PPI Reclaiming successes and failures

[Deleted User]

Frozbie wrote: »

Is it worth even trying to put a backdated claim in?

The Co-Op said you could, so you have nothing to lose by trying. Your mis-selling complaint is over.

birdman29

• What were you reclaiming: HSBC Credit Card
• Who was the provider: HSBC
• How much did you get back: £2800

To my surprise I had a letter arrive after about 5 weeks from the initial complaint directly to HSBC to say they would be redressing my ppi, to my amazement the sum of £2800. I was expecting no where near this so I really hope they have not made a mistake. The letter said they would pay the money to my hsbc current account and I signed and sent off the acceptance form the same day. Payment will take up to 4 weeks, 5 days on no payment yet, im sweating on it to say the least as this will be a massive help.! Thought I would post here though as this forum offers great inspiration and guidance to pursue claims. Thanks.

KennySok

Whilst I've known that PPI mis-selling existed, despite the prompts from my wife I had never looked into it as I have been self-employed for 20 years and my wife didn't work for most of that, so I would never have signed up to a PPI.

Only last week, by chance, during a converstation with someone at GE Money, i found out that a loan that I had with them for ten years (and is still open) had PPI applied to it.

At the time, when the loan was taken out, I was self employed and my wife wasn't working - so the PPI would never have been claimable.

I, by phone, initiated a claim against GE Money.

Today I received a response saying:

my complaint is 'time barred under the Limitation Act 1980'

and that (although I don't understand the relevance)

GE Money were not at any time members of GISC

On the first point about time barring - how can it be time barred when I only discovered the issue last Friday?

On the second, I have no idea what this implies.

Any ideas/advice?

Thanks

-taff

If it was sold prior to January 2005, some firms were not regulated.
GE Money usually use brokers to sell loans, so who actually sold you the loan and when?

KennySok

To be honest - I have no idea.

My wife said that we had a previous loan with GE Money before that one and that we went back to them as that loan had just finished.

...and the loan was taken out in 2000

-taff

You need to find out who actually sold you the loan.

To be honest, it's not looking good either, becasue whoever brokered it on behalf of GE probably wasn't regulated then, and if it was GE, neither were they [hence the not being a member of the GISC reference - if they had been a member of the GISC, it was a precursor to the FSA, therefore regulated]
Sometimes they will take responsibility for the sale if the agent that sold it has a direct link to GE, again, if it wasn't GE that sold it to you...
It can't be time barred unless you have already been told about it, or you ought to have resonably become aware of it [the date ot be resaonably aware is 2011-ish]

KennySok

So is there anything I can do to counterclaim this GISC/Time barred stance of GE Money?

-taff

You need to know who sold it and when.

wasawasa

I took my complaint to the FOS as HSBC refused to estimate a fair redress of PPI for us from 1995 when flexable loan was taken out. Due to no records held by them and we did not have any records.they offered us a token of £227 as we used the flexable loan once in 2006 and paid it off very quickly, but as we stated to the FOS we used the loan continuously from 1995 - 2000. Loan is still active now on our account but has not been used for several years. Any way good news as HSBC had accepted that we were missold ,then we have heard very quickly from FOS that they have contacted HSBC and told them to calculate a redress for us based on the spending habits and affects of PPI on its overall customer base since the loan was taken out in 1995 to present time , please can anyone tell me in english what this means and how this is done?, HSBC have 8 weeks to respond to me.

-taff

it means exactly what it says. They will have to exitimate how much you spent, and how much you were charged for PPI.