s75 claim time limits

Newnoel

Has anyone tried to reclaim their money from a credit card provider under s75 of the Consumer Credit Act for a purchase back as far as 2005?



My dad bought a dud "investment" in 2005, and paid a deposit on a credit card. The company was shut by the regulator shortly thereafter, but is only now being wound down. The owners have long since frittered the original investors away.



As I understand it, there isn't a time limit for making a claim under Section 75, however the statute of limitations in the UK is six years so it may not be relevant, but I wanted to check if anyone has tried, if they made an original deposit on a credit card.

Nasqueron

Even if it wasn't time barred, I suspect that the firm wouldn't accept an S75 because he made a poor investment choice

Newnoel

Section 75 does indeed cover scams:
https://www.financial-ombudsman.org.uk/publications/ombudsman-news/135/135-case-studies-about-scams.html#l


I am more interested in whether anyone has successfully got around any time limitations?

Nick_C

Newnoel wrote: »

Section 75 does indeed cover scams:

But only if there has been a breach of contract!

Newnoel

I would have said a scam was a pretty major breach of contract.

Nasqueron

Newnoel wrote: »

I would have said a scam was a pretty major breach of contract.

OP said her dad bought a "dud" investment, not that it was a scam.


Unless they clarify what "dud" means (to me, it means bought into a firm that performed poorly) then I'd say no. If it was a scam, sure they might but the age will be a big factor

Newnoel

Nasqueron wrote: »

. If it was a scam, sure they might but the age will be a big factor

This

Can a s75 be enforced 10+ years later?

[Deleted User]

Newnoel wrote: »

Can a s75 be enforced 10+ years later?

Ask your bank.

However, I doubt you'll be refunded regardless for failed investments regardless of the timescale ..

Bermonia

Whilst officially there appears to be no time limit to a s75 claim, general rule tends to be six years due to data retention requirements and statute of limitations for court cases - given this it is unlikely a s75 claim would succeed after all this time as lender could you make the case that due to passage of time it is unable to properly assess... both FOS and courts would not be able to intervene.