How many years can you go back for a PPI claim?

How many years can you go back for a PPI claim?

To make a successful PPI (Payment Protection Insurance) claim you will need to establish if PPI was applied in the first place.

We have successfully been able to locate information as far back as into the late 1980s and early 1990s so there is no question of how far back you need to go.  It is possible, regardless of which lender is involved, to go back however far the facility was taken out in the first place.

Can I claim PPI from the early 1990s?

We have successfully obtained refunds for our clients from as far back as the late 1980s.  We certainly do not, however, suggest or guarantee any form of success regarding any PPI claim that we look after.  The main reason why we do not guarantee success is that it is very difficult to do so against aggressive, large institutions.  This is why we work purely on a no win no fee basis.

Information is key to the success of running a PPI claim.  We therefore have to be persistent in our approach when contacting the firms to establish if PPI was applied.  This does tend to be the largest challenge in relation to any particular claim.

The Banks have a number of tactics that they use in order to avoid looking at claims.  The first one that we have to counter is one where they are unable to locate a client’s details.  We are always more than persistent and will always contact them on a number of occasions with whatever information is available (but mainly with a name, address and date of birth) so that they can establish and locate that information.

Stop making excuses and look at your PPI.

A time limit for PPI claims is being instigated at the end of August 2019.  If you have had any facilities in the past, regardless of whether you have any paperwork or if you know if PPI was applied, or not, you must establish if PPI was placed on those old facilities.

The last thing you will want to do is find yourself in 2020 thinking you might have had PPI on that old facility – because, quite frankly, it will be too late then.

We have a large number of clients, many of whom we represent now who we see on a regular basis coming in with no idea if they ever had PPI and which we are obtaining refunds for on their behalf.

We cannot guarantee success, however.  If you become a client, this does not guarantee that you will have PPI. It does however show that there are people out there who are exactly the same as yourself (who have not done anything but argued it and have located PPI) and who ultimately, have received refunds – some of which have been considerable!

Why is claiming PPI still negative?

Claims management companies have not helped themselves with regards to the mis-sale of PPI.  However, the Press should be shouting from the rooftops for ordinary people to be able to make claims in relation to PPI policies that were mis-sold.

We have seen the Press and the adverts and seen the harassing phone calls, but even so, only 25% of people have made claims on valid PPI policies.  That means around 75% of people have not yet made a claim.

Are you one of them?  Are you someone who is getting quite fed up with hearing about PPI?

Putting it bluntly – that would be a ridiculous attitude to have and one that has been sown into people’s mindsets by the bad behaviour of claims companies in the past.  However, it is mainly by the banks’ ability to be able to manipulate the Press in making PPI a negative, rather than positive.

It is, of course, in their interests to make sure that this is the case.  To date they have refunded around £30billion, but just how much do they want to avoid paying out?  Realistically the sort of money they are looking at would be in the region of another £120billion!

The answer, therefore, is that they would like to put a lot of weight behind it and use whatever skills that they have (which they are doing) effectively.

How much (by way of a refund) would I get if I had PPI?

This is always very difficult to understand and establish if you do not know if you had PPI.

The simplest way of dealing with it is to firstly find out if there is PPI and, if there is PPI, we can look at obtaining a refund.  The refund is calculated on the amount of PPI that was paid, the interest that was (or would be) charged on the PPI that was paid at the prevailing rate of the facility that you had (basically if the interest that you were being charged was 20% the interest calculated on your refund would be 20% on the PPI premiums that you had paid).  This is compounded up until the time when the refund is made.  On top of this the banks also have to pay a compensatory interest rate of 8% on both the interest and the PPI calculated.  These figures can be considerable.  Therefore, if you have had any facilities in the past and have not checked if they have PPI on them, you must do so now.

How do I know if I was mis-sold PPI?

The simple answer is that if you did not know you had PPI, then you will firstly need to establish if you did.

We can do this for you to see if there is PPI and, if there was, the very fact that you have left it so long means that you were not aware that there was PPI on the facility that it was found upon.  As this is the case, it is therefore reasonable to assume that it was mis-sold.

PPI was an expensive product and it should have been detailed and discussed with you and you should have had a full understanding of having that product in the first place.  If you did not have this, or are unsure if you ever had PPI, then there is a reasonable chance that it was mis-sold.

Martin Knipe