Reclaiming time limit

flayedalive

Hi all
Recently made a successful claim against Natwest for PPI on a loan which I took out in 2005, based on the fact that I wasn't aware I had the insurance and it was unnecessary anyway as I already had substantial life insurance from Natwest themselves, plus civil service sickness and redundancy terms (generous!).

Thing is, on trawling through my records I found that I also had this PPI on two other loans which I took out in 2001 and 2002. Now the general opinion seems to be that this is too far back to claim but what is this based on? The only suggestion I've heard is that the banks won't have any record of the transaction that far back so they can't be expected to pay out. If so, I have full details of the transaction on paper so, as all other facts are the same as for my successful claim, is it worth giving these two a try?

Any advice or opinions on this grey area would be very welcome.

[Deleted User]

flayedalive wrote: »

on trawling through my records I found that I also had this PPI on two other loans which I took out in 2001 and 2002. Now the general opinion seems to be that this is too far back to claim but what is this based on? The only suggestion I've heard is that the banks won't have any record of the transaction that far back so they can't be expected to pay out. If so, I have full details of the transaction on paper so, as all other facts are the same as for my successful claim, is it worth giving these two a try?

Of Course. If you have paperwork and legitimate reasons, then complain again.

DrSqueeze

flayedalive wrote: »

Now the general opinion seems to be that this is too far back to claim but what is this based on?

The older a loan is, the greater the chance that the bank might no longer have records - but it certainly shouldn't deter you, especially since you have.

I've gone back as far as 1994, so it's definitely possible.

flayedalive

Thanks for the opinions, think I might give this a go. It's a lot of money to be down on on these other two loans. Wouldn't mind so much but it's actually Natwest I have my life insurance with anyway! Can't believe they wouldn't know that already or that they would proceed to flog me more if they did. Thanks again.

magpiecottage

flayedalive wrote: »

it was unnecessary anyway as I already had substantial life insurance from Natwest themselves

PPI is a different product covering a different risk, so that would not be a reason for upholding a complaint.

[/quote]plus civil service sickness and redundancy terms (generous!).[/quote]

Not really. Sick pay is 6 months full and 6 months half pay so if you had a waiting period of six months that would certainly seem appropriate whilst any redundancy payment is not a contractual right.

So I would say you got lucky as the reasons you have given can be defended.