We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Reclaiming PPI from a payment protection plan I took out in 2005
Paulsoton
Posts: 1 Newbie
When I first bought a house in 2000, I naivley used the estate agents to arrange the insurances and mortgage. Their sales rep persuaded me to take out a salary protection plan, using Countrywide Assured. After a number of years I twigged that this wasn't necessary so I cancelled it. I was pretty annoyed about it at the time.
However I paid a lot of money into it £52 per month for at least 3 years!!!
I have just found the reference codes from my bank statements and I wrote directly to Countrywide to claim.
They have written back saying that the claim is "time barred under the limitation act 1980" and the policy was sold prior to the "Financial Conduct Authority Regulation in January 2005", and the complaint falls outside of the jurisdiction of the Financial Ombudsman Service"
Has anyone any advice how I can pursue this.
Thanks
Paul
However I paid a lot of money into it £52 per month for at least 3 years!!!
I have just found the reference codes from my bank statements and I wrote directly to Countrywide to claim.
They have written back saying that the claim is "time barred under the limitation act 1980" and the policy was sold prior to the "Financial Conduct Authority Regulation in January 2005", and the complaint falls outside of the jurisdiction of the Financial Ombudsman Service"
Has anyone any advice how I can pursue this.
Thanks
Paul
0
Comments
-
You can't. As the letter says, it's timebarred.0
-
In essence you had to complain within a set time frame up to six years after the event (date sold insurance) or three years after you were aware you had cause to complain (the date you cancelled the insurance). Given the information you have provided in your post you would be well outside of both of these - as such there is nothing more that can be done.0
-
They have written back saying that the claim is "time barred under the limitation act 1980" and the policy was sold prior to the "Financial Conduct Authority Regulation in January 2005", and the complaint falls outside of the jurisdiction of the Financial Ombudsman Service"
Regulation started in January 2005. If you signed the application prior to that date then they can reject your complaint as being pre-regulation.
It is also important to realise that buyer remorse is not a valid missale reason.
You give up. On the plus side, it is was not PPI and would have been suitable had you suffered a claimable event. It is just the fact that estate agents are not the place to be buying these things.Has anyone any advice how I can pursue this.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.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 353.5K Banking & Borrowing
- 254.2K Reduce Debt & Boost Income
- 455.1K Spending & Discounts
- 246.6K Work, Benefits & Business
- 603K Mortgages, Homes & Bills
- 178.1K Life & Family
- 260.6K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards