The Payment Protection Insurance broker Wilmslow Financial Services has fallen into administration have becoming overwhelmed with the number of PPI claims.
The parent company of an insurance broker primarily sold ppi and in the wake of the ppi mis-selling scandal, it struggled to deal with the accumulated ppi complaints so much so that it has collapsed.
The firm has sunk into administration after a court ruling ordered lending institutions to compensate its customers for mis-selling the controversial loan. Wilmslow appeared to not be able to cope with the record number of claims from borrowers who had taken a loan out with them the year previously.
The company formerly operated a loan broking business known as Freedom Finance. Despite selling off the loan business last year, the firm still couldn’t manage the influx of PPI complaints.
Insolvency firm MCR are now handling the aftermath with Phil Duffy and Sarah Bell from the Manchester branch names as administrators.
The Financial Services Compensation Scheme (FSCS) is aware that Wilmslow Financial Services Ltd have been put into administration and has said that they are investigating how they can help those who have lost money through their dealings with the company. It may be possible for customers from the firm to receive 90% of any eligible claim in compensation.
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