Is there a cut for claiming PPI back

[swifty]

Just wondering how far back you can go for claiming PPI back?
I took a bussiness loan out with HSBC in 1999/2000 for £10'000 and was paying about £250 pm, after about 1 & half years into the loan the bussiness (which was LTD) folded.
I also had my mortgage with HSBC and had to sell my house and downgrade, on the day before the papers where to be signed I got a call from the bank asking me to come in and see them as soon as posible, went in to see them that day and was told that if I didn't pay off the loan in full then they wouldn't release the paperwork for the house sale.
I was stuck between a rock and a hard place "this was blackmail" they where demanding approx £11'500 to settle the loan, I managed to borrow the money off my father-inlaw.
I went into the bank the next day with it all in $20 notes and made the manager count it, he asked me where I got the money from but I was in no mood with him so I told him 'non of your f#@king business' and to release the mortgage details to the relivent people and I wasn't moving until it was done.

I know I'd been taken for a ride and they got away with it, now I'm thinking if there's a way I can get something back for there underhanded daylight robbery

[CleverClogs]

Re: Is there a cut for claiming PPI back

Just wondering how far back you can go for claiming PPI back?
I took a bussiness loan out with HSBC in 1999/2000 for £10'000 and was paying about £250 pm, after about 1 & half years into the loan the bussiness (which was LTD) folded.
I also had my mortgage with HSBC and had to sell my house and downgrade, on the day before the papers where to be signed I got a call from the bank asking me to come in and see them as soon as posible, went in to see them that day and was told that if I didn't pay off the loan in full then they wouldn't release the paperwork for the house sale.
I was stuck between a rock and a hard place "this was blackmail" they where demanding approx £11'500 to settle the loan, I managed to borrow the money off my father-inlaw.
I went into the bank the next day with it all in $20 notes and made the manager count it, he asked me where I got the money from but I was in no mood with him so I told him 'non of your f#@king business' and to release the mortgage details to the relivent people and I wasn't moving until it was done.

Was the loan taken out by you, personally, or was it taken out by you as a director of the limited liability company you were running at the time? Had you given any personal guarantee to that putative "bank" to the effect that, should the company fail, you would become liable for its debt(s) to the "bank"?

I know I'd been taken for a ride and they got away with it, now I'm thinking if there's a way I can get something back for there underhanded daylight robbery

It cannot possibly be robbery, as that is an act of theft aggravated by violence or the threat of violence.

[swifty]

Re: Is there a cut for claiming PPI back

Not sure on the finer details, I'd have to put in a SAR to the bank.
The loan was taken out through the limited company I know that much

As for the robbery statement! well I felt like kicking his teeth in for his aggravated threat of withholding the paperwork

does that count :eyebrows:

[pompeyfaith]

Re: Is there a cut for claiming PPI back

I notice you are using thr $ sign and HSBC is a global bank so are you a UK or US citizens?

[CleverClogs]

Re: Is there a cut for claiming PPI back

I notice you are using thr $ sign and HSBC is a global bank so are you a UK or US citizens?

I took it to have been a typing error.

[CleverClogs]

Re: Is there a cut for claiming PPI back

Not sure on the finer details, I'd have to put in a SAR to the bank.
The loan was taken out through the limited company I know that much

If the loan had been taken out by the company and you had made no personal guarantee to HSBC, then they had no right whatever to demand the money from you.

As for the robbery statement! well I felt like kicking his teeth in for his aggravated threat of withholding the paperwork

does that count :eyebrows:

Unfortunately not, but making unwarranted demands reinforced by menaces or threats is a serious criminal offence contrary to section 21 of the Theft Act 1968 - link - and is punishable, after conviction, by up to 14 years in gaol.

However, it is hardly likely that our inherently indolent plods would take the matter seriously enough for them even to consider a case against the "bank" or its minions. You might do better to sue the SoSWs.

With reference to your original question regarding PPI, it would depend on one's reading of the Limitation Act 1980, which can be seen here. In a case based on a simple contract, such as the loan, section 5 would apply and prevent any action after 6 years, whilst the mortgage would presumably be limited by section 20 whereby the limitation period would be 12 years.

However, if the loan had been taken out by a limited company which no longer exists, then there could not possibly be any claimant to any PPI payments which might have been made; you would still have a valid claim to any and all monies which HSBC had improperly demanded from you.

Those limitation periods might not stand up were someone to take a bank to court, as section 32 provides for the limitation period to commence when a claimant "has discovered the fraud, concealment or mistake (as the case may be) or could with reasonable diligence have discovered it". I would be inclined to set that commencement as being the time when the FSA gave its decision on PPI payments or, at the earliest, when the FSA enquiry started.