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F E Smith
F E Smith, Advocate
Category: Law
Satisfied Customers: 9434
Experience:  I have been practising for 30 years.
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My husband and I had a ppi on a loan from a broker, we have

Customer Question

My husband and I had a ppi on a loan from a broker, we have been told we cannot reclaim the money as the broker is no longer in business. However are we able to sue the loan company as when we got into financial difficulty we were never informed about the policy and were threatened with repossession and had to sell our home, leaving us with nothing, had we known we could claim on insurance the outcome may have been very different.
Submitted: 11 months ago.
Category: Law
Expert:  F E Smith replied 11 months ago.

What would you like to know about this?

Customer: replied 11 months ago.
Are we able to sue them for compensation on the grounds that we were never given the opportunity to claim against the poi insurance?
Expert:  F E Smith replied 11 months ago.

What you have been told is correct, you cannot reclaim from the broker if the broker is no longer in business.

Whether you would have a claim against the lender in respect of the PPI or failing to tell you that you could make a claim on it (you could make a claim on the policy and also potentially a mis-selling claim against the lender!) would depend on whether the lender was aware of the existence of the policy.

Can I clarify anything for you?

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We can still exchange emails.

Best wishes.

FES.

Customer: replied 11 months ago.
It is on the loan agreement only we didn't know what it wad
Expert:  F E Smith replied 11 months ago.

If it is on the loan agreement and noted what it is, that I think you have a claim to make possibly in respect of the mis-selling because it appears that the loan company were party to this and almost certainly in respect of the payments that you paid to the loan company which should have been paid under the PPI.