Solar Loan - Insurer & installer now insolvent

EmmanuelG

I need some advice ..please

I purchased and installed solar panels and receive the feed in tariff on my property in June 2015 with a 250 pound deposit paid via credit card , with the rest of the purchase financed through their preferred bank of which they made all the arrangements. I still make my payments to the installers loan account number on a monthly basis this is for 10 year period and still have a long way to go with my payments.

However the solar installer has now ceased to trade and left me with a 10 year warranty thats not worth the paper its written on as they is no one to call in the event of problems / faults or repairs meaning i would have to pay this out of my own pocket.

In addition to this , I recently received a letter stating the Insurance company that under writes the risk in the event the solar installer ceases to trade is now also insolvent.

What are my rights here as i feel exposed in the event something were to to go wrong as neither the insurance or the installer are now trading to reach out to meaning i need to fund any / all faults / issues due to this ? Can i request a reduced payment amount as my warranty is no longer in place ? Im open to suggestions on recourse/ approach.

robber2

which insurance company is it ? Are you sure it not just the insurance broker thats ceased trading?

regards

Rob

System

What are my rights here as i feel exposed in the event something were to to go wrong as neither the insurance or the installer are now trading to reach out to meaning i need to fund any / all faults / issues due to this ?

You paid £250 on credit card and the rest on finance which was the best thing you could have done. Under Section 75 of the Consumer Credit Act both the finance company and the credit card company share joint liability with the retailer/insurer so if anything goes wrong down the line you go to them the same as you would have done the installer.

No you cannot reduce payments. The payments are to pay for the money you borrowed from the finance company to pay for the installation the same as an unsecured loan for anything else. You're not paying the company who installed it or the underwriter.

EmmanuelG

Its IBG based in Gibraltar , currently this is in court due to the ongoing insolvency. @Tarambor - would i need to get the finance company to confirm they own this responsibility in the event i have any issues ? Do you know how the formal process works to get this moving as i need the assurance they will support going forward to close the gap left by the insurance / installers going bust.

System

You don't need to get the credit card or finance company to do anything as this is statutory protection under Section 75 of the Consumer Credit Act.

A bit of light reading here:

https://www.which.co.uk/consumer-rights/regulation/section-75-of-the-consumer-credit-act