Advice on PPI more than 6yrs old

ireneT

Hi All
My Husband has been going through some old papers and found the policies for 3 old loans that were taken out between 2001 and 2005 with our bank, the last one being absorbed into our Mortgage.
Each of the 3 loans was repaid early by refinancing and paying the previous one off
Now i dont know if this is true but we were told that you could only make a claim for PPI if it had been taken out within the last 6 years anything before this time was not eligable, but i have seen on this site that it is possible to do it.
We do remember that when taking out these loans that we went to our local branch and signed the paperwork at that office, there was never any mention of PPI being added to it at the time we just had the papers printed off at the desk and given each one to sign, later recieving an insurance policy through the post so just assumed this was normal practice and had to have it.
Also these loans were taken out in joint names so if we can claim these back am i right in thinking that we both have to sign the letter that we send in.
If the loans were nolonger active within the last 6 years then does this mean we cannot claim for those.
Am i right in thinking that the 6 yr term is progressive ie i can only go as far back as 6yrs from today then 6yrs from tomorrow and so on.
Also as a side note i have just made a succesful claim for a loan i took out in 2007 and got my cheque today for £1,278 would this go against me if i were to put in for these others, but until tonight i did not think it was possible to claim for older PPi's.
Sorry for the extra questions but thought while i am writing this i may as well add the rest of my thoughts.

di3004

Hi Irene

You can still try to reclaim on PPI no matter what year you taken them out, but it does help to have the account number, so if you have these then that's a bonus.
If this is the case then I would go for it with the reasons you have.

First of all though well done on your previous win.:beer:

Anyway, if the loans are settled or active it makes no difference at all.

The 6 year timescale is mentioned but many have been successful with reclaiming ppi even from the 1990's, luckily with still having hold of paperwork/account numbers etc.

It should not go against you, you are only reclaiming for what is rightfully yours with your reasons you have,
And another thing is here is for a joint loan, the first named is mainly the only one protected, this is unfair, if the unfortunate happened then its left to the other one named who is then left responsible.

Also if a loan have been taken out say for over 20 years then for example, most policies only cover for 5 years, where in this case the PPI ends, but it will still have to be paid for - for the remainder of the loan, a right rip off.

As you have made a successful claim before, I assume you know how it works then, but will add the link of the guidelines of reclaiming anyway, with template letters, a checklist of mis selling reasons and udeful information, as you will know they have 8 weeks in full to respond.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance

Hope this helps, but do give it a go and keep at them, good luck and please keep us posted.:)

Di

ireneT

Hi
And thanks for that, it took 5 months to get this back i did try and be nice and first went down the route of contacting them myself only to be told in an offhand and rather rude manner that they had no reason to believe that i had a valid reason for a claim so i got one of those claims solicitors onto it, fair enough i had to pay but at least i got it and my case was proved, but this time i am going to do it my self or rather my husband is lol he has got the templates so its just a matter of tailoring them to our needs and sending it off to the banks head office.
We dont even know if the PPI was deducted from the last loan that was absorbed into the mortgage, like the first one we took out over 5yrs and then repaid this 2yrs later when we took out the second we dont know if the PPI was taken off or not silly i know but at the time you dont think of these things.
But yes we do have the account numbers for them and i think we should also ask them about the one that went into the mortgage to see if that included the PPI as well because otherwise we are still paying it in theory i supose.

di3004

Irene, good for you for having a go yourself and this way now if successful where you should be, you will then get to keep all your PPI, so well done for having a go.:T

Good that you have kept hold of the account numbers.

But if you do require any paperwork, its not essential as such, but sometimes useful information come back within a Subject Access Request (SAR), if you want to request for one of these.
They have 40 days to comply, but there is a cost of £10 postal order or cheque payment for this request, link here below if you want to do this:
http://forums.moneysavingexpert.com/showthread.html?t=1475553
Whatever they hold on you they should send copies of these documentation to you.

However, sometimes if both you and your hubby wants to request for a SAR, they request for 2 signatures and 2 x £10 payments, but in my opinion whoever was signed up for the PPI would be really the one to request for this, so you will at least save a tenner then, but as stated above its not absolutely essential as such, but only if you did have no documentation at all.

Hope this helps.;)

di3004

Forgot to add in my above post, normally SAR requests only goes back as far as the last 5/6 years, but sometimes they will send if they still have hold of the information - from earlier years, however, if any of the finances are still active they will or should still hold the majority of the information.;)

ireneT

thanks for that worth jotting down for future refs and be sure i will keep update on what happens as i think alot of people will be under the same impression as we were about the time scale, just talking to a friend now on the subject.So fingers crossed

di3004

ireneT wrote: »

thanks for that worth jotting down for future refs and be sure i will keep update on what happens as i think alot of people will be under the same impression as we were about the time scale, just talking to a friend now on the subject.So fingers crossed

Your very welcome Irene.
Fingers crossed for you and we look forward to hearing the progress of your reclaims.

Also just to say as well - if a broker was used who arranged and sold you the finance, then you pursue with them.
If a direct bank then you write to these etc.;)

Good luck all the way.:beer:

ireneT

got my loans and ppi via my bank Halifax i believe their insurance firm is in Ireland but i will write to the head office in halifax first and see how it gets on.

di3004

ireneT wrote: »

got my loans and ppi via my bank Halifax i believe their insurance firm is in Ireland but i will write to the head office in halifax first and see how it gets on.

Cool, so write to head office of the complaints dept if they have one, but the main office is fine, as they do pass them on to the correct department for you anyway.
For addresses, here:
http://forums.moneysavingexpert.com/showthread.html?t=1619943
Good luck.;)

ireneT

Thanks for the link, just another question that i have thought of is if they come back to saying they have no records of these old loans what happens then have i lost my chance to reclaim the PPI on those.

di3004

ireneT wrote: »

Thanks for the link, just another question that i have thought of is if they come back to saying they have no records of these old loans what happens then have i lost my chance to reclaim the PPI on those.

Hi Irene

If you still have the account numbers then that is fine, paperwork is useful and if you request a SAR with payment, if they are unable to send you some of the info or none of it they should explain in writing and return your payment to you.

However, if you have any old bank statements lying around these you may comes across account numbers from when you paid your monthly payments, as normally they are shown next to the repayments.;)

With no information/account numbers, the chances will decrease, but anything you have in relation to the accounts would help.:)