Compensation Provider has pulled off one of the first successful PPI Pre 2005 claims against a broker.
The claim is being settled in full by the PPI underwriter, not the broker.
Most claims which go back before 2005 involve bank sold payment protection insurance claims. Up until now, very few claims against loan brokers, or car dealers, have been successful.
Although the exact details of the claim have to remain confidential, the amount claimed was in excess of £6,000. The offer to settle the claim has just been received by Compensation Provider and is worth over £6,000, a full refund with no counter-offer.
James Berry, a director of Compensation Provider, said:
“This is major breakthrough through not only for our firm, but also for the claims industry as a whole. We are delighted to be able to deliver to our client a substantial payout on the back-of a pre 2005 claim to the underwriter of their PPI policy.”
Compensation Provider is one of the few companies with a long track record of success with PPI claims dating back to the early 90s, but all of these related to banks.
The year 2005 is significant because prior to January that year, the Financial Services Association authority, on which most claims are based, was not in force.
Compensation Provider’s experienced team worked closely with the Financial Ombudsman throughout the claim process.
Nick Martin is a regular contributor to the media on personal finance topics and writes regular columns highlighting issues surrounding mis sold investments and mis sold pension.