Sainsburys Loan - Started Claim in 2008 but Sainsburys Declined - Advice

[powerful_rogue]

Hi,

 

I took out a Sainsburys loan during September 2001. I applied via the telephone and remember to this day the man I spoke to saying that I had been accepted for the loan, however unless I took out their "Credit Care Silver" insurance, then he wouldnt be able to go ahead and process it. The loan was for £3000 and the CreditCare Silver was an additional £331.50.

 

Here is a copy of the agreement.

 

Back in 2008 I claimed back any bank charges I had incurred and attempted to claim back the PPI. I sent Sainsburys a letter and this was the reply I received.

 

Dear Powerful_Rogue,

 

My understanding of your concerns is as follows:

 

You have explained that you purchased the above policy from us in September 2001 but now believe that it was mis-sold because you believe that you were not given the correct information when the policy was sold and the adviser stated that taking out the policy was essential for you to get the associated credit.

 

I have carried out an investigation into your concerns and would like to confirm my findings.

 

Your policy was taken out on 6th September 2001. At this time the General Insurance Standards Council (GISC) Private Customer Code applied. The principles of which, amongst others, required us to act fairly and reasonably, and give you enough information and help so you can make an informed decesion, before you make a final commitment to buy your insurance policy. Although this was a voluntary code, we subscribed to this, providing you with Policy Booklets and Schedules explaining your policy.

 

I have not found any evidence that would lead me to believe you were given the impression that the policy was a condition of taking out the load or that the loan would be compromised or not proceed without the inclusion of protection cover. The application form indicates that the cover would not be provided unless you specified in the relevant section that you wanted it and in this case the adviser completed the section on your behalf.

 

You then had a few days to consider whether you wanted to benefit from the protection that the policy offered and the cost of the cover was clearly separate from the loan.

 

Our records show that you approved the advisers actions by endorsing the application from with your signature and if you decide after the event that you did not require the cover, the policy literature would have detailed your cancellation rights advising that you had 30 days to cancel the policy.

 

In conclusion, you were eligible for the cover, it was a suitable product to meet your needs, it has never been our policy to insist that repayments cover must be taken out in connection with a loan, and it is a fair and reasonable product. As such there will be no refund. [/Quote]

That was back in 2008 and unfortunately feeling deflated and with little information about PPI claimbacks, I filed the letter and left it.

 

My question now is whether im too late to start a claim and whether ive blown my chance by contacting Sainsburys back in 2008.

[dx100uk]

there is no time limit on PPI reclaims

 

as for the above

pure speculation it was offered correctly

 

dx

[powerful_rogue]

Thanks, so just start a new claim against them as if this didnt exist?

[dx100uk]

yes

 

dx