Claiming PPI older than 6 years

Tarketta

Dear All

I'm new to this Forum, so apologies in advance for any mistakes I may make.

From c. 1994 to 2008, I was basically a complete spendthrift and managed to rack up c. £55k worth of debt through maxing out credit cards and then taking out ridiculous bank loans to consolidate those debts. As a result, I found myself having to take out an IVA in January 2008, which I managed to pay off in May 2011. Since then I have been reasonably responsible when it comes to my finances and am slowly building up my credit rating.

Backstory over and done with, I hadn't even thought about it until a friend pursued her PPI claims, but I will undoubtedly be entitled to a massive PPI refund as every single one of those blasted credit cards and loans came with a seemingly mandatory requirement to sign up for PPI. Needless to say, I didn't read the small print in those days. My issue is that all of those debts are well over 6 years old and being stupidly averse to excess paper, I shredded all my documents years ago, so I am left with no evidence of any loans/credit cards in my name before 2008 and I understand there is a 6 year statute of limitations on banks keeping records.

I'm loathe to go to a PPI Claims company as I have only heard bad experiences, but I have no idea where to start - could someone please advise as I really want to make sure I claim back as much of that money owed as possible?

Many thanks!

dunstonh

nd I understand there is a 6 year statute of limitations on banks keeping records.

Not quite. Firms have to retain documents for no longer than is necessary. 6 years is a common timescale used. However, some documents are retained indefinitely. Some firms keep some bits but not all. Some keep for 10 years etc.

I'm loathe to go to a PPI Claims company as I have only heard bad experiences,

You still need to tell the CMC who the lenders were.

The only way you can tell who the lenders were is through your own records and memory. Your credit record will only show the last 6 years.

Tarketta

Thanks, I thought as much - I've got some of the details on my IVA application form, so better something than nothing I guess!

ProperCornish

Hi. Advice needed please!
I attempted a claim against First Direct (Now GE Money) for a PPI I was told was essential if I wanted the loan. I have received back a letter saying nope. Reasons were that it's time barred, and that they were not regulated at the time. It also says that it falls outside the jurisdiction of the FOS. I have no idea what to do next. Can anyone help please?

Nasqueron

Could maybe try the underwriter but if they have applied a time bar correctly and weren't regulated then not a lot you can do

adam_adam

Hi,

first of all claiming older than 6 years is perfectly fine and the lenders will still hold various details (applications, CCA's, SODN etc)

i would also like to address the IVA issue, even though you may have been discharged from IVA, your practitioner could still be entitled to monies you receive (this is currently under review through the regulators) however until this changes if you claim now you could end having your money go though the practitioner before you see any. the lender you claim from will have various methods of locating your practitioner.

one thing you can do is use experian, that'll show you details of old accounts, or if you remember names of lenders you can just write to them/send in a FOSQ (available online) . give your address history and name changes and they'll take it from there.

(i currently work in PPI for a bank)


hope this helps. DO NOT USE A CMC

Anomalous

What is an FOSQ?

[Deleted User]

Anomalous wrote: »

What is an FOSQ?

Poster adam_adam last posted in September 2016, so it's doubtful you'll get an answer ..


(I have no idea what a FOSQ is..)

dunstonh

Guessing FOSQ is the ombudsman questionnaire form.