Reclaiming PPI from a payment protection plan I took out in 2005

Paulsoton · 19 February 2019 at 7:17PM

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

[Deleted User] · 19 February 2019 at 7:19PM

You can't. As the letter says, it's timebarred.

Bermonia · 19 February 2019 at 7:44PM

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.

dunstonh · 19 February 2019 at 8:02PM

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.

Has anyone any advice how I can pursue this.

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.

Reclaiming PPI from a payment protection plan I took out in 2005

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