Rejected Claim Help

jaysan

I made a claim against Vanquis. They say I had Repayment Option Plan, not PPI - in my eyes the same by a different name. Anyway they say it is over 6 years old and the complaint was not made within 3 years and had plenty of time to be aware of it so have rejected it stating FCA rules on complaint handling. Any advice on how to resolve this. Seems unfair, I thought you could make a claim at any time.

Nasqueron

jaysan wrote: »

I made a claim against Vanquis. They say I had Repayment Option Plan, not PPI - in my eyes the same by a different name. Anyway they say it is over 6 years old and the complaint was not made within 3 years and had plenty of time to be aware of it so have rejected it stating FCA rules on complaint handling. Any advice on how to resolve this. Seems unfair, I thought you could make a claim at any time.

PPI is a product that will pay some of your bill when you are unable to do so e.g. through losing a job
Repayment Option Plan is a product that gives you more such as an account freeze, payment holiday, once a year late payment being ignored

2 different products

An aside though, as they are correct, legally you have 6 years from taking out a product or 3 years from knowing you had reason to complain about it (whichever is longer) after which the complaint can be time barred. Just as you can stop paying your debts and 6 years after your slate is wiped clean and nobody will know.

If you took the policy out more than 6 years ago and they wrote to you more than 3 years ago explaining it they can time bar it and you cannot go any further

[Deleted User]

jaysan wrote: »

I made a claim against Vanquis. They say I had Repayment Option Plan, not PPI - in my eyes the same by a different name.

What you had was not PPI.
It's very unwise, therefore, to make a PPI complaint (using PPI complaint reasons I assume) about a different product.

I'm not sure why you were time-barred from complaint, though, but I expect it was because it is now more than six years since you cancelled the policy.

Your rejection letter would have explained this in more detail.

Feel free to post more of it's contents if you want further comment.

jaysan wrote: »

Any advice on how to resolve this.

If the time-bar has been correctly applied, even the Ombudsman will not be able to overturn it I'm afraid.

sussexbhoy

Looking at the Vanquis repayment option plan it looks like an even bigger con than PPI.

societys_child

sussexbhoy wrote: »

Looking at the Vanquis repayment option plan it looks like an even bigger con than PPI.

PPI itself isn't a con, the problems arise from the way it was sold.
For example being told you had to have it, when you didn't, or the terms in the policy made it unsuitable for you.

jaysan

They attached a letter showing the "Benefits" of there plan, it gives the same as PPI in my eyes protecting you if you cannot pay - anyway my real question is the statute of limitations regarding time since I had it. I have read many comments about people making and winning claims from years ago, much longer than the time scales I have mentioned.

On a side note the FCA did not exist till 2012 yet they are using their rules about a PPI product dated 2005 - 2010, should the previous bodies rules not be applied? did they have rules?

Nasqueron

jaysan wrote: »

They attached a letter showing the "Benefits" of there plan, it gives the same as PPI in my eyes protecting you if you cannot pay - anyway my real question is the statute of limitations regarding time since I had it. I have read many comments about people making and winning claims from years ago, much longer than the time scales I have mentioned.

It depends on whether the person complained before or not or whether the financial body can prove the 3 year rule can apply e.g. sending you a letter about the product which would give you reason to raise a complaint if you were unhappy.

jaysan wrote: »

On a side note the FCA did not exist till 2012 yet they are using their rules about a PPI product dated 2005 - 2010, should the previous bodies rules not be applied? did they have rules?

The FCA replaced the FSA, who regulates doesn't change what they regulate, the rules on 3 / 6 year are independent of the agency and if correctly applied are set in stone.

jaysan

I have read the letter more closely, its very cleverly written. I have also looked at the FCA around PPI time barred complaints and they state a consultation is still ongoing and a limit on complaints should come into force by June 2019, the letter is about complaints to the financial ombudsman's service and I cannot do it if over 6 years. The way its worded makes it sound like my complaint is not valid - Sneaky B's good job I read it several times. I wonder how many others have been put off this way. There are no time limits in force for complaints at this time.

dunstonh

have also looked at the FCA around PPI time barred complaints and they state a consultation is still ongoing and a limit on complaints should come into force by June 2019,

That is something different. That is to mass bar across the board. It will not affect those that are already timebarred using the individual basis.

There are no time limits in force for complaints at this time.

The 3 year and 6 year time bars are in place with a number of sellers. Not many in the scheme of things but some have.

Nasqueron

Vanquis Repayment Option Plan has the following benefits

Account Freeze

Designed to act as a safety net you can freeze your account for up to 2 years in the event of difficult financial circumstances without incurring any interest or needing to make any payments.

Payment Holiday

Taking a Payment Holiday once a year means you can miss your monthly payment in a month of your choice, providing you with extra breathing space if you’re having an expensive month.

Lifeline

Once a year, if you forget to make your monthly payment we will forgive you the late payment fee and report your account to the credit bureaux as being up to date.

Payment Reminders

You’ll receive a Payment Reminder text message 5 days before your payment due date

Overlimit Alerts

If you are close to your limit or overlimit, you’ll receive a text alert before your payment due date so that you can bring your balance below your limit,

This is not PPI. If their plan offered something different, that is fine, it's just not how it's sold. Either way, you are coming at this from the wrong angle:

You complained about a product being PPI when it isn't
Your posts suggest you believe having PPI is a miss-sale reason (it isn't)
The bank have imposed a time-bar in line with the DISP rules

Either ask the FOS to look at it (they will confirm if the time-bar is legit) or accept it

vanilla_twist

Nasqueron wrote: »

Vanquis Repayment Option Plan has the following benefits

Account Freeze

Designed to act as a safety net you can freeze your account for up to 2 years in the event of difficult financial circumstances without incurring any interest or needing to make any payments.

Payment Holiday

Taking a Payment Holiday once a year means you can miss your monthly payment in a month of your choice, providing you with extra breathing space if you’re having an expensive month.

Lifeline

Once a year, if you forget to make your monthly payment we will forgive you the late payment fee and report your account to the credit bureaux as being up to date.

Payment Reminders

You’ll receive a Payment Reminder text message 5 days before your payment due date

Overlimit Alerts

If you are close to your limit or overlimit, you’ll receive a text alert before your payment due date so that you can bring your balance below your limit,

This is not PPI. If their plan offered something different, that is fine, it's just not how it's sold. Either way, you are coming at this from the wrong angle:

You complained about a product being PPI when it isn't
Your posts suggest you believe having PPI is a miss-sale reason (it isn't)
The bank have imposed a time-bar in line with the DISP rules

Either ask the FOS to look at it (they will confirm if the time-bar is legit) or accept it

I made a claim against this ROP and they actually paid out. I had several times tried to stop this ROP over the phone but got coerced into keeping it. I was very surprised when they paid up but my account was more recent than yours.
This just goes to show you can make a legitimate claim against this ROP.

V x