PPI in 1996 - Can I claim?

JanTheSuperGran

In 1996 I had an account with Girobank, but was getting married and didn't think I would be given a mortgage because of my age (at that time 61) but was assured by the estate agent that it wouldn't be a problem. I was offered a mortgage with the TSB who sold the PPI plan. Despite my misgivings about my age and how could I pay this off when I retired in 5 years time, they still insisted I would be well looked after. It seemed they just wanted to push the mortgage and policy. My wife took early retirement in 1999 due to health reason and is now registered disabled. In 2002 we were on the verge of bankcrupcy and I had no option but to sell the house and buy an old mobile home which is where we both live today. I am now 78, my wife is 69. We didn't want to sell bricks and mortar to come and live in virtually what is a caravan. I have had a letter from the bank which I have filled in to the best of my memory and capability. However on reading through the F&Q's it would seem that because our complaint goes back longer than 6 years - we might not be able to claim anything. Is this true do you think?

dunstonh

it would seem that because our complaint goes back longer than 6 years - we might not be able to claim anything. Is this true do you think?

There is no 6 year rule. The issue is that providers will often start destroying data that is no longer required and 6 years is the period the regulator recommends. However, not all companies follow that. So, the further back you go, the odds of success decline but its still possible.

antrobus

dunstonh wrote: »

There is no 6 year rule. The issue is that providers will often start destroying data that is no longer required and 6 years is the period the regulator recommends. However, not all companies follow that. So, the further back you go, the odds of success decline but its still possible.

What? They've repealed the Limitation Act 1980?

JanTheSuperGran wrote: »

...However on reading through the F&Q's it would seem that because our complaint goes back longer than 6 years - we might not be able to claim anything. Is this true do you think?

I believe that the time limit for a claim for damages due to negligence (as in mis-selling PPI) is the later of;

a) six years, or
b) three years from the point at which you had the knowledge that a mis-sale had (or might have) occurred

This is why I'd guess you've "had a letter from the bank". Presumably one that says something along the lines of 'you might have a PPI claim' - it's to provide you with the 'knowledge' and start the three year clock ticking.

dunstonh

What? They've repealed the Limitation Act 1980?

We are talking financial services here. FCA current position is that the 3/6 year timebar cannot be activated unless a CCL has been sent out.

magpiecottage

antrobus wrote: »

What? They've repealed the Limitation Act 1980?

There is an e-petition here asking that financial advisers are treated the same as anybody else.

This may seem to you, dear reader, as unreasonable but remember they are only asking for the same protection that the rest of us enjoy - i.e. they cannot be pursued over something that happened so long ago that nobody can really remember.

As the also point out, they then have to pass on the cost of attempting to respond to such complaints to current customers - so everybody loses.

If you feel you wish to support their cause (whether for reasons of natural justice or to protect your own interests) feel free to sign it.