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    ris1's Avatar
    ris1 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Apr 27, 2012, 07:05 AM
    Miss sold accounts
    I have found some ald statements in my attic more than 20 years old. There is a lot of miss sold insurance policies that I have uncovered. One business loan was for 20k with ppi clearly showing. I have had other ppi too and just wondered if I can sue the bank for damages as well as miss sold amounts.
    Regards
    Rf
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
    		  
    #2

    Apr 27, 2012, 07:17 AM
    First, it is not a good idea to piggyback your question on another thread. Especially when your question has luittle to do with the thread. To avoid confusion your question has been moved to its own thread.

    However, your question is very unclear. Can you repost with a clearer explanation. What exactly did you find in your attic? Why would a bank be liable for any of this?
    AK lawyer's Avatar
    AK lawyer Posts: 12,592, Reputation: 977
    Expert
    		  
    #3

    Apr 27, 2012, 07:40 AM
    Quote Originally Posted by ris1 View Post
    ... miss sold insurance policies... just wondered if I can sue the bank for damages as well as miss sold amounts.
    Regards
    rf
    20 years is probably well beyond the applicable statute of limitations.

    But what, pray tell, does "miss sold" mean?
    Curlyben's Avatar
    Curlyben Posts: 18,514, Reputation: 1860
    BossMan
    		  
    #4

    Apr 27, 2012, 07:48 AM
    You CANNOT reclaim "mis-sold" PPI on these as the Limitations have elapsed, which is 6 years after settlement.
    Also Business loans where not covered under the PPI ruling. This was concerning individuals, not companies..

    For my American friends.
    Judicial review - Payment Protection Insurance (PPI) - Personal finance - Which? Campaigns

    In a nutshell it was found that many of the UK's Banks and other lenders had mislead consumers on the requirements of Payment Protection Insurance (PPI).
    As such the Financial Service Authority (FSA) ruled that they should all review and repay any policies that where missold in this manner.
    The Banks challenged this ruling in the High Court and LOST, so opening the flood gates for financial reclaims.

    Following on from the legal challenge to Bank charges (which the consumers lost), this is the latest salvo in the continuing fight against the unfair practices employed by UK banks.

    Hope that helped.
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