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Are Santander pulling a fast one?
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julianfs
Posts: 3 Newbie
Help?
I have done my PPI mis-selling claim using the resolver tool (Over 3.5k of premiums on a loan) Santander have rejected my claim base on the 'time bar' factor. They said they had written to me twice in 2009 asking if I had felt mis sold. I did not see these letters or dismissed them as junk, I don't know. Because I didn't lodge a complaint with in 3 years of the letters, I have exceeded their time bar. Instead they have offered £2.2k compensation as the premiums were over 50% of the repayments.
Is the time bar rule valid? Or are they trying to get out of it? I did not know there was a time limit for claiming.
Should I escalate to the Ombudsman or just accept the payment? They given me 14 days to respond.
Let me know what you guys think about this?
I have done my PPI mis-selling claim using the resolver tool (Over 3.5k of premiums on a loan) Santander have rejected my claim base on the 'time bar' factor. They said they had written to me twice in 2009 asking if I had felt mis sold. I did not see these letters or dismissed them as junk, I don't know. Because I didn't lodge a complaint with in 3 years of the letters, I have exceeded their time bar. Instead they have offered £2.2k compensation as the premiums were over 50% of the repayments.
Is the time bar rule valid? Or are they trying to get out of it? I did not know there was a time limit for claiming.
Should I escalate to the Ombudsman or just accept the payment? They given me 14 days to respond.
Let me know what you guys think about this?
0
Comments
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No, nothing fast is being pulled.
Accept the refund (unless you don't want it).0 -
Yes. The timebar is in the FCA rulebook. You have 6 years to complain from the date of sale or 3 years from being reasonably aware of an issue. Whichever is longer. The letters are acceptable for triggering the 3 year clock.Is the time bar rule valid?I did not know there was a time limit for claiming.
It has existed since 1988 and largely mirrors the legal timebars.
The FOS cannot overrule a valid timebar.Should I escalate to the Ombudsman or just accept the payment?I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0 -
Deleted_User wrote: »No, nothing fast is being pulled.
Accept the refund (unless you don't want it).
Thanks..... I think i might just take it
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Yes. The timebar is in the FCA rulebook. You have 6 years to complain from the date of sale or 3 years from being reasonably aware of an issue. Whichever is longer. The letters are acceptable for triggering the 3 year clock.
It has existed since 1988 and largely mirrors the legal timebars.
The FOS cannot overrule a valid timebar.
Thank you for setting my mind at rest. I will not bother the FOS now I know the score.
Thanks for your help! 0 -
The only way to overturn a timebar like this one is if you moved house before the letters were sent.Non me fac calcitrare tuum culi0
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