BBC Breakfast this morning...PPI

Orville

HI.

I was watching breakfast this morning and they had a guy on their money slot from a claims company who said contary to popular belief you can actually make claims for mis-sold PPI that went back over 20 years.

Now i remember having loans etc when i was younger and i do remember being told that i had to have PPI.

What i heard this morning has got me thinking, maybe i should look into claiming. My trouble is, is that i have no access to any of the account details etc. I can remember the branch where it was done and my address at the time etc.

What i would like to know is, is there a way i can find out the info i would need to make a claim after such a long time. I also have another going back ten or so years with HFC bank too i might look into.

Can you guys help pls.

lobster2025

I also heard the report on BBC this morning and my ears pricked up when I heard that you could claim for much earlier than the 8 years i thought.

The guy on the radio mentioned that to get the details of your accounts you need to pay £10 and submit a SAR. Details of one are on this site under SAR.

I am considering looking into it but as I had a loan in 1998 which was sold with PPI but my situation might mean that I cant claim and wanted to know if someone could offer advice.

When I took the loan I also took the PPI and then 4 months later I lost my Job. When I went to use the PPI I was told that it would only kick in after 6 months and so I was stuck with no income and a loan payment to meet. I eventually defaulted on the loan and settled with the Bank for a reduced amount about 6 months later (I borrowed £3000 and PPI was I think £1,000 and I settled for about £2,000 if memory serves me correctly).

Would I still be able to make a claim?

Common_Sense_2

lobster2025 wrote: »

I also heard the report on BBC this morning and my ears pricked up when I heard that you could claim for much earlier than the 8 years i thought.

The guy on the radio mentioned that to get the details of your accounts you need to pay £10 and submit a SAR. Details of one are on this site under SAR.

I am considering looking into it but as I had a loan in 1998 which was sold with PPI but my situation might mean that I cant claim and wanted to know if someone could offer advice.

When I took the loan I also took the PPI and then 4 months later I lost my Job. When I went to use the PPI I was told that it would only kick in after 6 months and so I was stuck with no income and a loan payment to meet. I eventually defaulted on the loan and settled with the Bank for a reduced amount about 6 months later (I borrowed £3000 and PPI was I think £1,000 and I settled for about £2,000 if memory serves me correctly).

Would I still be able to make a claim?

You can't claim as you don't have the insurance any more.

If you mean "can I make a complaint that the policy was miss-sold" then you need to read the guide for PPI mis-selling and see if any of the reasons match the circumstances of the sale of your policy.

However because you defaulted and then closed the loan with a lower amount than you should have done, if you complained, then if they found in your favour, they will be able to offset any amount due back to you against the amount that they lost by you defaulting.

lobster2025

Common_Sense_2 wrote: »

You can't claim as you don't have the insurance any more.

If you mean "can I make a complaint that the policy was miss-sold" then you need to read the guide for PPI mis-selling and see if any of the reasons match the circumstances of the sale of your policy.

However because you defaulted and then closed the loan with a lower amount than you should have done, if you complained, then if they found in your favour, they will be able to offset any amount due back to you against the amount that they lost by you defaulting.

Thanks for the reply, I didnt think it would be worth following up but just wanted to make sure as, lets face it, any chance of getting money out of the banks is worth taking!

In truth it probably saved me from being missold in the future as following it not helping me out when i needed it I always refused it when offered to me.

dunstonh

There is no time period that prevents you going back further. However, it gets harder as you could suffer from a range of issues that stop you from getting a complaint outcome in your favour.

1 - pre-regulation.
2 - time barred
3 - records destroyed

Not all the above will apply to everyone but will apply to some and the further back you go, the more likely one or more of those will apply.

When I took the loan I also took the PPI and then 4 months later I lost my Job. When I went to use the PPI I was told that it would only kick in after 6 months and so I was stuck with no income and a loan payment to meet. I eventually defaulted on the loan and settled with the Bank for a reduced amount about 6 months later (I borrowed £3000 and PPI was I think £1,000 and I settled for about £2,000 if memory serves me correctly).

Would I still be able to make a claim?

A claim is what you do when you have a claimable event on the policy, such as illness. What you mean is can you complain. The answer is yes you can. However, as mentioned above, you defaulted and the amount you settled is short by a similar amount you paid on PPI. So, if they upheld your complaint they can use the redress payment to offset the default.

magpiecottage

Orville wrote: »

I was watching breakfast this morning and they had a guy on their money slot from a claims company who said contary to popular belief you can actually make claims for mis-sold PPI that went back over 20 years.

Unless whoever sold you the policy worked for a Bank, Building Society or Insurer who was a member of an Ombudsman scheme then you almost certainly cannot because FOS will have no jurisdiction and the firm that sold it (if it still exists) can simply timebar a case regarding a sale more than 20 years ago.

Nevertheless, in your case, if you had a PPI premium of £1,000 out of a £3,000 loan that does not quite cancel out because interest on the PPI premium would need to be considered (and a bank would almost certainly fall under FOS jurisdiction). If you can demonstrate to an independent party (i.e. FOS) that your version of events is more likely than not to be the truth you may get somewhere. However, unless you hold evidence to support your assertion then your complaint will probably fail.

Even if that is not the case, if there is no evidence that the firm broke any rules at the time then you are not likely to get a complaint upheld.

Remember - the person you saw on the box will have treated his appearance on your screen as free advertising.

Orville

magpiecottage wrote: »

Unless whoever sold you the policy worked for a Bank, Building Society or Insurer who was a member of an Ombudsman scheme then you almost certainly cannot because FOS will have no jurisdiction and the firm that sold it (if it still exists) can simply timebar a case regarding a sale more than 20 years ago.

Even if that is not the case, if there is no evidence that the firm broke any rules at the time then you are not likely to get a complaint upheld.

Remember - the person you saw on the box will have treated his appearance on your screen as free advertising.

It was a bank i got it from.....