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I have a couple of burning questions about claiming back PPI.
1: Exactly how far can we go back, for example, my mother took out a mortgage in 1992 whitch has ppi on it along with various other things. She then re-mortgaged in 98 and still had it on. She then stopped paying for it in 2003 to save money.
If she had known in 1992 that she didn't have to have it she wouldn't have bothered. Can we go back that far?
2: If a ppi policy ends before the loan payments and this was not explained to you, was it mis-sold?
Any help from a knowledgeable helper would be very much appreciated!
1: Exactly how far can we go back, for example, my mother took out a mortgage in 1992 whitch has PPI on it along with various other things. She then re-mortgaged in 98 and still had it on. She then stopped paying for it in 2003 to save money.
I am no legal expert. I believe you can claim back six years, and I believe fianancial institutions have to keep records back this far. PPI is a fairly new issue I have managed to get information back to 1997 but whether my eventual claims back this far will succeed I have yet to find out.
The Financial Services Authority did not make a ruling on PPI until 14 Jan 2005 so while the Financial Ombudsman Service will look at claims for mis-selling after that date he may not wish to take on claims before.
You could still have the Court option but it would depend upon the time limitation.
However If you send a SAR with the statutory fee £10.00 (postal order best no signature and no five working days to clear) remember to keep the receipt. Full S.A.R - (Subject access request) for ppi this link from hellhasnofury in stickies at top of forum.
If she had known in 1992 that she didn't have to have it she wouldn't have bothered. Can we go back that far?
I thought that the six year rule related to how long they have to provide you with information for. I am of the opinion that you can claim back for longer as long as you have the documentation to back up you claim.
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