I say yes, they say no...

Rolyan

In the early eighties I bought my first car. As a lowly factory worker I took out a loan from my bank (I did this for many years (decades), each time I bought a new car).


The bank definitely made me take out insurance on each loan, including the very first one. It was suggested that it was part of the loan, to protect them. It wasn't really optional.


Obviously I have no records from so long ago. I don't have any account details at all, other than to say I know my address, and it was one of two possible banks (TSB or Yorkshire Bank).


A couple of years ago I tried to claim by using a claims company, but the banks came back and said that there were no records. So that ended that.



So, based on the fact that it was back in the eighties, I definitely had several large loans and definitely paid insurance/ppi on all of them, but that I have no paperwork and the banks said "the computer says no"......is there anything else I can do, or do I just have to affect that I'm one of the unlucky ones who got ripped off.

-taff

Your option now is to send a |SAR to see what paperwork they do have left. If there is none, your complaint is over.

Nasqueron

PPI is there to protect you, not them. In a way it sounds like MIG albeit not for a mortgage.

Bermonia

PPI in early eighties is virtually unheard of... however I’m sure your recollection of events from nearly 40 years ago is ‘reliable’.

Keep in mind there were and still are a host of different insurance products that aren’t PPI. The reality is unless you can prove you DID have PPI on those loans then your complaint is over before it starts - not unreasonable for lender to no longer have records from so long ago.

Rolyan

I definitely had insurance on the loan, but I can’t remember if it was called PPI. It was always included, and we were told “if you get made redundant, you won’t have to worry” etc. It was portrayed as part of the process, as in “right, so the total is £100 loan, plus £8 loan insurance, so that’s £108”. But trust me, it wasn’t really portrayed as optional.

This is back in the day when if you wanted a loan you had to go meet with the bank manager, sat in his cigar smoke filled office, with payslips and rent book, and a form showing incoming/outgoings. Quite a nerve wracking experience for a young one; shame they don’t still do it nowadays instead of the easy online loans. Perhaps if they did then there wouldn’t be so much uncontrolled debt.

Rolyan

I kind of accept there’s not much I can do. It happened well into the late 90’s, but without my own records, I suppose they can and will claim anything.

It’s a bit like my partners M&S store card, from a few years ago. When she got one and used it, they automatically applied payment protection each month. They never asked, and she thought it was a requirement of the card. But when the whole PPI scandal came out, she claimed, and they simply denied it.

[Deleted User]

Rolyan wrote: »

but without my own records, I suppose they can and will claim anything.

Not really. They'll go with what your and their evidence - or lack of it - suggests.

~Brock~

Bermonia wrote: »

PPI in early eighties is virtually unheard of... however I’m sure your recollection of events from nearly 40 years ago is ‘reliable’.

My first proper job was with the TSB (Trustee Savings Bank back then) in 1982. I can assure you that PPI was a very well established and readily available product at the time.

It also wasn't mis-sold in the ways that became rife some 20 years later.

Social attitudes at the time placed more value towards voluntarily protecting oneself in the event of difficulties as the idea of being 'in debt' carried a much greater social stigma than nowadays.

As a result, PPI was more 'bought' than 'sold' back then.

Bermonia

Agree to disagree Brock, FOS has long established that PPI only became readily available from around 1989 - not to say there weren’t any lenders doing ‘some kind’ of protection prior to this, however it certainly was by no means well established in early 80’s.

Also would point out that older sales when there is paperwork are much more likely to uphold, as sales practices became better over time such as clearer cost disclosure, requiring additional forms and signatures for PPI.

Nasqueron

~Brock~ wrote: »

My first proper job was with the TSB (Trustee Savings Bank back then) in 1982. I can assure you that PPI was a very well established and readily available product at the time.

It also wasn't mis-sold in the ways that became rife some 20 years later.

Social attitudes at the time placed more value towards voluntarily protecting oneself in the event of difficulties as the idea of being 'in debt' carried a much greater social stigma than nowadays.

As a result, PPI was more 'bought' than 'sold' back then.

PPI was a late 80s product, it existed in the early 1980s but it was certainly not well established or readily available

dunstonh

PPI did exist in the early 80s but it was not sold badly until later in the 80s. It was not a mainstream product in the early 80s. Many banks didnt have it until mid to late 80s. However, some had it from the early 80s.