PPI Help please?

Supersaver7

Having now received the final letter form the Finance company, my PPI reclaim has been rejected.

Here is an extract from their letter giving the reason:
We invited you to contact us regarding the amount of commission and profit share taken by us from the premiums you paid during your agreement.

As per Financial Conduct Authority guidelines, you are not eligible for redress if your PPI policy was purchased before 6 April 2007, and ended before 6 April 2008

As your agreement was purchased on 16/07/2003 and ended on 16/07/2006 you are unfortunately out of scope for a refund.

In summary, Is this legal can they actually use this loophole not to pay?
I would appreciate some help on this please, thanks in advance.

Cheers Supersaver7

societys_child

It's not a loophole, it's regulations and is legal.

Della1991

Hi
I need some help with the claims guys they closed my accout as the funding corporation said the dealt with my claim but i got nothing anyway i got a letter from the funding corp saying i was due a payout through plevin. My question is do i have to pay the claims guys there fee as they closed my account in november befor my plevin payment was decided.

dunstonh

In summary, Is this legal can they actually use this loophole not to pay?

You havent mentioned any loophole. You only mentioned you failed to meet one of the key criteria.

Supersaver7

I have found out that my reclaim would have been paid, if I had have used a credit card instead, can one of you please explain why?
Also,
Was there a difference between a Personal Loan and Dealership Car Finance back in 2003, again, can one of you explain the differences?

Thanks

Supersaver7

dunstonh

I have found out that my reclaim would have been paid, if I had have used a credit card instead, can one of you please explain why?

That is not the case. I suspect there is a misunderstanding or miscommunication here.

The sale was in 2003. That makes it pre-regulation. This is why the car dealer doesnt have to consider the complaint. Car dealers only became regulated in Jan 2005 and are only required to consider complaints about sales made after that date. However, banks have to consider pre-regulation sales as they were a member of an earlier body. So, a credit card used pre-regulation and had PPI would have to have a complaint considered. It doesnt mean you would be paid out. Credit Card PPI complaints are about 50/50 on upheld/rejected. However, it does explain why the car dealer doesnt have to listen to your complaint.

-taff

Your complaint may have been successful agasint the credit card if you had used one. Or if there had been a problem with your purchase you could have made a Section 75 request.
Neither of those things happened, so your complaint is dead in the water..