Miss Sold PPI??

alistair.long

Hi my brother had a loan about 8 years, I noticed that he was paying PPI and he was not aware of it, so I went with him to the bank and cancelled it.

Is there any way to get that money back or would the claim be statute barred?

di3004

alistair.long wrote: »

Hi my brother had a loan about 8 years, I noticed that he was paying PPI and he was not aware of it, so I went with him to the bank and cancelled it.

Is there any way to get that money back or would the claim be statute barred?

Hi there

Many have been successful in making reclaims even from the 90's accounts, so do give it a go and make them known you have only just became aware of the PPI mis selling.

Complete the questionnaire on step 3 below, send to whoever sold him the policy, remember to keep copies as well in case you need to refer back to this again, good luck and keep at them.
http://www.moneysavingexpert.com/reclaim/ppi-loan-insurance#step3

Amba_Gambla

So in what way do you think you were "mis-sold".
How can you prove that you were mis-sold and didn't just agree at the time?

magpiecottage

I think the first question to ask is how you noticed that he was paying for PPI and he didn't.

bandofbrothers

The answer is all the media coverage has made people savvy about how they can make a claim against the banks for PPI.

We all very well know their is a balance between people who have rightful claims and those who see an opportunity !

alistair.long

Amba_Gambla wrote: »

So in what way do you think you were "mis-sold".
How can you prove that you were mis-sold and didn't just agree at the time?

Firstly I like your screen name, seen a judge use it once.

The reason I believe he was missold was because he was not aware of paying insurance on the loan, and then when I saw his statement he said he was not aware of it and that infact he didnt want it.

I then went with him to the bank who had fobbed him off. after telling them he has a right to cancel it if not used (as within their terms) he wsa then allowed to cancel.

Does the mid term cancellation not prove the case?

alistair.long

magpiecottage wrote: »

I think the first question to ask is how you noticed that he was paying for PPI and he didn't.

I am carefull with my money, and have never had a loan from the bank, ex overdraft.

He showed me the letter or statement and I noticed it.

magpiecottage

So he was paying a monthly premium - otherwise it would not have shown on his statement. That excludes the "single premium added to loan" argument which would have been likely to result in an uphold.

It IS possible that the bank missold the policy at the time but, from what you say, he doesn't take much notice and could just as easily have forgotten what he was told.

However, the rules regarding complaints allow a firm to timebar a complaint if it is more than six years since the events giving rise to it and, if later, more than three years since the complainant became aware, or ought reasonably to have become aware, that they had cause for complaint.

Obviously the six year limit has expired. As far as the three years are concerned, I think the bank has a reasonable argument that the payments were pretty obvious on his statements and he ought to have spotted them straight away and acted on it before more damage was done. The fact that you saw it immediately and got him to cancel supports this view - unless you are an UNreasonable person.

I realise this may sound a little harsh but it is a long standing legal principle that whilst you are entitled to redress for unavoidable losses as a result of somebody else being negligent you are required to take reasonable measures to stop the losses being greater than they might otherwise be.

alistair.long

I did get him to stop the payment, and so the loss to recover may be a small amount, but he did have a loan before that also.

He lives away from the family so only see him every so often.

magpiecottage

I do not see how that helps his situation - he would have seen the statements each month and the onus would have been on him to read them.