MSE News: MSE and Which? urge regulator not to put a time bar on PPI complaints

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Former_MSE_Paloma
Former_MSE_Paloma Posts: 531 Forumite
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MoneySavingExpert.com and Which? have sent a letter to the financial regulator over concerns of a PPI claim time bar...
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MSE and Which? urge regulator not to put a time bar on PPI complaints

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  • chanz4
    chanz4 Posts: 10,895 Forumite
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    Don't you think we need to put this one to bed, how many years have people had to claim? After all a lot are chancing refunds, just like debts not chased after 6 years they are written off and it is a two way street
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    There are already cases time barred. The 3/6 year timebar is being utilised by some banks. Although many have yet to hit the 3 year period yet as the CCLs went out less than three years ago.

    The 3/6 year rule is already in the FCA rule book and requires the FCA to take no action. It it unlikely to suspend a rule just as likely as it would not introduce a new rule to give a different time bar.

    Courts are one option available but considering PPI had largely ceased being retailed by 2008 (7 years ago) and there is a time bar of 15 year on the courts that can be used, then its only a widow of 8 years that the banks could potentially see some legal action.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
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    The 6 years from the date of advice. 3 years from date of awareness rule is also in the Limitation Act 1980 (and more strictly applied be a court than by FOS).

    Therefore, if the FCA limit is applied, a CMC is unlikely to attempt to take the matter to court.

    In addition, as dunstonh says, there is a 15 year limit.

    It is also worth remembering that there is a cost of arguing over historic disputes in perpertuity, which will be passed on to all customers of the banks. That, too, is consumer detriment.
  • Ken68
    Ken68 Posts: 6,825 Forumite
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    Have just applied direct to Santander over recoverable insurance from 1996. Despite no documents they have acknowledged the claim by asking for further details, so hopefully all official.
  • chanz4
    chanz4 Posts: 10,895 Forumite
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    they may be asking for the details as so far back, they cant locate
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • dunstonh
    dunstonh Posts: 116,379 Forumite
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    Ken68 wrote: »
    Have just applied direct to Santander over recoverable insurance from 1996. Despite no documents they have acknowledged the claim by asking for further details, so hopefully all official.

    What is recoverable insurance?

    They are required to acknowledge the complaint. Although by asking for more details, this would suggest that they are having problems locating any at their end at this time.
    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • chanz4
    chanz4 Posts: 10,895 Forumite
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    that's how I read it
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Ken68
    Ken68 Posts: 6,825 Forumite
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    I was charged Payment Protection Insurance although self employed. It was a loan of £1500 for one year so probably only (guessing) £20.
    But I did bank with Alliance and Leicester at the time so there must be some records.
  • magpiecottage
    magpiecottage Posts: 9,241 Forumite
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    Ken68 wrote: »
    I did bank with Alliance and Leicester at the time so there must be some records.
    Not necessarily. There was no requirement to retain them and if they have been destroyed then you have no case.
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