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Buachaill, Lawyer
Category: Republic of Ireland Law
Satisfied Customers: 10115
Experience:  Barrister 17 years experience
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The staute of limitations regarding PPI

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The staute of limitations regarding the six year rule applies to financial products and applies to intervention of the ombudsman as he only works within that time frame? However the statue books all clearly states that no time limitation applies if the financial product was sold fraudulently which is the case in PPI Insurance? and even then the statue books state that any time period applicable should only start when the person to whom the fraud took place, discovers it? Is this correct?

1. I regret to say that your legal analysis is not correct. Essentially, the PPI cases involve mis-selling not fraud. In order to constitute fraud PPI would have to have been induced to enter into the transactions in a fraudulent manner. This did not happen. Essentially the PPI policies were of benefit to the policyholder and could be called upon if default occurred. Accordingly, there is not fraud in the legal sense of the term. So it is not correct to say that there is an indefinite time limit. The time limit on PPI claims is six years as this is the period for contractual claims. Otherwise it would be three years as this is the time period for tort claims.
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Customer: replied 3 years ago.

Ah ha...I see...but if you don't mind me saying that I was self employed and was not a candidate for such a product. They would have been aware of this...any difference? many thanks r

2. These facts make no difference to the running of the Statute of Limitations, nor do these facts alter the fundamental nature of the cause of action you have in contract or tort. Not fraud!
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