How Far Back Can You Claim PPI?
Payment Protection Insurance (PPI) can be claimed back from any length of time. There is no specific time when you cannot claim anything before. However, the Financial Conduct Authority (FCA) is undertaking a review of PPI claims and is looking (with the Banks) to put in place a time limit to make a claim. This time limit is to be announced in spring 2016, and is likely to be a period at some point in spring 2018. Therefore, there is approximately two to two and half years (from the end of 2015) to make submissions in relation to a PPI claim.
The deadline which the FCA are imposing is for the submission of any new claims. Of course, there will be many thousands, if not tens of thousands of claims already in process which will not be affected by this, and will continue to be reviewed until a conclusion is made. Therefore, the PPI scandal is more likely to rumble on for probably another two or three years after the time limit is introduced.
Many people do not look at making a PPI claim as, not only do they not have any paperwork or information concerning the PPI or even any recollection of whether PPI was applied, their main criteria for not looking into making a claim is the fact that they think the policy (if one was in place) was too old.
This is completely untrue. We have been successful in a number of complaints that we have dealt with on our clients’ behalf, certainly in the early 2000s and late 1990s. Our oldest successful claim was from 1987. Therefore, there is no reason or excuse to not make a claim if you believe that the claim, if you do have one, is too old.
It is essential for anyone who had any form of borrowing facilities, certainly in the 1980s onwards (with any of the major lenders, or even the smaller lenders) whether the facility is open or closed and regardless of whether you have any details, that it is established if PPI was applied, and if it was, look to make a claim.
We act for thousands of clients who are in exactly the same position, where they have no details and believe that their policy, if one was in place, was too old. We have been successful in those cases at obtaining considerable refunds for them, much to their great surprise and enjoyment and we would like to extend this offer to anybody who has not so far made a claim.
We work purely on a “No Win No Fee” basis which protects the client should there be no PPI in place or if, for whatever reason, the claim is too old or is unsuccessful.
The vast majority of PPI was applied in the 1980s through to the 1990s, as the Banks decided to exploit their excellent standing in the community that they had at that time, along with their customer’s reliance on them as lenders, to maximise the profits that they made following the mis-sale of this particular type of product.
It is incredible to realise the potential levels of mis-sale at that time all the way through to the present day, which could easily account for 200 million to 300 million policies, many of which certainly have questionable sales techniques employed in promoting them.
The Banks started in the late 1980s/early 1990s to promote PPI by attaching it to credit cards and personal loan facilities, which were the mainstay of any bank lending at that time. The High Street Banks (mainly Halifax, Lloyds, Barclays, HSBC, NatWest, Royal Bank of Scotland, Nationwide and Abbey National, now Santander) all jumped on the band wagon to use this extremely useful product, which was highly profitable and with little liability attached to it in order to generate vast revenues over this period.
If you feel that the facilities you had are too old to look at Payment Protection Insurance, then think again, and do contact us without delay, as we can look at this for you on your behalf.
To be honest if you have all your original documentation and records of payments they should be a specific time limit but from what we have experienced it is around 25-30 years. All banks and building societies will have different time limits this will depend on how long they hold your information. The first thing you really need to do is to establish whether there is grounds for applying and if so what information the lender still holds. With the larger institutions this is relatively easy with a smaller or more obscure companies which were largely driven by brokers this can be much more difficult.
So it is always worth trying to reclaim mis-sold payment protection insurance.
If you feel you have a PPI claim or even if you are unsure whether or not you have been mis-sold PPI please contact us using the form on this page we can tell you for sure.
We are fairly confident we can help you claim up to 30 years of any erroneously sold payment protection insurance, we have many years of experience in dealing with these complaints are small experienced professional team will be pleased to handle any queries you may have.