Pre 2005 PPI where broker is no longer trading

[heppinstall9620]

Hi - I am currently pursuing mis-sold ppi on a firstplus loan, acquired through Acorn Financial Services (Glasgow) in March 2004. The loan was later paid off early in December 2005. At the time of taking the loan Acorn weren't regulated, however firstplus were and so were the underwriters.

I originally wrote to firstplus requesting a refund of the ppi and interest etc, their response was that the loan was sold through Acorn so I would have to chase them. This became impossible to do as Acorn are no longer trading and due to the loan being prior to 2005 I can't go via the fscs.

I then went down the underwriter route and wrote to Jubilee (part of the Lloyds group), their response was very similar to the one from firstplus.

I have since sent this to the FOS, however this morning they told me that due to the fact that they can't find a broker/lender relationship (ie. Acorn were independant) I can't pursue this through firstplus, hence they can no longer help me.

Does anybody know if there is any way forward on this as I am owed over £4000 and can't find a way to justify that just because the broker is no longer trading that they can just get away with it.

[di30]

Re: Pre 2005 PPI where broker is no longer trading

Hi and welcome.

The FOS suggest this avenue, yet 9 times out of 10 tell everyone the same thing about not being able to establish a relationship, which was why I decided to write to my underwriter myself and pursue them, maybe you could also do the same yourself.

So did FP confirm that Acorn were the underwriters to you? have you any paperwork to also confirm this?

Now the wording of the ppi complaint should differ when going to the underwriter, i can send you a copy of mine if you wish to give you an idea, let me know. x

[heppinstall9620]

Re: Pre 2005 PPI where broker is no longer trading

Firstplus confirmed that Acorn were the brokers and if they were still trading I would pursue them directly. Jubilee are the underwriters, I have a letter from Jubilee stating this, I have previuosly tried Jubilee but it ended with the same outcome. The reply from Jubilee stated I could either go to the FOS (which I did) or go to Lloyds, this looks like my next step. If possible could you please supply a copy of your letter. Many thanks.

[di30]

Re: Pre 2005 PPI where broker is no longer trading

I shall message you shortly with the letter...... :-)

[L'pool64]

Re: Pre 2005 PPI where broker is no longer trading

Good evening,

may I suggest a "two tiered" approach to this issue?

First, please use Di's letter to write to the Underwriters, address it to the Chief Executive.

Second (and we will need some help here from the brilliant minds at LB), do you have or can you get hold of the policy document from Jubilee? Normally, it will say somewhere on the documentation that a commission or fee is payable to xxxx in respect of the introduced business. If you cannot find that anywhere, then just mail Jubilee the question. They may get "tetchy" about this, but stress that you do not want to know the actual amount, just if a fee was paid in respect of your policy/business. To my mind if a fee was paid this signifies a relationship. (could someone help me out with this?)

hope this helps.....

best regards

:beagle:

[heppinstall9620]

Re: Pre 2005 PPI where broker is no longer trading

Thanks, I will give these a go

[carpy2014]

Re: Pre 2005 PPI where broker is no longer trading

Hi there, I am in a very similar position and thought it may be better to piggy back on this thread rather then start a new thread with the same title.

I have recently had a payout for a post 2005 PPI claim where I purchased a vehicle, financed by Welcome Finance and brokered via Auto Credit Finance. This was handled by FSCS.

I also have a pre 2005 account, which followed the same path as above . As advised by FSCS as it was pre 2005 I should go direct to Welcome, which I did with the standard PPI questionnaire. They have responded to say " your broker, who was acting on your behalf arranged the insurance and that Welcome were not involved" They go on to confirm that the the broker has ceased trading and I should go to the FOS.

Are we of the collective opinion that I should indeed take my complaint to the FOS at this stage.

Any advice would be greatly appreciated.

Thanks in advance

[di30]

Re: Pre 2005 PPI where broker is no longer trading

Hi Carpy2014

I have just left a post on your thread hope it helps, but in regards of Auto Credit Finance, were they the lender or broker?
If Broker who arranged the loan, then you try to pursue them.

Do check your thread as well for other info and let me know if you can, cheers x

[heppinstall9620]

Re: Pre 2005 PPI where broker is no longer trading

Hi - I sent the underwriter letter onto Lloyds who have since replied. They have basically stated that as they were only the uw that they are not willing to help. So far I have been told by pretty much everyone that I have contacted (including the FOS) that I would have to go to Acorn to try and reclaim my refund. I would also agree with this if Acorn were still trading, however due to the fact that they're not I'm not sure where to go next.

Surely a company can't swindle you out of over £4000 and then decide to liquidate and never have to pay anything back.

Any help would be greatly appreciated

[di30]

Re: Pre 2005 PPI where broker is no longer trading

Hi - I sent the underwriter letter onto Lloyds who have since replied. They have basically stated that as they were only the uw that they are not willing to help. So far I have been told by pretty much everyone that I have contacted (including the FOS) that I would have to go to Acorn to try and reclaim my refund. I would also agree with this if Acorn were still trading, however due to the fact that they're not I'm not sure where to go next.

Surely a company can't swindle you out of over £4000 and then decide to liquidate and never have to pay anything back.

Any help would be greatly appreciated

Hiya, how long ago was the loan taken out (year) was it after Jan 2005? if so you can try the Financial compensation scheme (FSCS), they deal with cases if the company for example stops trading because they have gone info default etc...

If this applies to you, then google in FSCS check to see if the business who sold you the finance are listed with them.

Otherwise try to underwriter again, as this would be the suggested avenue if all else fails with the broker etc, if you've not had a copy of my underwriter letter message me by PM and I will send you this, its not a complaint form but a letter worded to an underwriter which states their relationship and involvement with the broker etc......:tinysmile_twink_t2: