#PPI : How far back can we go.

[conchy_joe]

Hi Everybody,

 

 

Like most of us I keep seeing ad's for reclaiming PPI,

 

 

they all say we can claim up to six years back.

 

 

Most of the stuff we have originated between 2001 and 2004 (a bad time),

 

 

I posted a thread asking for advice regarding how long we have,

and Bankfodder said we had Six years from the time we suspected we had been mis-sold PPI.

 

Last week I sent off an SAR to Lloyds re' a loan in 2001.

 

 

Today on the spur of the moment I phoned the FSA and asked for clarification from them.

 

 

They told that there were two time periods relevent...firstly that we had three years from the time we suspected mis-selling of PPi to make a claim.

 

secondly that we could not claim back PPI on a loan more than six years back,and that their ruling was from 14/1/05.

 

 

He went on to say that any decision to pursue an agreement prior to that date should be based on specialized legal advice.

 

I confess that I'm even more confused now.

 

I could really do with some help please.

[rebel11]

Hi co

 

Heres the FOS factsheet:- http://www.financial-ombudsman.org.uk/publications/factsheets/payment-protection-insurance.pdf

 

Theres also info in my signature (2).

 

Did you ring the FSA or the FOS?

[BankFodder]

Well I'd like to know the basis on which the FSA are giving that advice. i think that you should ask them directly and insist on an answer.

 

The limitation period for negligence is 3 years and so maybe they are saying that the basis for your action is negligent misstatement. I think that this would be a very conservative approach and anyway, that 3 years begins from the date that the negligence actually happens. I think that it you should go for everything on the basis that you have 6 years from the time you discovered the mistake - or reasonably could have done so.

Even then their 3 year advice makes no sense to me. A recent Law Commission recommended a new limitation regime of 3 years from the time that the cause of action was known to the claimant but I am sure that this has not been implemented and anyway that had a long stop of 10 years - not 6 years.

 

I'm very curious about it all and of course you would expect the FSA to know their business - but I do think that you should ask them for exact details and references so that you can look up the details of their advice.

I'm afraid that I have an idea that they will get stuffy with you about it.

 

To my mind, you are suing on a mistake and you are seeking restitution

 

Here is what the Limitation Act has to say about that

32 Postponement of limitation period in case of fraud, concealment or mistake.

 

(1) Subject to [F26subsection (3)][F26subsections (3) and (4A)] below, where in the case of any action for which a period of limitation is prescribed by this Act, either—

 

(a)the action is based upon the fraud of the defendant; or

(b)any fact relevant to the plaintiff’s right of action has been deliberately concealed from him by the defendant; or

©the action is for relief from the consequences of a mistake;

 

the period of limitation shall not begin to run until the plaintiff has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it.

Finally I have to say that if this really is the FSA attitude, then they should be ashamed of themselves.

 

THEY are meant to be the regulatory authority. THEY are the ones who have the power to bring the banks into line. THEY are the ones who could have investigated the whole PPI business years ago if they had felt so inclined.

For the FSA to be completely aware of the wrongdoings of the Banks and yet simply to advise ordinary people who turn to them for help to go and get a lawyer is gross dereliction of their legal and moral duty.

Now you really know that you have been abandoned by the regulatory authorities.

 

It's not really a surprise but it's a shock when it actually happens.

[conchy_joe]

Thank you all for your support.My SAR was sent on 21/4 so I'll wait and see what transpires.

I also found the original copy of a loan agreement with Welcome,this contains PPI and Healthcare also around the same timescale.I'll fire that off next week.

Again,many thanks.

[conchy_joe]

Hi Everone, Does anyone know if a company has successfully challenged a claim by someone claiming PPI .That is,by claiming that the claim for PPI was too far back to be considered by law.

[conchy_joe]

Hi everyone,I received a reply from Halifax today.They say that they are currently processing our request.They go on to say "In order to ensure we match your exact requirements,please contact me at your earliest convenience to discuss your request".

My initial reaction is to ignore this letter and wait for them to comply with the the SAR.Do you agree with this.

[royalscot]

Hi Everybody,Like most of us I keep seeing ad's for reclaiming PPI, they all say we can claim up to six years back.Most of the stuff we have originated between 2001 and 2004 (a bad time),anyway I posted a thread asking for advice regarding how long we have,and Bankfodder said we had Six years from the time we suspected we had been mis-sold PPI.

Last week I sent off an SAR to Lloyds re' a loan in 2001.Today on the spur of the moment I phoned the FSA and asked for clarification from them.They told that there were two time periods relevent...firstly that we had three years from the time we suspected mis-selling of PPi to make a claim.

secondly that we could not claim back PPI on a loan more than six years back,and that their ruling was from 14/1/05.He went on to say that any decision to pursue an agreement prior to that date should be based on specialized legal advice.

I confess that I'm even more confused now.

I could really do with some help please.

 

HI cj

 

I sent a SAR request to the Bank of Scotland Last year and recieved all my loan details from as far back as 1999 to 2004

 

Along the way i contacted them by telephone to see how the claim was progressing and must say it was handled very well

 

Not once did they mention Time Periods

 

I recieved all my premiums back plus all the interest , i was sent three cheques totalling £5500

 

I hope you meet with similiar success

 

 

regards

 

 

rs

Edited May 13, 2011 by royalscot
spelling

[ims21]

The CMCs seem to fall into the trap of misunderstanding, exactly the same as the banks (although the banks might do it deliberately). Another reason not to use a CMC in addition to the fact that they will relieve you of 25% or more of your windfall.

 

You can go back as far as you like with missold PPI

[conchy_joe]

Thank you all for your help and advice.In talking to my wife I have discovered another interesting fact,at the time the loan was arranged she was teaching Yoga one night a week to two or three women.This only lasted for two/three months.She knew nothing about PPI (not many of us really did),anyway,the loan was paid up and a short time after that she applied for another loan.This time she was not working at all,the lady in the bank asked her some questions that were put into a computer,she was told she did not qualify for a loan.A short time later the bank manager phoned her and told her she could have a loan.When she pointed out that she had been turned down he said,"there are ways around it,it depends how we answer the questions that are put into the computer".Anyway the long and short of it is that she got the loan,however,the repayments caused us quite a few problems but it was paid in full.I complaind to the bank about the manager and also the FSO but after a few letters backwards and forwards it came to nothing.All this has made me determined to fight for the PPI on both loans.

[conchy_joe]

Hi Everyone,I sent a SAR off to Halifax on 21st April,as yet they haven't replied.As they only have six days to reply,can anyone tell me what my next step should be in the event of them not meeting the deadline of forty days.

[ims21]

Hi Joe

 

Don't forget they have 40 days so wait it out (painful I know)

 

If nothing comes snd letter to them on the lines of.....

 

 

You have failed to provide any information in my Subject Access Request dated XXXXX.

 

Accordingly, I have to tell you that you have not yet complied with your obligations under the Data Protection Act 1998.

 

The time for compliance with my request has now expired. If you do not comply fully with my Subject access request within 7 days, I shall apply to the county court for an order to enforce compliance, together with damages at the discretion of the court.

 

Yours sincerely,

 

Hope this helps

 

ims

[conchy_joe]

Thanks IMS,I'll sit back and wait.