PPI settlement offer made -how many retrospective years

marc3

One of the major credit card companies has made me a settlement offer on my PPI claim.
the settlement seems reasonable.
that given, the refund 'years' are 2000-2008.
(noting that the cc company advises they do not hold records and as such have made an estimate for years 200-2003, which again seems fair.

that given, i held this card from 1985 (and additional 15 years )and hd PPI from the outset in 1985.
i have not kept up with the info on the number of years you can claim, and is it 'capped 'at commencing no earlier than 2000 or should the credit card company have gone back to 1985 ?

dunstonh

i have not kept up with the info on the number of years you can claim, and is it 'capped 'at commencing no earlier than 2000 or should the credit card company have gone back to 1985 ?

It is statistically unlikely credit card PPI was available in 1985.   An awful lot of credit card PPI is bought post sale of the card at a later time.   How sure are you that you bought it in 1985?

The year 2000 could be a trigger point because they know the date it was added, even if they dont know the amounts.   Or it could be that you were not borrowing on the card based on the information they have at that particular point in time.  You only pay PPI if you fail to pay the balance in full each month.   So, they may have assumed that before that date you were not borrowing on the card.

[Deleted User]

marc3 said:

i have not kept up with the info on the number of years you can claim, and is it 'capped 'at commencing no earlier than 2000 or should the credit card company have gone back to 1985 ?

Records available are key to this. While you may well have held the card in 1985, it's unlikely  you will have had PPI (mis)sold to you thirty-five years ago. The chances are that you purchased the insurance at a much later date.

 Regardless, while a full refund is exactly that, if the bank's records only show you taking the insurance from the year 2000 then there is little you can do unless you have compelling evidence (statements) from  your own archive indicating that you paid PPI prior to this date. 

Without such evidence available to you, you should simply accept the refund and interest amount because you won't be receiving any more. 

You can, if you wish, send the Bank a Subject Access Request (SAR) to confirm the records held on file for you. I'd be very surprised if this turns up anything from 1985 though...

marc3

thanks for replies -unbelievable that it may seem ,i do have a few (only a few-i'm not that sad ) of statements pre2000 showing that i did have PPI all those years back -so in essence-does that imply that i should in fact be in receipt of a greater rebate ?

[Deleted User]

marc3 said:

thanks for replies -unbelievable that it may seem ,i do have a few (only a few-i'm not that sad ) of statements pre2000 showing that i did have PPI all those years back -so in essence-does that imply that i should in fact be in receipt of a greater rebate ?

Rebate? 

Redress is a full refund of all PPI you paid, so if you can evidence earlier payment then you should challenge the Bank with copies of these. Exactly how far back do they go?

Why didn't you include copies of this vital evidence with your original complaint?