Good claim but 'Time Barred'!

H4w35side

Thanks to MSE I've been able to get a couple of grand from 4 PPI claims. I also have a clear claim with full original documentation from First National Bank, but it was taken out in the mid 1980s. GE who are now responsible for the claim says that the claim is Time Barred and they will not enter into further discussion about it. A look on the FLA site and the Ombudsman SEEM to agree that it all ends there. Is there any further redress I can seek?

magpiecottage

PPI in 1980 seems unlikely.

Also, unless First National Bank was a member of the Banking Ombudsman scheme (when started in 1986) FOS would have no jurisdiction.

You can ASK FOS to look at it but if it has no jurisdiction - or the relevant time limits have passed it will not.

Even then, as I say, you would need to be able to prove a breach of the regulations - as they stood at the time.

If FOS cannot consider the complaint, you could, in theory, try a court but the time limits are very strict. In particular, the bank can ask for section 14B of the Limitation Act 1980 to be applied. This is known as thec "long stop" and prevents claims for negligence in respect of events that occurred more then fifteen years earlier.

sun73

You might be able to refer the complaint to the underwriter of the PPI policy and if they reject it you could take it to FOS.

Gary_Pinner

I also wish to ask advice on this subject, and also concerns GE Money.
I took out a secured loan in 2003 with Purple Loans for 7 years with PPI for 5 years on that period. Not asked, part of the agreement. During this loan, the account was transferred to GE Money.
I contacted GE Money a few years ago and they claimed there was no record of me or the property the loan was secured on. Earlier this year, I obtained my credit file and found a reference number to quote. So I put in a PPI claim, but yesterday received a letter stating my PPI policy was time barred.
Question is: How many years after the loan was taken out before it is time barred ?

Nearlyold

Its 6 years from the cause of the event you wish to complain about (ie 6 years from when you took out the PPI) or if later 3 years from when you first realised there was a problem or ought to have reasonably known there was a problem.

sun73

Why are GE using a time bar when the banks don't with their historic PPI sales? I'm sure I read that FOS said the majority of complaints are on time because consumers weren't aware there was a problem until the high court ruling of 2011.


Could the OP take it to FOS?

[Deleted User]

sun73 wrote: »

Why are GE using a time bar when the banks don't with their historic PPI sales?

As evidenced by this forum, the Banks are now regularly using a time-bar as well.

dunstonh

Why are GE using a time bar when the banks don't with their historic PPI sales?

PPI can rarely use timebars. Santander have on some of their cases as they were early to issuing the CCL. However, a number of the banks are still in the 3 year period and not hit the point yet. Some havent even bothered starting the clock.

Both the 3 year AND the 6 year rule need to be satisfied. If anyone disagrees that the time bar is fair then they have the right to refer their complaint to the FOS. The FOS will check the timebar is valid or not.

xHannahx

sun73 wrote: »

Why are GE using a time bar when the banks don't with their historic PPI sales? I'm sure I read that FOS said the majority of complaints are on time because consumers weren't aware there was a problem until the high court ruling of 2011.


Could the OP take it to FOS?

2011 being more than 3 years ago, the 3 year element could easily be argued to have been passed, especially with the high profile coverage, leaving whether it was sold 6 years ago.
First National/GE wasn't covered by the earlier regulations, so would be regulated from Jan 2005 I believe.
GE isn't and wasn't a bank in the UK, so were subject to later regulating.

sun73

Gary_Pinner wrote: »

I also wish to ask advice on this subject, and also concerns GE Money.
I took out a secured loan in 2003 with Purple Loans for 7 years with PPI for 5 years on that period. Not asked, part of the agreement. During this loan, the account was transferred to GE Money.
I contacted GE Money a few years ago and they claimed there was no record of me or the property the loan was secured on. Earlier this year, I obtained my credit file and found a reference number to quote. So I put in a PPI claim, but yesterday received a letter stating my PPI policy was time barred.
Question is: How many years after the loan was taken out before it is time barred ?

My uncle had a Purple loan in 2002 but he took his complaint to Santander, not GE Money who said they weren't responsible for the sale. Santander and the underwriter rejected it, and now it's with FOS.