Cover firm folds owing hundreds

Mortgage Protection UK has been wound up, owing hundreds of pounds in commission.

Earlier this month Mortgage Strategy reported that the insurance provider owed Inglenook Financial Services over 300 in unpaid commission and had previously been under fire for owing several thousand pounds to brokerages across the country.

Alan Campbell, proprietor of Inglenook, says: “Unbelievable. There’s not a lot that can be done now other than writing to my clients to explain.”

“I tried to contact MPUK, but the number was not recognised – now I know why. It’s bad form that MPUK has not contacted anyone about this and that no mention was made of the situation in previous communications with it.

MPUK was threatened with legal action in 2002 by scores of mortgage brokers who had not been paid commission. It was threatened again earlier this year by Inglenook which has had similar problems with the company in the past.