PPI claim success but limited to 6 years.

Davesport

Hi. I've had a claim against RBS Visa lodged with the FOS for about two years. It concerned PPI charges on my Visa card. The policy in question ran from 1992 until I eventually stopped it in 2007 :eek:

I've just been informed by the FOS that my claim against RBS has been successful. They inform me that the RBS will be writing to me shortly with an "offer" .

However they tell me that the offer will only be recompense for the last 6 years the policy was in force. My understanding was that I had 6 years to make the claim, not that it was limited to 6 years in total.

Does anyone know if I'm entitled to claim all the way back to 1992 or will I have to settle for the repayment of 6 years PPI ?

I'm in no rush to get this money back & am up for a scrap with the RBS if they're trying to pull a fast one

So my question is ; can I claim for more than 6 years ?

Thanks in advance, Dave.

dec22

I'm sure someone will be along with more knowledge than mine. I have just had the same offer going back 6 years but I took my card out in 2001 and the balance was quite low so I am happy to accept their offer.

The FOS has said that this offer has been made by RBS without a full investigation into my complaint. You are allowed to ask for the full amount but it will take longer as it gets referred to another Adjudicator. The bloke I spoke to said he made an approach to RBS prior to investigating to see if they would revise their original rejection. It seems they have but with the 6 year limit.

It is probably worth ringing the Adjudicator to see what his opinion is. If you have a strong case for a refund then I would certainly write back and say you aren't happy with the 6 yr offer.

Good luck!!

di3004

Davesport wrote: »

Hi. I've had a claim against RBS Visa lodged with the FOS for about two years. It concerned PPI charges on my Visa card. The policy in question ran from 1992 until I eventually stopped it in 2007 :eek:

I've just been informed by the FOS that my claim against RBS has been successful. They inform me that the RBS will be writing to me shortly with an "offer" .

However they tell me that the offer will only be recompense for the last 6 years the policy was in force. My understanding was that I had 6 years to make the claim, not that it was limited to 6 years in total.

Does anyone know if I'm entitled to claim all the way back to 1992 or will I have to settle for the repayment of 6 years PPI ?

I'm in no rush to get this money back & am up for a scrap with the RBS if they're trying to pull a fast one

So my question is ; can I claim for more than 6 years ?

Thanks in advance, Dave.

Hi Dave and welcome.;)

If you still have the details and any paperwork from when you first taken this out then you can request they refund you as from then, just enclose (copies) of the information to them or the FOS if you have not done so yet, and if their reasons was because they do not hold all the details as from them, then you just tell them you have them and they should be able to work it out from then.
Hopefully this can be done.

Good luck with this Dave.

Davesport

Thank you for the swift replies.

I'll give this my best shot The RBS are sure to try & take me for a ride. I've got time on my side & will make sure it's a bumpy one

Watch this space for an update.

As I said, many & sincere thanks for the replies, D.

di3004

Davesport wrote: »

Thank you for the swift replies.

I'll give this my best shot The RBS are sure to try & take me for a ride. I've got time on my side & will make sure it's a bumpy one

Watch this space for an update.

As I said, many & sincere thanks for the replies, D.

Your welcome Dave, wishing you luck and will keep an eye on your posts.:);)

Sidekick_2

Hi Dave

However they tell me that the offer will only be recompense for the last 6 years the policy was in force. My understanding was that I had 6 years to make the claim, not that it was limited to 6 years in total.

Six years from when you become awear of it

Paul_Ovens

Evening All,

I have been lurking for a while and reading.

I have now decided to try and reclaim my PPI for a Welcome Finance Loan from 2004. I have obtained a copy of my agreement and have a couple of questions before I send the first letter.

The first question is that on the agreement under Customers Declaration (By Signing below you declare the). The is a little sentance that says "You understand that Payment Protection Insurance is voluntary and is not required by us as a condition of entering into this agreement"

I appear to have signed the box that i understand this which in my reckoning that statement along with me signing rules our my approach on the basis of "they told me I needed it to get the loan".

Do I still have a chance to reclaim these charges which are stated on the agreement as £1805.98. I signed the agreement on 11/3/2004.

Any advice welcome.

Thanks

Paul

di3004

Paul_Ovens wrote: »

Evening All,

I have been lurking for a while and reading.

I have now decided to try and reclaim my PPI for a Welcome Finance Loan from 2004. I have obtained a copy of my agreement and have a couple of questions before I send the first letter.

The first question is that on the agreement under Customers Declaration (By Signing below you declare the). The is a little sentance that says "You understand that Payment Protection Insurance is voluntary and is not required by us as a condition of entering into this agreement"

I appear to have signed the box that i understand this which in my reckoning that statement along with me signing rules our my approach on the basis of "they told me I needed it to get the loan".

Do I still have a chance to reclaim these charges which are stated on the agreement as £1805.98. I signed the agreement on 11/3/2004.

Any advice welcome.

Thanks

Paul

Hi and welcome Paul.

Yes you can.

Was the loan also sold by Welcome Finance or did you use a broker.

You pursue the ones who arranged and sold it to you.

Check on this useful link here for further information, with the guidelines of reclaiming, templates, a checklist of mis selling reasons:
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance
For whatever reasons you have for being mis sold then give it a go, of course what you have stated above is all standard, but you may still have your reasons.

Good luck, please keep us posted and ask for help anytime as well.;)

Itsmineanyway

Paul_Ovens wrote: »

Evening All,

I have been lurking for a while and reading.

I have now decided to try and reclaim my PPI for a Welcome Finance Loan from 2004. I have obtained a copy of my agreement and have a couple of questions before I send the first letter.

The first question is that on the agreement under Customers Declaration (By Signing below you declare the). The is a little sentance that says "You understand that Payment Protection Insurance is voluntary and is not required by us as a condition of entering into this agreement"

I appear to have signed the box that i understand this which in my reckoning that statement along with me signing rules our my approach on the basis of "they told me I needed it to get the loan".

Do I still have a chance to reclaim these charges which are stated on the agreement as £1805.98. I signed the agreement on 11/3/2004.

Any advice welcome.

Thanks

Paul

Hi Paul,
In my opinion a definate yes in that you have everychance! why? because of the following:-
-They didn't offer you the option to pay separately for the PPI because most likely they added the PPI to your loan and charged you interest over the full amount over the loan period (am I right?) and you have been paying a single payment each month etc if so then whether you signed or not doesn't matter because it was their method of selling that was wrong, this is called single premium PPI which has been banned!
-They didn't advise that you could buy the PPI elsewhere! (am I right?)
if so then again this was missold!
-Did the agreement state a cost of the loan with and without PPI?
(if no then again missold)

Paul, these are a few reasons that have been applicable when I took out PPI and if they apply to you get your first class stamps and get writing because I can tell you that I have written loads of letters with back up info like this and I am having success apart from with Tesco which i have taken to the FOS (this is the point when after 8weeks if your lender doesn't cough up with the goods you can take your case to the FOS )
Good luck but write your letter and say that your request is for a refund due to missold PPI based on the above reasons (if they are applicable in your case which to me this appears to be the case).
The point to realise is that these lenders have earned loads of money over the years by selling in this way and because the FSA stated that it was the wrong way they banned it! so claim away because its your cash, not theirs anymore!

new_to_the_game

Hi Paul, And as di3004 says, yes you can, I took a loan out in 2007 and I had the same issue, but with the help of the FOS have won against them.

Keep going and tell them you were'nt fully aware or understood and that you thought it was a natural process to sign where they TELL you or indicate as this can be confusing if your in a rush to get the finances through for your reasons.


Regards Chopper

Paul_Ovens

-They didn't offer you the option to pay separately for the PPI because most likely they added the PPI to your loan and charged you interest over the full amount over the loan period (am I right?) Yes you are correct in this

and you have been paying a single payment each month etc if so then whether you signed or not doesn't matter because it was their method of selling that was wrong, this is called single premium PPI which has been banned! Yes I have been paying one single fee each month

-They didn't advise that you could buy the PPI elsewhere! (am I right?) No they didn't advise that at all
if so then again this was missold!

-Did the agreement state a cost of the loan with and without PPI? No the loan agreement just states the total monthly payment with the PPI included
(if no then again missold)

Many Thanks for the advice guys, im off to the templates section now, to start preparing my letter.