The Doran case is one of a handful of legacy cases for Paragon and we are considering our position regarding appeal. The regulator cannot put a hold on the courts because they are separate entities. So you could still go to court for PPI mis-selling after the 29 August deadline. It's just assumed most people won't as it's much more difficult. Assuming the precedent were to be set as in the Doran case if not, there's likely no point using the court system , it could take years.
The fact you've been to the ombudsman doesn't stop you going to court. Yet while you can go back as far as you like with normal PPI reclaiming, there is a statute of limitations of six years for court cases — in other words after that time you can't claim. The question is, when does the six years start? Usually, it's six years after signing up for PPI, which would leave most people out in the cold.
However, where the issue is one which was hidden from you, or of which you were unaware, then lawyers have told us it'd be six years after discovering the issue.
So in these Plevin-type cases, it's likely to be six years after you found out what the commission was. But there's no guarantee on this — it's the type of thing that could be argued in court. You need to make sure you're comfortable with the details of the argument and doing it yourself. Clearly this is a more militant route than just going to the ombudsman and there is no guarantee you'll win more.
Regulator the FCA took time and a consultation to decide its stance. Many thought it got this wrong, including us at MSE. Far from it. It seems some county courts agree, and believe that this is not a reasonable figure for commission. If people didn't agree to it when they first took out the policy, they couldn't have had the expectation commission would be so high.
Therefore, it is deemed an unfair relationship under consumer law — in which case, county judges are refunding the entire amount. Time has now run out to submit a normal complaint about PPI, with the reclaim window slamming shut at Missed the deadline? See our post-PPI deadline kit above for more info on what your options are, including reclaiming PPI through a small claims court. The FCA has fixed Thursday 29 August as the final date for making a PPI reclaim — your complaint must be submitted and in most cases received by the firm you're complaining to on or by this day; miss it, and the complaint won't be considered.
Except in extreme unforeseen circumstances, ie, you were seriously ill around the time of the deadline, everyone is subject to this deadline. The actual process of a bank checking your claim or you challenging a lender's rejection may go past this date, but the important thing to remember is that your initial complaint must have been received by Yes, and it's a real worry. Claims cannot just be limited to those who can get their money back by themselves. Some who are due PPI reclaims have mental capacity problems, mental illness, literacy issues and more.
Thankfully it has factored it in to an extent. If consumers contact the FCA helpline on and its staff feel they need face-to-face support, it will offer that. Yet sadly the deadline still applies, so it relies on people to get in touch with the FCA. Charities and others will be forced to pick up the slack. The deadline is a mistake.
Until we can trust banks to deal with complaints fairly in the first instance, this move to protect their balance sheets should not happen. It is putting the protection of the financial industry ahead of consumers. Worse still, many banks make it outrageously hard for people to find out if they ever had PPI.
In meetings with the head of the FCA, we pushed hard to ensure that was changed if it imposed this deadline. We can't see that anything has changed. Let's hope it'll do this behind the scenes. Lots of people are put off reclaiming PPI because they don't have full details or can't remember them, but don't let this stop you — act now to get in before the dealine. It's dead simple if your loan was active up to six years ago. The bank will have all the details, but while banks aren't required to keep records that are over six years old, there are still ways to try to find out if you had PPI.
Here's what you need to do Don't feel silly if you don't know — this is the number one question we get. First, you can try finding out by going back through all your old loan and mortgage statements and checking for any mention of an insurance fee or product to cover your payments if you lost your job through accident, sickness or unemployment. If you don't have documentation or simply can't remember which lenders you've borrowed from, don't worry — you can check your credit report.
It lists loans, mortgages or other debts that were live within the last six years, even if they're now closed. Sadly, though, it's not quite that simple — while you'll be able to see which lenders you've had accounts with, your credit report WON'T tell you if the accounts had PPI or not. But at least you'll know which lenders to check with.
I saw Martin on TV discussing Plevin and put in a claim with literally no idea of loan account numbers or dates. The application took me five minutes and the money started flooding in. Thank you so much. This applies even if your insurance ended more than six years ago. The first is to ask your lender whether you had PPI.
Some lenders have online forms which require basic information about yourself and when approximately you had your loan or credit product. Once you have an answer which should arrive within 40 days you will need to decide whether you want to proceed and, if you do, then submit an actual complaint. Even if your account is now closed, you can ask for the paperwork via the lender's 'subject access request' form.
PPI template letter.
The easiest way to check is to contact your lender. Most will be able to tell you whether you've had PPI, now or at some point in the past. If your bank says you didn't have PPI, as a backup you can ask who it used as its underwriter the company that decides whether you're eligible for the insurance. You can then contact this organisation directly to see if a policy exists. Mis-selling's often systemic — in other words, it was part of the standard sales pitch to sell incorrectly — so it's still worth trying.
The lender has responsibility to give full details, so is expected to have more evidence. The bank may know it was likely all customers were mis-sold during a specific period. If it won't make any effort to settle it, make a complaint to the independent Financial Ombudsman Service.
It settles disputes between financial companies and their customers. It's completely free, and will decide if your complaint should be paid. You can complain about a product sold at any time, and it doesn't matter how far back this goes. Most policies were sold between and , though some stretch as far back as the s see point 4 above if you don't have the paperwork.
However, if you're claiming under the Plevin rule, often your policy has to have been active since April There are exceptions, and the rules are complex, so make a claim and leave it to the firms and the ombudsman to fathom out the regulations. For some who, pre, were subject to mis-selling that wasn't by banks, the Financial Ombudsman Service can't adjudicate, which makes reclaiming trickier.
An example would be PPI on a car finance deal. In that case, if the provider doesn't play ball, you'll need to go to court, which is where no-win, no-fee claims firms could be useful. This is all about the regulation of insurance and 15 January is the date the then regulator, the Financial Services Authority now the Financial Conduct Authority , began regulating PPI sales. And that's key as it saves you taking a claim to court which is far more complex. Yet it's not that all pre sales fall outside the ombudsman's remit, as many still do. Even though PPI itself wasn't regulated pre, you're fine if any firm selling it was itself regulated by the FSA, such as a bank or credit card provider.
The difficulty comes with non-financial firms such as car dealerships. With them, the ombudsman has no jurisdiction on sales pre We're not telling you not to bother, just that if rejected you may need to go to court to get redress. Yes — though be aware any refunds may come off your balance but it means you'll owe less if that happens.
What counts is the fact you were mis-sold when you got the policy, not whether you still have the loan. The fact the debt's cleared doesn't mean you weren't mis-sold, so you can still reclaim. Potentially, big money. It doesn't sound much, but it quickly mounts up.
For loan reclaims it could be many thousands of pounds. Yet calculating the actual amount's difficult and often unnecessary, as the lender will do this for you. It's possible to estimate how much the insurance has cost to see what you can reclaim. It then depends whether you're entitled to the full amount, or just part of it.
Here are some examples — if you were paying more, it's likely PPI was included. The provider should also correct any further losses you've had as a result, such as any arrears charges due to taking the loan. But if you've an outstanding debt to the lender, it can use the money to pay it off. In some circumstances your offer may be lowered due to a technical process called 'comparative redress'. It's not compulsory for you to accept this decision and we've discovered banks have been underpaying, often wiping a third off refunds.