Missold PPI by broker who no longer trades

grantmorris

I was sold PPI with a Northern Rock mortgage back in 1997 but the broker who arranged the mortgage is no longer in existence. How do I go about trying to claim my money back for misselling and who do I go to? The FSCS told me over the phone that I was pre scheme but didn't explain what that meant? Help I'm stuck and know that I am still paying the PPI even though I've changed mortgages. Where do I go?

Nasqueron

FOS regulation started in January 2005 (banks were covered before that but a broker most likely won't be), if a PPI claim is successful but the business has ceased trading the FSCS would pay out a % of the sum if it was after regulation.

In 1997 the broker probably wouldn't have been covered unless he was an agent of the bank so even if they were still trading they can reject the complaint as pre-regulation with no recourse to the FOS.

That said, why do you think the MPPI was miss-sold? Could you have paid your mortgage if you were sick for 12 months or lost your job for a year?

dunstonh

How do I go about trying to claim my money back for misselling and who do I go to?

You dont. You have no-one to complain to and this pre-dates regulation.

The FSCS told me over the phone that I was pre scheme but didn't explain what that meant?

Regulation started in January 2005. FSCS only consider sales made after Jan 2005.

and know that I am still paying the PPI even though I've changed mortgages.

There is absolutely nothing wrong with having MPPI. The PPI issue is not something that is generally regarded as a broker failure. The FSCS (on cases they do look at regarding mortgage advisers) only uphold 5% of complaints against mortgage advisers. Even the banks (where it is a bigger issue) reject most MPPI complaints. it is loan and credit card PPI where the real issues are (which see most complaints upheld).