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    • Former MSE Paloma
    • By Former MSE Paloma 14th Aug 15, 9:09 AM
    • 526Posts
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    Former MSE Paloma
    MSE News: MSE and Which? urge regulator not to put a time bar on PPI complaints
    • #1
    • 14th Aug 15, 9:09 AM
    MSE News: MSE and Which? urge regulator not to put a time bar on PPI complaints 14th Aug 15 at 9:09 AM
    MoneySavingExpert.com and Which? have sent a letter to the financial regulator over concerns of a PPI claim time bar...

    Read the full story:

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




    Click reply below to discuss. If you havenít already, join the forum to reply. If you arenít sure how it all works, read our New to Forum? Intro Guide.

Page 1
    • chanz4
    • By chanz4 14th Aug 15, 9:16 AM
    • 10,102 Posts
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    chanz4
    • #2
    • 14th Aug 15, 9:16 AM
    • #2
    • 14th Aug 15, 9:16 AM
    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
    • By dunstonh 14th Aug 15, 9:22 AM
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    dunstonh
    • #3
    • 14th Aug 15, 9:22 AM
    • #3
    • 14th Aug 15, 9:22 AM
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • magpiecottage
    • By magpiecottage 14th Aug 15, 10:34 PM
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    magpiecottage
    • #4
    • 14th Aug 15, 10:34 PM
    • #4
    • 14th Aug 15, 10:34 PM
    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
    • By Ken68 15th Aug 15, 1:26 PM
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    Ken68
    • #5
    • 15th Aug 15, 1:26 PM
    • #5
    • 15th Aug 15, 1:26 PM
    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
    • By chanz4 15th Aug 15, 5:18 PM
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    chanz4
    • #6
    • 15th Aug 15, 5:18 PM
    • #6
    • 15th Aug 15, 5:18 PM
    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
    • By dunstonh 15th Aug 15, 8:57 PM
    • 98,579 Posts
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    dunstonh
    • #7
    • 15th Aug 15, 8:57 PM
    • #7
    • 15th Aug 15, 8:57 PM
    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.
    Originally posted by Ken68
    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). Comments are for discussion purposes only. They are not financial advice. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • chanz4
    • By chanz4 17th Aug 15, 8:51 AM
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    chanz4
    • #8
    • 17th Aug 15, 8:51 AM
    • #8
    • 17th Aug 15, 8:51 AM
    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
    • By Ken68 17th Aug 15, 11:01 AM
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    Ken68
    • #9
    • 17th Aug 15, 11:01 AM
    • #9
    • 17th Aug 15, 11:01 AM
    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
    • By magpiecottage 17th Aug 15, 3:20 PM
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    magpiecottage
    I did bank with Alliance and Leicester at the time so there must be some records.
    Originally posted by Ken68
    Not necessarily. There was no requirement to retain them and if they have been destroyed then you have no case.
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