I got my offer letter from M&S credit card today.

woodmill

Full refund plus interest.

Thank you everyone on here for giving me the confidence to do it myself. Just short of £5,000 coming our way!

Final question, I have sent a SAR letter to Clydesdale Bank although I am pretty confident that I will be outwith the 6 years since everything has beeen paid off.

Is there a reason why you can only go back 6 years?

Thanks again folks. This really has been fantastic news this morning.

woodmill

Forgot to mention, I sent my claim to them on 29th October so not too long for a response at all.

tifo

woodmill wrote: »

Is there a reason why you can only go back 6 years?

Because they can get away with it .... they use the Limitation Act but this can be postponed if you've been misled into not being able to make a claim until now, for example because you could not know of the mis-sale (which was only widely known after the FSA investigation).

To put you back in the same position of not having taken the PPI out, they must refund ALL the premiums. By not refunding anything from more than 6 years ago you're not put in the same position and they get to keep the payments you made.

ALIBOBSY

Tifo is correct,just another fob you off and lie to you tactic by the banks trying to save some money back. There are many claims on here and other forums where claims have gone back years-think the earliest I saw was 1988.
They may try to argue that they only hold data for 6 years,but again when pressed many suddenly "find" the earlier records. In some cases when pushed if they haven't go the info it is reasonable (and right) that they do some sort of reconstruction/estimated figures or in some cases offer a "goodwill" payment.

The FOS have also said the banks should be sending out a breakdown and calculation of how the offer is worked out but most don't.

Ali x