What year was PPI mis-sold?

What year was PPI mis-sold?

PPI (Payment Protection Insurance) was mis-sold from the late 1980s all the way through to around 2008.  This was established from an investigation by the Financial Conduct Authority (FCA) into the mis-sale of previously applied PPI policies.

Can PPI mis-sale be considered at any time?

Yes – PPI can be dealt with at any time, although there is a time limit which is approaching for the end of August 2019.  This means that anyone who wishes to challenge the mis-sale of PPI after this time on historic policies will not be successful.

We therefore urge anybody who has had any form of borrowing in the past, regardless of whether you believe there was PPI, or not, to allow us to check if PPI was applied in the first place.  If it was, we can act on your behalf (all on a no win no fee basis) to establish if PPI was mis-sold and obtain a refund on your behalf.

What if my PPI was older than 2005?  Can this still be looked into?

Many people will have heard various stories about certain lenders looking at PPI premiums for only certain periods of time.  One of these periods is 2005.

Some lenders were not regulated by the Financial Ombudsman prior to 2005.  We still look at these claim for our clients, but instead of looking at that particular lender, we look at either the policy underwriter or the owner of the lending in the first place.

So, therefore, do not listen to any excuses that the banks or lenders give and certainly do not read about anything on websites where people claim to be experts (particularly those in forums) as the vast majority of it is nonsense.

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

In order to establish if PPI was mis-sold, you firstly need to establish if you had PPI in the first place.  We can look to undertake an initial search with the lender with your name, address and date of birth (if you do not have any other information).

There is no guarantee that they will have the information but the vast majority of lenders will have this information and sometimes, with a little extra, we can establish if PPI was applied or not.  If we can establish this, then we can look to make a claim on your behalf in relation to a mis-sale, as clearly you were unaware of the PPI in the first place which is the reason why you needed to establish if PPI was applied, or not.

What is PPI?

Payment Protection Insurance (PPI) was a form of protection that was sold by a variety of lenders, (mainly the High Street Banks to begin with) in the late 1980s and early 1990s against borrowing that you had with them in order to protect that particular borrowing.

Unfortunately, the policies were extremely difficult to claim against and, at one point in the early 1990s, successful claims against these policies was at just under 10%.  In addition to this, it was an extremely expensive policy and the money for the premiums was added to the borrowing.  This, in turn, increased the amount of interest that was charged to the client as they had to pay interest, not only on the borrowing itself but also on the premiums being taken.

My bank says they have no record of PPI for me. Is this correct?

It is in the banks’ interests to make sure you are not successful in your PPI claim.  They have had to pay out approximately £30billion to date and if everybody did make a successful claim then the policies that remain unclaimed would escalate those costs to more than £100billion.

The banks would of course want to make it as difficult as possible for you to make any form of claim.  Therefore, if you do approach them trying to find out information, they will make this difficult and say they do not have any details and when it comes to making a claim for PPI they will also make this difficult and could prolong the claim by declining it in the first place.

We have been dealing with PPI claims on behalf of our clients since 2007.  Prior to this we have been dealing with other forms of banking disputes and claims from the early 1990s.  We have a wealth of experience and do not allow the banks to fob us off.

Of course, there are never any guarantees with anything related to financial institutions, but we are extremely disappointed if, after considerable chasing, we cannot at least establish if PPI was applied, or not.

Martin Knipe