Advice after Capital One refusal to refund ppi

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Hullk
Hullk Posts: 2 Newbie
First Anniversary
in Reclaim PPI & other insurance
Hi guys.

Just finishing some old ppi claims that've been successful, however Capital One have said that because I cancelled the ppi after noticing it and did not officially complain, I've missed the chance to (3 years).

I'm pretty sure that when I saw it I called in to cancel and was actually told I couldn't have a refund as I'd been covered for the periods I'd paid for already therefore I'd had a service. I was only young and didn't know I had any other recourse (in 2004).

Has anyone had any experience of this before or have any advice on the next step - if there is one?

Thanks in advance.

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  • Nasqueron
    Nasqueron Posts: 8,818 Forumite
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    If the firm has correctly applied the 3 year time bar rule (which applies here as you cancelled the product more than 3 years ago) then unfortunately your complaint is over. Even if you send it to the FOS, they rely on the firm to voluntarily open it which Cap One appear to have already said no to.


    For reference, in law you have 2 rules that count for time bar purposes:


    6 years from point of purchase
    3 years from when you knew (or should reasonably have known) you had reason to complain


    Closing the account starts the 3 year clock
  • dunstonh
    dunstonh Posts: 116,371 Forumite
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    Just finishing some old ppi claims that've been successful, however Capital One have said that because I cancelled the ppi after noticing it and did not officially complain, I've missed the chance to (3 years).

    The 3 & 6 year rule is being applied here.
    I'm pretty sure that when I saw it I called in to cancel and was actually told I couldn't have a refund as I'd been covered for the periods I'd paid for already therefore I'd had a service.

    The PPi issue is not about asking for a refund. it is about making a complaint and whether your complaint has merit or not. if it does, then you get redress. If not, then you do not.
    I was only young and didn't know I had any other recourse (in 2004).

    As an adult, you didnt know you could complain about something?
    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.
  • Hullk
    Hullk Posts: 2 Newbie
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    Cheers for that mate, appreciated.
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