PPI Claim Refused

Lexy1975

I took out a loan in 1994, just before the sale of PPI was regulated. Central Trust who the loan was with have said because it wasn't regulated I cant make a claim for mis-sold PPI and consider the case closed. I know it was mis-sold as my partner was self-employed at the time but we were told we could only have the loan if we took out the PPI.
How have other people managed to reclaim their PPI from before 1995 if I am being told I cant? As I understand it the FOS wont look at a complaint because they weren't regulating the PPI before 1995.
Thanks

[Deleted User]

If it's pre regulation, they won't look at it.

On a positive note, most PPI did cover the self employed. It also sounds as if it may also have been a condition of sale.

SonOf

I know it was mis-sold as my partner was self-employed at the time but we were told we could only have the loan if we took out the PPI.

Have you checked to see if it didnt cover the self employed?
Most PPI did. It was just a significant minority that did not.

How have other people managed to reclaim their PPI from before 1995 if I am being told I cant?

If the seller was a bank, then they have to consider pre-regulation complaints. If the seller was a retailer or third party (such as a broker) then they they were not regulated until Jan 2005.

As I understand it the FOS wont look at a complaint because they weren't regulating the PPI before 1995.

Correct. Game over.

[Deleted User]

Lexy1975 wrote: »

I took out a loan in 1994, just before the sale of PPI was regulated.

Yeah, eleven years prior to regulation! :eek:

Lexy1975 wrote: »

Central Trust who the loan was with have said because it wasn't regulated I cant make a claim for mis-sold PPI and consider the case closed.

This information is correct. I'm afraid.

Lexy1975 wrote: »

I know it was mis-sold as my partner was self-employed at the time but we were told we could only have the loan if we took out the PPI.

It's a myth that all PPI did not cover the self-employed, but your complaint is eleven years prior to the regulation of general insurance in 2005- so your complaint reasons are irrelevant.

Sorry.

AnotherJoe

Lexy1975 wrote: »

I know it was mis-sold as my partner was self-employed at the time but we were told we could only have the loan if we took out the PPI.

Aside the date fail, that's still only a missale if the adviser lied to you and it wasn't actually a condition of that loan. if it was a condition of the companies when taking out the loan, that's perfectly valid thing for them to do even if you couldn't have used it (which as said may or may not have been the case)
All moot anyway.