Can PPI be claimed on closed account

[Babs]

Hi,I have an old account with HFC opened in Oct 2000 and closed in Oct 2005.It was on of those single sum premiums that you didnt realise you were paying interest on for the life of the loan.
I did a SAR for accounts with HFC and this one they said they do not supply info on closed accounts. I have the original agreement though with all the figures. I would like to know if it would be worth trying to reclaim? I have already been sucessful with one claim with HFC.
Regards Babs

[pompeyfaith]

Re: Can PPI be claimed on closed account

Does not matter if the account is closed or active if you can show that the PPI was missold then you have a valid claim.

PF

[The Debt Star]

Re: Can PPI be claimed on closed account

Does the statute of limitations apply? Can you recover 6 years after an account was closed?

[Babs]

Re: Can PPI be claimed on closed account

It has only been closed 5 years next month.

[Amy]

Re: Can PPI be claimed on closed account

The 6 years only starts when you become aware of a problem.

[middenmess]

Re: Can PPI be claimed on closed account

AFAIK

Under Money laundering legislation records must be kept for 6 years after an account is closed.

[pompeyfaith]

Re: Can PPI be claimed on closed account

Under the limitations act the 6 yr clock does not start ticking until you have discovered the financial mistake.

Quote from section 32 of the limitations act 1980

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

(1) Subject to [F1subsection (3)][F1subsections (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
(c)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.
References in this subsection to the defendant include references to the defendant’s agent and to any person through whom the defendant claims and his agent.
(2)For the purposes of subsection (1) above, deliberate commission of a breach of duty in circumstances in which it is unlikely to be discovered for some time amounts to deliberate concealment of the facts involved in that breach of duty.
(3)Nothing in this section shall enable any action—
(a)to recover, or recover the value of, any property; or
(b)to enforce any charge against, or set aside any transaction affecting, any property;
to be brought against the purchaser of the property or any person claiming through him in any case where the property has been purchased for valuable consideration by an innocent third party since the fraud or concealment or (as the case may be) the transaction in which the mistake was made took place.
(4)A purchaser is an innocent third party for the purposes of this section—
(a)in the case of fraud or concealment of any fact relevant to the plaintiff’s right of action, if he was not a party to the fraud or (as the case may be) to the concealment of that fact and did not at the time of the purchase know or have reason to believe that the fraud or concealment had taken place; and
(b)in the case of mistake, if he did not at that time of the purchase know or have reason to believe that the mistake had been made.
[F2(4A)Subsection (1) above shall not apply in relation to the time limit prescribed by section 11A(3) of this Act or in relation to that time limit as applied by virtue of section 12(1) of this Act.]
[F3(5)Sections 14A and 14B of this Act shall not apply to any action to which subsection (1)(b) above applies (and accordingly the period of limitation referred to in that subsection, in any case to which either of those sections would otherwise apply, is the period applicable under section 2 of this Act).]

So if you are missold the PPI a financial mistake has happened and thus any limitation is postponed until the point of discovery.

https://opsi.gov.uk/RevisedStatutes/...#pt2-pb3-l1g40
PF

[Turboman]

Re: Can PPI be claimed on closed account

If you need help-post up the agreement+statements+settlement letter & me & the Gorilla will work out the sums

Turbo

[The Debt Star]

Re: Can PPI be claimed on closed account

Under the limitations act the 6 yr clock does not start ticking until you have discovered the financial mistake.

Thanks. So, say if my bank forgets to collect on a loan I have but re-discovers it in 10 years time, can they recover it because they made a genuine administrative mistake? I didn't think they could?

[pompeyfaith]

Re: Can PPI be claimed on closed account

IMHO that would i believe make the loan statute barred after 6yrs providing you have not acknowledged the debt at all in a 6 yr period
------------------------------- merged -------------------------------
but remember the above only applies to regulated debts i.e. Under £25,000 and does not apply to mortgages with have a limitation period of 12 yrs

[maryneedshelp]

Re: Can PPI be claimed on closed account

Yes a claim is up to 6yrs after you are aware that is was mis sold and can also go back longer if you have the paper work.
I hope this is helpful to you.

[pompeyfaith]

Re: Can PPI be claimed on closed account

indeed you can go back as far as you can prove i have had one accepted by the fos that dates march 99 the bank had no proof of this but i did

[Brightspark]

Re: Can PPI be claimed on closed account

Yes, you can deffo claim on this if you have the paperwork and can prove it was mis-sold> Does not matter that the account is closed, in fact probably better if the ppi was paid in full as you will be intitled to all that back + interest. You can also go further back than 6yrs and claim against the actual insurance company but this takes alot more work and investigations.

[Babs]

Re: Can PPI be claimed on closed account

post removed

[Babs]

Re: Can PPI be claimed on closed account

Has anyone received a PPI questionnaire from HFC? I sent off the new consumer questionnaire from FOS website along with letter of complaint and copy of agreement and they sent me one of theirs which basically asking the same questions.Delay tactics?? Have queeried with FOS but did it by email,should have phoned it probably would have been best. They only gave me 10 days to send questionnaire back.
Babs