Ombudsman

Nuneaton123

I have complained to the finacial ombudsman and they have ruled against me. Although they have said that I was given a loan that I had no chance of servicing because I complained to late they will not do anything to help me.
Surley if the debt is still outstanding they should be able to help. 

[Deleted User]

You'll need to provide more detail.

The outstanding debt is not a factor.

Nuneaton123

They said because the debt is more than 6 years old a complaint can't be made. I should have known to complain earlier. 

Sandtree

So your allegation is presumably that you shouldn't have been given the loan? So the breach occurred at the inception and as such law of limitations is 6 years from the date of a breach. 

See https://www.financial-ombudsman.org.uk/consumers/expect/time-limits

[Deleted User]

Financial rules work both ways - a person can escape a debt by not acknowledging it for 6 years, similarly you have 6 years from account opening and/or 3 years from knowing / or when you could reasonably have known you had a reason for complaint - closing the account triggers that - after which lenders can ignore complaints. 

Thrugelmir

Peoples recollections after more than 6 years are rarely factual. 

Sandtree

Thrugelmir said:

Peoples recollections after more than 6 years are rarely factual. 

Its also companies have to hold reserves on their balance sheets for dealing with these kinds of things and you really don't want banks and insurers having to hold millions in liquid assets in case a customer complains about a loan or policy sold in 1922.

6 years is the balance struck to give wronged people/companies time to enforce their rights but also to give reasonable closure to those who may be accused of wronging others.