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Can Anything Be Done If The Firm That Mis Sold PPI To You Has Gone Bust?

Another issue that has been mentioned by more than one visitor to the site who has submitted a question is: “What happens if the company that miss sold payment protection insurance to me has gone bust?”

An interesting question that DOES have an answer, and YES there is something that can be done in this event.

What Can I Do If The Miss selling creditor(s) Have Gone Bust Or Liquidated?

If this is the case with your situation, then you should contact the FSCS compensation scheme, they have a facility in place to help people who could be owed compensation that could possibly help them still gain compensation, even if the company they were wrongly sold ppi by, has since ceased trading.

What Can The FSCS Do If A Company Liquidated After Miss-selling PPI to Me?

Well the Financial services compensation scheme (FSCS) is a scheme that began with the purpose to compensate customers who have been wrongly sold various financial services and products by firms that have gone bust, that is the primary purpose of the scheme, it compensates the public using tax money from the public, & this is intended as a last resort for someone who is due compensation & has not been able to be reimbursed via other means.

So the short answer to that question is: if you are due compensation from a company that has gone bust in the financial sector, the financial services compensation scheme are exactly the right people to contact in regards to this problem, if you have been otherwise unable to claim your ppi back.

Is It Possible To Win PPI Claims In This Way?

Well the FSCS are seen as a last resort for people who have been unable to claim compensation through the traditional channels, for example: ppi claims companies, reclaiming themselves, and submitting the case to the FOS (ombudsman).

Yes it is possible to win compensation through this scheme however it could take considerable lengths of time for this to pay out for you, meaning that you could have a wait on your hands for the money to be refunded to you.

There is no reason to dread using the FSCS, just be aware that the scheme could take some time, it is perhaps not the first port of call, even for someone who wants to make a claim for free and not have the convenience of using a claims management firm, it would perhaps be more efficient to chase up with the company in question, however you are free to use the method that you would feel most comfortable to use in any case.

Always remember not to panic, and that there is a solution for you regardless of your circumstances, someone somewhere (including us) can help you get a refund.

If you would like some assistance in reclaiming compensation for a miss sold policy let us help you at the homepage so we can assess your case.