PPI time limit to claim?

Nic1968

Hi,

This is a follow up to a previous post from a few days ago, i am about to make a c/c claim with lloydstsb and after looking over old bank statements i wanted to know if it is too late to also claim for two loans that have been settled for some time.

2.12.2004 settled (loan £5000)
8.12.2005 settled (loan £1500)

Is there a time limit from when they were settled to make a claim, if anyone can help, i don't want to go to all the hassle of putting in a claim to find out it's too late!!!!!

Many thanks

di3004

Hi there

Go for it, do not worry about the time limits, some will use time barring, but just make them aware its only now you became aware of the mis selling of the PPI.

Many have been successful in making reclaims from accounts from the 90's.;)

Good luck.

magpiecottage

The time limits are:

The complaint must be within six years of the events complained about. That has definitely expired for a loan repaid in 2004 and probably for one that expired in 2005.

Alternatively (if later) three years from when you became aware (or ought to have become aware) that you had grounds for complaint.

For PPI on a credit card, this would seem to allow a complaint that you did not know you had it to be timebarred because it would have been on the statement each month. (Assuming the bank chose to apply the timebar).

On the other hand a complaint on other grounds might still be open to you.

However, for it to succeed there would need to be evidence to indicate that a PPI policy existed and it was missold. The complaint would be against whoever sold the policy which may or may not be the lender or insurer.