How Far Back Can PPI Claims Go?

how far back can ppi claims goMost people are aware of the PPI scandal, but are unaware of how far back can PPI claims go.  Payment Protection Insurance (PPI) is a commonly used form of insurance that provides protection from missing payments on mortgages, credit cards and the like. Most often, PPI is used when an unexpected event such as an accident, illness, unemployment or other event happens which prevents the borrower from making their loan payment. As long as the event is covered by the PPI, they should be able to cover the payments until you are capable of paying the loan yourself.
However, the recent scandal involving lenders who either overcharged PPI rates or wrongful told borrowers that PPI was mandatory for their mortgage, loan or credit card has allowed thousands and thousands of people to claim back PPI.
In the past few years, it was discovered that some bank and lending institutions have sold PPI to their customers under false pretenses.

What follows is a short list of some of the abuses that lenders placed PPI on their customers

  • Borrowers were told PPI was mandatory when it truth it was not required.
  • Borrowers were not fully informed of all of their PPI options.
  • Lending institution overcharged monthly PPI rates.
  • PPI was added to the loan without the borrower’s knowledge.
  • Borrowers were informed that PPI could only be purchased from that lender.
  • The PPI term of coverage did not match the length or value of the loan.
  • Remaining PPI payments were not refunded when the loan was paid off early.

The resulting scandal which made nationwide news has allowed thousands of borrowers to successfully reclaim their PPI payments though the process set up by the courts and government. Naturally, the process to claim back PPI is somewhat complicated and making a single mistake or not following the procedure when filing may potentially have a reclaim PPI case rejected.

How Far Back Can PPI Claims Go?

Most companies will help you claim back around 6 years of mis-sold PPI, we however have been able to claim back for our customers up to 15 years .  If you would like more information, would like to make a claim or are simply unsure whether you even had PPI on your loan agreement, please contact us using the form on this page and we will get back to you within a few hours.