Missold PPI - Broker Or Lender

[elangar]

PLEASE HELP!!!!!!!!!!!

In May 2004 we applied for and took out a secured loan. The loan was brokered by Portfield financial services who did the intial application and swift advances loaned the money, the loan was paid back 9 months later when we moved house. Three years later whilst going through our old paper work we found our mortgage and loan redemption paper work that our solicitor sent to us and we must have filed in a safe place (Back of the draw!), looking through it the redemption figure looked very high for the loan and after contacting swift advances they explained that we had PPI cover with our loan and that we should have cancelled it when the loan was paid off. We were shocked to say the least as we had not asked for ppi cover as we knew that we were going to sell the house later that year, although portfield had mentioned that ppi was avaliable when we first applied.

We have been in contact by letter and telephone with both companies and they are both saying that it is the other parties problem to sort. We're just not sure which way to turn now.
We have all of the relivant paper work from Portfield and Swift relating to the loan, application and the signed loan document which does say that there was payment protection I really could not say why we didn't spot it before.

What we need to know is do we have a case and who do we go after.

Please help I'm getting stressed just thinking about it!

Regards
Elangar

[alanalana]

hello elangar,
welcome to the PPI forum.

In May 2004 we applied for and took out a secured loan. The loan was brokered by Portfield financial services who did the intial application and swift advances loaned the money, the loan was paid back 9 months later when we moved house. Three years later whilst going through our old paper work we found our mortgage and loan redemption paper work that our solicitor sent to us and we must have filed in a safe place (Back of the draw!), looking through it the redemption figure looked very high for the loan and after contacting swift advances they explained that we had PPI cover with our loan and that we should have cancelled it when the loan was paid off. We were shocked to say the least as we had not asked for ppi cover as we knew that we were going to sell the house later that year, although portfield had mentioned that ppi was avaliable when we first applied.

We have been in contact by letter and telephone with both companies and they are both saying that it is the other parties problem to sort. We're just not sure which way to turn now.
We have all of the relivant paper work from Portfield and Swift relating to the loan, application and the signed loan document which does say that there was payment protection I really could not say why we didn't spot it before.

What we need to know is do we have a case and who do we go after.

Please help I'm getting stressed just thinking about it!

My suggestion would be to go for the Company that are named on the Consumer Credit Agreement. This is the legally binding document as required by the Consumer Credit Act 1974 so that document must be very very accurate or it can be contested. You should have the agreement if you have all the paper work just check to see who the agreement is with. These people with give you the runaround blaming each other trying to put you off the trail.

If you are reclaiming PPI you will need to make sure you have a valid case.

Please see...
Payment protection | Were you mis-sold PPI? | PPI - rules before 2005
Payment protection | Were you mis-sold PPI? | PPI - the rules

plus anything else useful in here...links

I would also check out other threads on the issue of mis-sold PPI as every case is potentially different.

It is a huge issue and will go on for a long time Good luck with your reclaim if you proceed.

aa

[elangar]

HI aa

Thanx so much for your info - we will proceed hopefully have the result we want!!
Will keep site updated with progress!
This is such a nightmare when a company wont admit who's at fault - but we will find out who it is as we have sent in a complaint to FLA to look at our case & advise - we are aware they can't make a company refund us but hopefully we will know which company to go after!!!
Kind regards again

elangar