There is not really any form of time limit regarding how far back you can claim for mis-sold Payment Protection Insurance (PPI). The reason behind this is that it ultimately depends upon whether the Lender has still got the records in order to locate whether Payment Protection Insurance was applied, and indeed calculate whether it was in fact mis-sold.
Sadly, the majority of lenders, if you do ask them the question how far back can you go, will give the standard answer of 6 years. Whilst this is the correct length of time under the Data Protection Act to provide and maintain records on behalf of clients, in relation to Payment Protection Insurance and the mis-sale, the vast majority of lenders (and certainly the larger Lenders) have records that go back, certainly into the 1990s and some into the 1980s.
In addition to being able to go back this far, the lenders themselves do not need a whole raft of information to enable them to this. As long as you know who the Lender is, then we can look at making an application on your behalf to establish if Payment Protection Insurance was applied on any old facilities that you may have had with that Lender (whether those facilities are still in place or in fact are now closed). Of course, when applying to any Lender for historical information, they may come back and unfortunately draw a blank, but the vast majority are helpful (with some persuasion). We are able to establish on an awful lot of our client’s enquiries whether PPI was applied or not. Of course, if the information is not located or, once the information is located, it is established that Payment Protection Insurance was not applied, then there is of course no fee to pay. This is because we work purely on a “No Win No Fee” basis.
There are millions, if not tens of millions of policies that remain unclaimed mainly because people are unaware that they are able to make a claim. This is because the facility that they have with the Lenders (that they used some 10, 20 or even 30 years ago) means that they believe they would not have any records and therefore they do not take a claim further. This is of course not true. Providing we have the name of the Lender (regardless of whether the facility is open or closed) we are able to look on your behalf to establish firstly, and most importantly, if PPI was applied and once established, if it was applied, we can then look at making a claim on your behalf. If and when the claim is successful, our fee is 20% plus VAT (equivalent to 24% inclusive) against the refund that you would be due.
There are tens of millions of claims that could potentially be made, but people are reluctant to do so because: –
- they have not got the information or;
- they believe that they are out of date, or;
- they believe that they are too far back to be able to make a successful claim.
All of this is simply not the case and delaying making a claim because you may believe it is too old, is unfortunately folly.
The vast majority of Lenders have information (not necessarily on computer records) but have it via microfiche records, certainly in cases with the older Banks, such as Lloyds, Barclays, HSBC, Halifax, Santander and Nationwide. They can therefore find out a lot of this information, as over the last few years these details have been transposed onto computer records for the very purpose of obtaining information regarding Payment Protection Insurance enquiries.
Of course the Banks are always reluctant to provide this information, but we have ways of encouraging them to do so. This is built up from our experience, both working in the High Street Bank community, as well as our skills built up in dealing with complaints on behalf of clients since the late 1990s, when we first started.