how far back for ppi claim

chatteris

how far back is it possible to go with ppi claims, I got stitched up by NatWest back in the eighties, just wondered if there was any chance of getting something back

societys_child

just wondered if there was any chance of getting something back

There's a chance you may, if you can show a genuine reason for complaint. In what way do you believe it was mis-sold?

dunstonh

PPI came into existence in the mid to late 80s but didnt become heavily pushed until around 90 onwards.

As mentioned above, it is possible but the chances of paperwork still existing 30 or so years later are low. It largely depends on what PPI product it was linked to. i.e. loan or credit card.

chatteris

It was for a loan and I had to have the ppi to get the loan and was in early 1984

marty2be2000

Do you still have the paperwork, chances are the bank destroyed anything their side six years after the loan was settled. No paperwork, no PPI claim. You may also need bank statements for the period to show you made all the payments due under the agreement.

magpiecottage

marty2be2000 wrote: »

Do you still have the paperwork, chances are the bank destroyed anything their side six years after the loan was settled. No paperwork, no PPI claim. You may also need bank statements for the period to show you made all the payments due under the agreement.

In addition, NatWest was not a member of the Banking Ombudsman scheme (the relevant predecessor to the Financial Ombudsman Service) in 1984 - because it did not come into existence until 1986.

So it can argue that FOS has no jurisdiction.

addedvaluebob

Put the complaint in and see what they say

chatteris

Thanks for the replies, I have all the relavant bank statements but cant find loan paperwork yet

dunstonh

As its loan, there is more chance the records still exist after all this time (unlike a credit card where the odds are lower). The paperwork has almost certainly gone a long time ago. However, the actual record of the amount, term and the amount of PPI will quite likely exist with enough detail to reconstruct the data. Complaint reasons that rely on documentation are not likely to be that strong given the chance of there being any documentation being low (i.e. didnt know I had it, forced to have it etc) . However, an easily proven complaint reason (ineligibility etc) would not be a problem for consideration.

sun73

dunstonh wrote: »

As its loan, there is more chance the records still exist after all this time (unlike a credit card where the odds are lower). The paperwork has almost certainly gone a long time ago. However, the actual record of the amount, term and the amount of PPI will quite likely exist with enough detail to reconstruct the data. Complaint reasons that rely on documentation are not likely to be that strong given the chance of there being any documentation being low (i.e. didnt know I had it, forced to have it etc) . However, an easily proven complaint reason (ineligibility etc) would not be a problem for consideration.

Can I ask whereabouts in the bank's systems might there be a record of an older loan? Which particular department, ledger or archive would contain a notation about previous credit finance accounts. During the late 1980's NatWest often didn't provide separate loan account numbers.


I still have a current account (since 1985) with this bank who claim they cannot locate the loan details, only transaction histories from six months after it was repaid. Is there anything else I can do in the absence of original documents?


Worth mentioning to the poster, if you find the credit agreement, check whether the loan was set up on a single premium basis as this can be a valid reason for complaint.

dunstonh

Can I ask whereabouts in the bank's systems might there be a record of an older loan? Which particular department, ledger or archive would contain a notation about previous credit finance accounts. During the late 1980's NatWest often didn't provide separate loan account numbers.

It can vary with the banks. I dont know about Natwest. It can depend when the moved from manual records at branch to branch computer. That is when they started linking accounts and saving history. There was a period of overlap with most.