The intermediaries owed money by Pure Protection Network (PPN) the non-regulated protection network, which was recently placed into liquidation have been told to: ‘send in a claim form and form a queue.’
Following the story in the last issue of Mortgage Solutions, Pete Russell, managing director of broker firm Mortgage Warehouse, contacted Haines Watts the firm appointed to oversee the insolvency procedure and was told he would just have to wait in line and see if there was anything left.
Russell said: ‘I have three cases outstanding from the middle of last year but a few weeks ago PPN finally agreed it owed me money and said the funds would come through in the next cheque run. As a show of good faith I put another case through and then this happened. The annoying thing is that I have contacted the provider involved and was told there was nothing it could do and it still has to pay PPN.’
Commenting, Richard Coulson, director of the Zurich Mortgage Network, said: ‘A lot of these non-regulated networks have come out of nowhere very quickly but they cannot match the infrastructure of the regulated networks.’
