Help me please I'm at a loss

Hitthesackjack

Hi everyone:) this is my 1st post and it's because I'm at a bit of a loss..I had a mortgage with a broker in the early 90's through gmac I had the mortgage approx 5 years and when I sold the house the mortgage was paid in full,The company's iv spoken to who claim to get your ppi back have said it's not possible because it was a broker(they only seemed interested in credit/store cards. also They have also said the same about a car I bought on finance from advantage finance the car was written off in a accident that wasn't my fault and the insurance then paid the remaining finance(I'd had the car approx 3 years)& was mis sold ppi on both,is it a lost hope or is there a chance I'm entitled to something back?
Thanks for your time in reading,any help is appreciated,Jack

dunstonh

The company's iv spoken to who claim to get your ppi back have said it's not possible because it was a broker

That is correct.

The PPI issue is not one that generally affects mortgage brokers.
1 - most MPPI complaints are rejected by both the company and the FOS. It is a product still retailed today and considered important to many
2 - Most mortgage brokers were not regulated until January 2005. So, they dont have to consider pre 2005 complaints.

They have also said the same about a car I bought on finance from advantage finance the car was written off in a accident that wasn't my fault and the insurance then paid the remaining finance(I'd had the car approx 3 years)& was mis sold ppi on both,is it a lost hope or is there a chance I'm entitled to something back?

Car dealers didnt become regulated until Jan 2005 either. So, the same applies to them.

Hitthesackjack

Thanks for clearing that up dunstonh and the quick reply,looks like I'm outta luck

magpiecottage

In the early 1990s, there was no regulation of mortgages or PPI. Not even the Mortgage Code which FOS occasionally uses to open complaints about mortgage PPI covered brokers until mid 1998.

Even then, FOS will only look at the standards set by the Mortgage Code unless the seller was covered by one of its predecessor ombudsman schemes - which essentially means it must have been sold by the lender, not a broker.

Then you would need to show that the PPI either would not have paid out or was unnecessary. The latter point is difficult because, in the event of redundancy, there was a nine month wait for State assistance, by which time it is likely that you would lose your home.