Pre-2005 PPI Claim

Chad_C_Mulligan

Hello, I'm looking for a wee bit of advice on some mis-sold PPI. I've successfully claimed PPI back in the past with no issue, but I'm not sure where to turn in this case.

I took out my first mortgage back in 2004. I was a student at the time and my parents acted as guarantors. The mortgage broker (recommended by my solicitor) strongly advised that I take out PPI, as it would supposedly aid my mortgage application. This was taken out through CETA insurance, rather than with the mortgage provider directly and therefore I obviously can't complain to the bank.

I've done a bit of digging and have discovered that the broker is on the FCA register, but they're no longer operating. Nor am I sure if the insurance company would deal with the complaint.

I'm not really sure where to go with this. I've often heard that going with a claims firm can be useful in cases like these, but I really grudge handing over 20% - 30% if the claim is successful.

Any advice would be greatly received.

[Deleted User]

There is never a time when going with a claims firm is "useful".

It's always expensive and does not improve your chances one iota.

As to your complaint, PPI on mortgages is very different to loans and credit cards. Indeed, Mortgage PPI is still retailed today, unlike the other kind.

Complaining that you were strongly advised to take out insurance that covered your home is not therefore valid. Brokers were allowed (indeed encouraged) to stress the importance of such insurance and you'd need to show that you had no need for the policy or that it would not pay out in the event of a claim in order for it to be refunded to you.

dunstonh

I've done a bit of digging and have discovered that the broker is on the FCA register, but they're no longer operating.

So, this means it was sold pre-regulation and you have no access to either the FOS or the FSCS.

Nor am I sure if the insurance company would deal with the complaint.

The broker was not an agent or employee of CETA. So, they have done nothing wrong.

I've often heard that going with a claims firm can be useful in cases like these, but I really grudge handing over 20% - 30% if the claim is successful.

A CMC is going to hit the buffers the same as you. They need to know who to send the complaint to just as you would. They use the same process as you. So, they cant send it to the FSCS or FOS or the broker and CETA are not responsible. So, who would they send it to?

This one is game over.

I was a student at the time and my parents acted as guarantors.

How did a student with no income get a mortgage?