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Lender being held responsible for broker????

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  • Lender being held responsible for broker????

    HI everyone,

    Quick question..........

    Am I right in thinking that if a lender has paid a broker commission they can be held responsible for the mis-sold PPI if the broker is no longer trading???

    i.e: as they paid the broker a fee for the business the broker then became an Agent of the lender, they can be held responsible due to the (consumer credit act????)
    "you are only coming through in waves, your lips move but i cant hear what your saying iiii iiii iiii have become comfortably numb"


  • #2
    To my mind yes they would be liable in view that you pay the fee and they break it down i.e. Brokers commissions etc then that is their responsibility and has nothing to do with your part in as much as what they do with the fee is up to them, if broker out of business = that has no bearing on you, but an internal agreement by them and any broker? if you get what I mean!

    Sure others will respond also?

    pre 2005?
    I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

    If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

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    • #3
      loan was taken out in 2004
      "you are only coming through in waves, your lips move but i cant hear what your saying iiii iiii iiii have become comfortably numb"

      Comment


      • #4
        I have had correspondence with the lender who admit that YES they did pay the broker and if i want to complain about that i have to write to a separate department. So, with this in mind can i still go after the main lender with (consumer law???) regarding the broker acting as an agent
        "you are only coming through in waves, your lips move but i cant hear what your saying iiii iiii iiii have become comfortably numb"

        Comment


        • #5
          To my way of thinking,you are looking to reclaim your PPI premiums. The premiums ultimately went to the lender over the period that you were paying them, so it is the lender that should have to refund them. I think the broker issue is something of a red herring, and the financial arrangements between those two parties is not your concern.

          I expect more knowledgable advice will be forthcoming from others.

          https://www.moneyadviceservice.org.u...-could-reclaim
          Last edited by Still Waving; 30th July 2018, 15:47.

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          • #6
            Originally posted by Still Waving View Post
            To my way of thinking,you are looking to reclaim your PPI premiums. The premiums ultimately went to the lender over the period that you were paying them, so it is the lender that should have to refund them. I think the broker issue is something of a red herring, and the financial arrangements between those two parties is not your concern.

            I expect more knowledgable advice will be forthcoming from others.

            https://www.moneyadviceservice.org.u...-could-reclaim
            AS REFEREED TO IN ITEM#2
            I'm an official AAD Moderator and also a volunteer, here to help make the forum run smoothly. Any views or opinions are mine and not the official line of AAD. Similarly, any advice I have offered you is done so on an informal basis, without prejudice or liability. If in doubt seek advice from a qualified insured professional - Find a Solicitor or go to the National Probono Centre.

            If you spot an abusive or libellous post then please report it by Clicking Here. If you need to contact me, for instance if I've issued you a warning, moved, edited or deleted your post, please send me a message by clicking my username.

            Comment

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