Where Do I Go Now

A question about : Where Do I Go Now

I apologise now this is a bit of a lengthy one:-

In August last year when clearing out some old paperwork from the loft I came across some loan agreement paperwork from First National Bank in 1997. When I read the paperwork I realised that I had in fact paid PPI on the loans. After some investigation work I found out that First National Bank were now being administered by GE Money, so I wrote to them in September with copies of all the paperwork. After 8 weeks when I had heard nothing I sent them a second letter asking for a reply in 14 days, and received a letter from them saying they hadn't received the first letter (I stupidly didn't send it recorded delivery). In the letter they said they would look into the complaint and contact me again at the beginning of February. They sent me a letter, which I received today saying that whilst GE Money provided the finance to us for the PPI, they did not sell it to us, and the loans were taken out with Karacus Ltd and Fairdene Financial Services. They informed me Karacus are no longer trading and I will have to identify the company administrators (no joy with that search), and contact Fairdene directly, and that my case is now closed to them and they will no longer communicate with me. Does anybody know what I need to do now because I just don't want to give up?

Best answers:

• Unfortunately the finance provider is not liable for the sale of the loan unless their agents sold it.
  As GE have advised you need to complain to the seller - Karacus Ltd and Fairdene Financial Services.
  Did you get the loan via a broker rather than FNB directly? If so then with brokers as it's pre-2005 they probably can dismiss it as pre-regulation even if they were still trading. You will have to try the administrators but if the company went under a while back then chances are there is no money left anyway.
• I am afraid that it is most unlikely that you would be successful.
  Even if you track them down, any assets will have almost certainly been distributed and, because the case dates from 1997, neither the Financial Ombudsman Service nor the Financial Services Compensation Scheme will be in a position to assist you against either firm.