the broker was directly authorised. This suggests that the broker was probably truly independent otherwise it would have tied to somebody else on that date.

That in turn does not bode well for a favourable outcome, I'm afraid.

This is not to say that the sale was not dubious, simply that I think it unlikely that you will find redress.