Insurance Co. bankrupt, what to do?

Fumblebee

Sorry if this is in the wrong place.

I was hit by an insured driver. He was at fault. I was injured and my claim is going through. Now I have been told that his insurance company has gone bankrupt and instead his solicitors will be paying me. His insurance had agreed on £x but they folded before paying me. However, my solicitors have now said that at-fault-drivers-solicitor could decide not to pay me now, so I just have to wait and see.

Does anyone have any experience in situations like this?

dacouch

You will receive your claim paid in full although it may be delayed slightly.


https://www.google.co.uk/#q=financial+services+compensation+scheme+third+party

Jlo31

Which insurance company went bankrupt btw? Was it Enterprise? As the other poster said you still should be protected as you will be protected under the FCA

Fumblebee

Thanks for your help. And Jlo31, to be honest I'm not even sure of the name off the top of my head. I'd never heard of it. The guy who hit me seems like quite a dodgy fella tbh so even my solicitors said they are having a hard time will all the messing around. His insurers, solicitors and the 'hire company' he rented the car through (which he also part owns) are all dodging questions and taking months to return emails!

Quentin

All those delays would have happened irrespective of the insurer going down.


Your solicitor is misleading you by saying the other side's solicitors may not pay you now - they were never going to "pay" you.


If your claim is successful, then it was always the insurer who would be paying. (Which will now be the FSCS)

MEM62

Fumblebee wrote: »

Now I have been told that his insurance company has gone bankrupt

This statement is not clear enough.

You need to establish whether the insurance Broker has gone into liquidation or if it is the Underwriter that has gone under.

It is more likely to be the broker as underwriters have to have a strong financial standing - in which case the claim will still be settled as it is the underwriter that is responsible.

A common way to speed things up is to commence court action against the other driver. This often gets any lawyers and brokers that have been dragging their feet to react with more alacrity.

Fumblebee

Thanks for your help, all. We have actually started court proceedings after 2 years but it has still been 6 months with not much going on. I will just wait to see what happens in the next 6 months.