Advice on offer from guarantor loan

zzyzx1221

ManyWays said:

FOS is routinely looking at loans over 6 years for irresponsible lending complaints. FOS can look at any case where someone has only recently (in the last three years) found they can complain. That's how it looked at all those old PPI cases.
Definitely look at Debt Camel for guarantor loan cases and Bamboo. There are a lot there so someone with a previous Bamboo case may reply to you. 

This doesn't apply in the OP's case, as Farfetch has already explained.

[Deleted User]

ManyWays said:

FOS is routinely looking at loans over 6 years for irresponsible lending complaints. FOS can look at any case where someone has only recently (in the last three years) found they can complain. That's how it looked at all those old PPI cases.
Definitely look at Debt Camel for guarantor loan cases and Bamboo. There are a lot there so someone with a previous Bamboo case may reply to you. 

I don't think you understand how the law works, they're set in stone:

6 years from opening the product
3 years from when you knew or could reasonably have known you had a reason to complain

You cannot pick an arbitrary date out of thin air and decide that is the date you could have known you had reason to complain as it conveniently fits inside the 3 year rule. Any action like closing an account through to the lender sending you a letter inviting you to complain triggers the 3 year rule.

If you are outside the 6 year rule but inside the 3 year rule, then yes you can complain, if you are outside both, the lender can time bar the complaint and the FOS cannot overrule that as it's a matter of law. It's like saying a bank could ignore the 6 year limitation on debt and decide they can come chase you for a 10 year old debt - it works both ways.

PPI complaints were a bit different as there was such a scandal and an end date eventually given but even then, where the lender sent out a customer contact letter say in 2015, inviting a complaint, if the person didn't complain until 2019 they could be time barred.