ppi nightmares

dogsbody01

Back in 2005-6 i took out a mortgage , because i was self employed at the time & did'nt have the best of credit ratings i had to use a broker who arranged it with the halifax . i was told by the broker at the time that 1 of the conditions of the mortgage was that i purchased a ppi policy, allso with the halifax .
In 2010 we remortgaged using the same broker and once again i was told 1 of the conditions of the mortgage was that i bought a ppi policy with the lender (paratus amc )
The broker has since gone bust and both lenders have denied a refund as they did not sell the policy the broker did ,even though it was there policy he sold ,what if anything can i do now ?????????????????:mad::mad:

dunstonh

The broker has since gone bust and both lenders have denied a refund as they did not sell the policy the broker did

That is correct.

even though it was there policy he sold ,what if anything can i do now ???

Self employment is not normally an issue with MPPI. So, that isnt a strong complaint reason. Being told you had to have it is not a strong reason either as a) you are unlikely to have any evidence to support that and b) mortgage brokers are allowed to insist on insurance being done through them to give free mortgage advice. The only requirement is that the insurance is suitable.

In your case, you can refer your complaint to the FSCS. The current uphold rate for mortgage brokers is just 5% though.