The vast majority of people do not know if they have had Payment Protection Insurance (PPI). Why would you remember what sort of facilities and products you had, together with payments that you were making on, for example, old credit cards from the 1990s?
The majority of people only keep information for the required period of time, if at all. They certainly cannot remember if Payment Protection Insurance was applied, or not. In fairness, why would you need to know if Payment Protection Insurance was applied? You went into the Bank and asked for the money and the Bank gave you the money. You then walked off happily knowing that the money was sat there in your current account. The reason why there is such an outrage and vast recovery of mis-sold Payment Protection Insurance is for this very reason.
The vast majority of people did not know or were not aware that Payment Protection Insurance was applied to the facilities that they had. In addition to not knowing that the Payment Protection Insurance was applied, people were also unaware of the costs involved. To them, it was merely a payment that had to be made, and formed part of the borrowing that they had applied for, after all. Also, customers tend to believe their Banks, therefore – why would they have challenged them in the first place?
So, like the majority of people who have no paperwork, you probably have no recollection of whether Payment Protection Insurance was applied and you are probably struggling to remember a lot of the Lenders who you dealt with. This does not matter. As long as you know the Lender (and our advice to any client who comes on board is to basically sit down with a pen and paper and list out those Lenders that you know) who we can look at to begin with, and add any on in the future, should you remember those facilities which spring to mind for some unknown reason after we take your instructions.
The facilities that we can look at include any of those which may well be open now, but many of the facilities will obviously now be closed. Again, this does not matter. We can still look, as long as you know the name of the Lender. We can then go from there and apply to the Lender with your name. What is also usually helpful is the address that the Lender may well have known you to have lived at, in order to clarify your identity. It does not matter whether you know the details of the facility that you had with them, such as account details and you do not need any paperwork, as the Lender can normally find this information out for you.
The worst that will happen is that, for some reason, the product that you are enquiring about was too long ago or, for some reason, the Lender does not have the information. The amount of information that a Lender has varies from Lender to Lender. Indeed, the branch that you were at with certain Banks or Building Societies can also depend upon whether the information that they have is still in place. Our oldest successful claim resulting in a pay-out was in 1987. However, with the same Bank we have struggled with a different client who had a facility in 2003!
So, the honest answer when taking on any client’s individual requests to claim is that we do not know whether we are going to be successful. However, we cover the client in relation to this by confirming to them that we work on a purely “No Win No Fee” basis. Therefore, if we are unsuccessful in locating any Payment Protection Insurance, or if the Lender does not have any details registered due to the age of the product which they have destroyed their records for, then there is no fee to pay.
Our fee is only payable on the successful basis of recovery of monies by way of a refund. In that case, our fee is 20% plus VAT (equivalent to 24% inclusive) of any refund that is made.
So, like the vast majority of people, if you do not know if you have had Payment Protection Insurance, but you do know that you had borrowing with various Banks, Building Societies and Lenders over the last two to three decades (stretching back to the 1980s), and you have not enquired as to whether Payment Protection Insurance was applied, then please contact us. It is important to establish whether Payment Protection Insurance was applied, or not. If it was, then look at instructing us to make a claim on your behalf.